Budapest Ranks Among Top 25 Affordable Talent Hubs in Europe
Budapest has been recognized for its entrepreneurial ecosystem in the 2023 Global Startup Ecosystem Report (GSER). The report, launched at The Next Web Conference in Amsterdam, is considered the world’s premier report on startup and economic enrichment. It is powered by a comprehensive dataset on startup ecosystems and provides insights into startup trends worldwide.
According to the report, Budapest achieved $1,788,667,218 in ecosystem value from July 1, 2020, to December 31, 2022, representing a positive change of 13.67 percent since the previous GSER period. Ecosystem value is a measure of economic impact, including the value of exits and startup valuations. Budapest was also ranked as a Top 25 European Ecosystem in Affordable Talent, indicating its ability to attract tech talent. Additionally, it was recognized as a Top 40 European Ecosystem and a Top 35 European Emerging Ecosystem in Funding, measuring innovation through early-stage funding and investor activity.
The report highlights the AI, Big Data & Analytics, Fintech, and Life Sciences sectors in Budapest for their density of talent, support resources, and startup activity. The skilled workforce, government incentives, and startup-friendly taxation were cited as compelling reasons for startups to consider moving to Budapest.
Express Innovation Agency, in partnership with Startup Genome, played a significant role in recognizing Budapest’s entrepreneurial ecosystem in the GSER 2023. Startup Genome’s CEO, JF Gauthier, expressed excitement about the future of startup innovation in the region and the potential for economic growth and job creation.
The GSER 2023 ranks the top 30 global ecosystems, as well as 10 runner-up ecosystems. It also includes a top 100 ranking of emerging ecosystems and provides regional rankings for startup communities in Africa, Asia, Europe, Latin America, MENA, North America, and Oceania. The report covers key themes such as inflation, AI regulation, talent attraction, global VC funding, and market sub-sector analyses.
Péter Balogh, a tech angel and entrepreneur, highlighted Hungary’s tech talent and deep tech expertise, combined with sales and marketing talent from the West, as a powerful combination that offers opportunities for startups, investors, and ecosystem players. Budapest, as an undervalued ecosystem, has room for growth, making it an attractive destination for startups.
The GSER is created in partnership with the Global Entrepreneurship Network, Dealroom, and Crunchbase. It provides valuable insights and guidance on promoting thriving startup communities, which are essential for job creation and economic growth. To explore more about the entrepreneurial ecosystems worldwide, the full report can be accessed here.
Source: Press Release
