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Budapest – the go-to city for entrepreneurs
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The Hungarian capital city, Budapest, has been on the rise for some time now. Its significance is growing not only from a touristic point of view but also when it comes to business. More and more European entrepreneurs choose Budapest as the starting point of their journey, favouring the Hungarian capital over the likes of London and Berlin.
A new study conducted by Startup.co.uk revealed that Budapest was chosen as the number one location for starting a business out of 80 other cities, taking into consideration the aftermath of Brexit, for example. Budapest is appealing to more and more people looking to invest and start a business. There are various incentives to lure tech entrepreneurs, among others, to the Hungarian city, including business accelerators and funding sources – reports Forbes.
Highly skilled workers
Excellent examples are the two startups Steven Tasker co-founded, Supersize Digital and Polka Dot Tiger. Tasker explained the benefits of starting the business in Budapest:
“We’ve been successful with this so far as we’ve been able to run it at competitive rates and hire highly qualified team members at a lower salary range compared to the UK.”
Tasker first visited Hungary in 2010, as part of an Erasmus exchange program. He fell in love with the city and decided to return after graduating. Back in 2011, however, the startup scene in Budapest was progressing rather slowly. Tasker returned to the UK and climbed the corporate ladder quite quickly. In 2016, he took a leap and founded his own company. However, due to the extremely competitive market in the UK, he needed to look for other options for his company to survive.
He visited Hungary again to see if anything had changed over the past five years. He was rather surprised about what he found:
“The once slow startup scene was now thriving, with startups everywhere.”
He decided to relocate the hub of his business idea to Budapest, and he did not regret the decision. It became a huge success in just a year.