A couple of years ago, Budapest was just one of many European capitals trying to attract global investors to their country. After Brexit however, the Hungarian capital emerged as the number 1 new entrepreneur destination for new businesses due to its fantastic infrastucture, low living costs and business taxes, comfortable & modern lifestyle and ready available well-trained professionals.
According to a 2021 study made by Startups.co.uk, the Hungarian capital is the number one European city in which to launch a start-up. An article written by Forbes added, that Budapest has become a vibrant startup hub with huge appeal for tech entrepreneurs, with large tech, SAAS and digital marketing start-ups having headquarters here. They added, that “The once slow startup scene of Budapest is now thriving, with startups everywhere. Every co-working office hub has a variety of different businesses.”
This new popularity seems to be persistent. According to a new 2023 article by Eurostart Enterprises, the number of startups has further grown, and grown quickly. This article mentions the large number of investors and accelerator hubs as the strongest reasons for this ongoing popularity. They also mentioned, that (even though IT is by far the most popular field), manufacturing and transportation also is on the rise, as Hungary has great transport links to the rest of the continent.
Furthermore, one of the main reasons for the popularity of Budapest is the high number of highly trained professionals, such as developers, engineers etc. With some of Europe’s most excellent universities and training hubs, Hungary is considered to be one of the best countries for IT and development professionals. So it is not surpising that both young professionals and entrepreneurs in the tech scene are drawn to the Hungarian capital for future ventures.