Visegrad Startup Report provides complex analysis of the Visegrad startup ecosystem based on a series of national startup studies (Polish, Slovak, Czech and Hungarian). The authors of Visegrad Startup Report have seized the opportunity created by the lack of a documents which could serve as a reference tool to companies and politicians attentively looking at the rapidly expanding Visegrad (V4) startup ecosystem.
You can download the Visegrad Startup Report 2016/2017 in pdf.
Tech startups thrive where the founders can quickly access big markets, human capital, and venture financing, so that they can fully profit from investments in disruptive technologies and scalable business models. Does the Visegrad Group have the potential to satisfy these basic needs of tech entrepreneurs and foster the regional startup ecosystem?
The Visegrad group represents approximately one tenth of the EU economy. If counted as a single nation state, the Visegrad Group is the fifth largest economy in Europe: Czech Republic, Hungary, Poland and Slovakia together have the population of 64 million people, a fifth of the US population. However, a Czech, Hungarian, Polish or Slovak startup does not naturally function in the larger, Visegrad Four, scene. The four does not stand for nothing: four currencies, four languages and four legal systems, are the key barriers that hinder growth of a shared Visegrad startup ecosystem. Startup events are usually held in local languages, even though English is widely spoken among tech entrepreneurs.
What makes the Visegrad region stand out is the number of STEM graduates.
To help V4 startups succeed in the super competitive digital space, the Visegrad Four states need to aggressively promote the Visegrad technology brand, worldwide. This has to start with more cooperation between startup entrepreneurs, investors and business angels from all the four states and building the Visegrad identity. The key to speed up that process is to enhance the exchange of entrepreneurial human capital between all the four countries.
Visegrad Startup Report analysis aims to facilitate investors’ pursuit for innovative businesses in the whole V4 region, benefit policymakers and stakeholders directly involved in startup and innovation policy, and provide a coordinated support mechanism for startups originating in the V4 region. The major outcomes may be found below, the whole report can be downloaded here.
- The Visegrad group represents approximately one tenth of the EU economy, with the average living standard per capita exceeding 70% of EU standard.
- The level of V4 access to broadband internet is exactly comparable to the EU average and remains high both for households and entrepreneurs.
- Poland leads in the latest Doing Business report, Czech Republic – in Global Innovation Index.
- While most Visegrad startups’ sales model is B2B, Czech startups sell eagerly to public sector institutions (B2G) and Slovak to individuals (B2C).
- Startups surveyed in Hungary and Poland have the biggest confidence in raising funds with local and foreign venture capital funds.
- Among surveyed V4 startups crowdfunding is most popular in Slovakia.
- Czech surveyed startups are most active in patenting innovation.
- Startups surveyed in Czech Republic and Slovakia are most export-oriented in V4.
- Poland has at least four main startup hubs (Kraków, Poznań, Wrocław, Tri-City), while other Visegrad countries’ ecosystems are primarily located in capital cities (Bratislava, Budapest, Prague).
- Czech startups report the highest levels of R&D expenditure within the V4 group.
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