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Startup Genome, Hungarian Innovation Agency Feature Startup Ecosystem

Analysis

The 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network was launched on June 10 at the start of London Tech Week. The Hungarian Innovation Agency teamed up with the report’s creators to give insight into Budapest’s entrepreneurial ecosystem.

The report analyzes data from more than 4.5 million companies across 300-plus entrepreneurial innovation ecosystems. It aims to provide new insights and deep knowledge about worldwide startup trends and features a ranking of the Top 40 global ecosystems, emerging ecosystems, and an expanded regional ranking.

Budapest performed remarkably well, according to GSER, with the city’s ecosystem experiencing 41% growth (USD 2.4 billion) in ecosystem value in the period between July 1, 2021, and Dec. 31, 2023, when compared with the period between July 1, 2019, and Dec. 31, 2021. Ecosystem value measures economic impact, which is calculated as the value of exits and startup valuations, Startup Genome explains.

The report highlights the Hungarian Innovation Agency, a subsidiary of the National Research, Development, and Innovation Office (NKFIH), which advances innovation by aiding businesses in development and global market entry. The 2023 edition of the Startup Factory program, launched by NKFIH, offered a total budget of USD 15.9 million for technology incubators. Projects can receive between USD 415,000 and USD 2.5 mln for 24-42 months to develop early-stage startups, foster innovation, commercialize technology-based products, and secure further funding.

Increasing Visibility

“The Hungarian Innovation Agency works closely with key players in the startup ecosystem to break down the regulatory obstacles faced by startups and investors, ensure early-stage financing, and increase the international visibility of the ecosystem,” says Deputy State Secretary László Bódis of the Ministry for Innovation and Culture.

J.F. Gauthier, founder & CEO of Startup Genome, adds, “Budapest’s startups, investors, and ecosystem leaders are innovating at an accelerated rate, producing an impressive 41% growth in ecosystem value. We are thrilled to work with the Hungarian Innovation Agency to foster economic growth through entrepreneurial innovation.”

GSER is driven by a consortium of representatives from more than 40 countries and looks at the current state of startup activity and related investment, providing insights and guidance to public and private leaders on how to foster thriving startup communities, Startup Genome tells the Budapest Business Journal.

The full report is available at startupgenome.com/gser2024

This article was first published in the Budapest Business Journal print issue of June 14, 2024.

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