Startups happy to move to Budapest
Teams in Design Terminal’s latest mentor program have said the Hungarian capital is emerging as an important location for startup firms. Three foreign and three local startups participated in Design Terminal’s 2018 spring mentor program.
Participants at a Demo Day organized by Design Terminal, where Hungarian and international startups participating in a three-month business development program introduced themselves to investors, corporate partners and the public.
According to a press release sent to the Budapest Business Journal, the three-month scheme helps selected startups develops their business model, organizational and legal background, as well as services and products. This year’s foreign participants all thought Budapest has the potential to become a regional powerhouse.
“The biggest advantage of the Budapest startup ecosystem is its inherent opportunities for growth. This means it is possible that Budapest could become a base for international expansion for an enterprise,” said Maxim Prihodko, co-founder of StudyX, a venture coordinating and optimizing training systems of Ukrainian-Russian startups.
“The fact that I moved to another country helped me to see my enterprise with a different eye, to filter out its weak points and pinpoint those hidden opportunities that I had not noticed before,” said Elīna Ingelande, founder of LearnIT, an enterprise that holds IT workshops for children in Latvia. “All ambitious company managers fall into the same trap of just concentrating on that day’s tasks, although they would prefer to be thinking about the long-term objectives of their enterprise,” she added.
A Changing Capital
Israeli startup FabriXense’s founder Ronen Rozenshtein noted the development of Budapest, compared to his first stint in the city as a student 25 years ago.
“It is noticeable how much the city has changed and how it has come up to other capital cities of the world. I really enjoyed participating in the mentoring program of Design Terminal,” he said. Rozenshtein and his research partner are working on a tool that monitors the development of the fetus.
Three Hungarian teams also took part in the program: GlovEye, developing a braille-based tool to help the visually impaired read texts; Nold Technologies, which specializes in smart home devices; and CollMot Robotics, a startup providing a multi-drone service.
The mentoring program was founded in 2014, with the aim of making Hungary the innovation center of the region. This spring, teams from 25 countries applied for a semester in the program, with the three best foreign startups moving to Budapest for the duration, working with the local teams.
The application period for Design Terminal’s fall semester is open until August 5 here.
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