Alongside the top honor, six sectoral awards were also presented.
A jury of scientists and distinguished business professionals, led by the Minister for Culture and Innovation, selected the winners based on economic performance and societal impact. The top honor went to Cloud Network Technology Ltd., a Komárom-based member of the Foxconn Group, for developing a globally competitive IT testing system.
The event on March 26 marked the 33rd edition of the Hungarian Grand Prize for Innovation, which annually honors a Hungarian-registered company that generated significant business value through an outstanding technical or economic innovation.
In 2024, the figures underscored the performance-driven nature of the award: projects submitted for consideration generated a combined additional revenue of more than HUF 900 billion for the participating companies. Moreover, an estimated HUF 20 bln in public good was also achieved through cost savings, environmental benefits, and broader societal value.
Submissions came primarily from the agriculture and IT sectors, and fewer than half were based in Budapest. From a market perspective, domestic and foreign projects were equally represented in volume, though most of the additional revenues were realized through exports.
In his opening remarks, János Pakucs, chairman of the award’s organizing committee, noted: “This year, we received numerous submissions of truly international caliber, each fully deserving of their recognition. Still, for Hungary’s economy to keep advancing, we need even more innovations like these. Our laureates serve as a model for other market players.”
Gábor Szabó, president of the Hungarian Association for Innovation, added: “The award reflects a snapshot of the innovation landscape in any given year. In 2024, IT clearly took center stage. The winners show that while IT alone may not constitute innovation, it can be a powerful enabler of innovative objectives.”
The 2024 Grand Prize was awarded to Cloud Network Technology Ltd. for its TestHall AR System, a proprietary solution based on augmented reality (AR). The system dramatically accelerates the testing process for server racks by allowing technicians to conduct tests in real-world conditions without physical tools, thereby improving efficiency, speed, and safety.
The project not only gave the company a significant edge in global competitiveness but also drove a sharp increase in local manufacturing output and revenue. János Latorcai, deputy speaker of the Hungarian Parliament and State Secretary for Higher Education, Vocational and Adult Education, and Youth Veronika Varga-Bajusz presented the award.
Responding to inquiries about the project’s business impact and future potential, Cloud Network Technology said it will publish official financial figures on May 31. However, it confirmed that the system, developed in-house with engineering support from Hungarian subcontractor Holoindustry Ltd., significantly enhances its local production capacity and competitive standing.
While the system will remain an internal strategic advantage within the Foxconn Group, Holoindustry has the capacity and rights to commercialize it internationally if market demand arises.
The 2024 Industrial Innovation Award, supported by the Ministry of National Economy, went to C3S Electronics Development Ltd. for creating a remote-sensing small satellite platform. Launched in August 2024 under the name Wren 1, the device is Hungary’s largest domestically developed satellite and the first optimized for remote sensing applications, offering valuable data to clients in drought monitoring and related fields.
Ericsson Hungary was awarded the 2024 IT Innovation Award for its work in 5G mobile standardization and protocol development. The company’s patented contributions significantly improve how mobile devices select and transition between network cells, reducing latency and optimizing radio resource use.
The 2024 Agricultural Innovation Award, supported by the Ministry of Agriculture, was awarded to Agron Analytics Ltd. for its AgronMaps Pro software. This precision agriculture platform translates complex geospatial data into user-friendly, decision-support tools for consultants and farmers. The software is already optimizing nutrient delivery and environmental impact on more than 40,000 hectares across Hungary.
The 2024 Environmental Innovation Award, backed by the Ministry of Energy, went to Innomedio Ltd. for its innoTMS transport management system. The platform enables real-time tracking, optimized routing, and streamlined document handling for domestic and international freight operators. By reducing the number of empty trips, the solution contributes meaningfully to sustainability goals.
The 2024 Intellectual Property Innovation Award, presented by the Hungarian Intellectual Property Office, went to Bay Zoltán Applied Research Nonprofit Ltd. for a microbiological wastewater treatment solution targeting byproducts of battery production. Using specialized bacterial strains, the system decomposes pollutants without generating hazardous byproducts, providing an eco-friendly and cost-effective alternative for wastewater management in various industries.
Finally, the 2024 Startup Innovation Award, presented by the Hungarian Association for Innovation, went to FraudShield Security Europe Ltd. for its FraudShield Anti-phishing Prevention software. The system offers real-time protection for financial institutions and corporate clients, detecting and neutralizing phishing threats before they can cause damage.
Asked about the broader innovation environment, Csaba Bőthe, managing director of the Hungarian Association for Innovation, emphasized that while recent policy measures such as reorganizing research institutions, increasing R&D personnel, and expanding funding programs have strengthened the innovation ecosystem, more progress is needed.
He stressed the importance of enhancing STEM (science, technology, engineering, and mathematics) education, supporting startup incubation, and promoting university-industry collaboration to translate research into market-ready solutions. Bőthe also underscored the need for Hungarian startups to think globally from the outset, leveraging export markets to achieve sustainable scale and success.
On the prominence of IT in this year’s competition, Bőthe acknowledged a surge in submissions from both the IT and agriculture sectors, including their hybrid applications in agri-informatics. He expects continued strong participation from environmental and energy-related projects and rising interest in biotech, nanotech, space technology, drone systems, AI, and cybersecurity. Encouragingly, Hungarian companies are making advances in all these emerging fields, he said.
The Grand Prize and associated sectoral awards are designed not only to honor technical and economic achievement but also to foster a business culture that prioritizes research, development, and long-term value creation. Launched in 1991 by the Hungarian Association for Innovation, the competition has received more than 1,450 submissions, with 248 projects earning distinction.
“Innovation is not just about technology; it’s about translating ideas into value, for the market and for society,” Bőthe concluded.
This article was first published in the Budapest Business Journal print issue of May 5, 2025.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
