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1. Access to information

2. Access to capital

Access to information

Young Entrepreneurs Association Hungary (FIVOSZ)

One of the most significant advocates of start-up supporters is the National Association of Young Entrepreneurs (Fiatal Vállalkozók Országos Szövetsége, FIVOSZ), which provides information on government and private opportunities on its website. (For more information on the FIVOSZ, see 3.2 Administration and governance)

Design Terminal

The main coordinator for public opportunities of start-up funding is Design Terminal, a non-profit organisation, dealing with business and cultural talent management. Its operations are funded by government grants and company partnerships. State grants are provided in the form of a public service contract signed with the Prime Minister's Office (Miniszterelnökség). As such, Design Terminal is required to provide a regular reporting, including the submission of annual, and project-based financial statements.

Their activities include:

• a Mentoring Program for start-ups,
• professional guidance, networking possibilities, funding for space industry entrepreneurs,
• the digitalization of the start-up sector, in cooperation with the Hungarian Chamber of Agriculture,
• running a start-up scholarship programme,
• support start-ups to become a 'Fintech' and
• contributing to the success of Europe's space programmes by exploring innovative ideas.

Access to capital

National Research, Development and Innovation Office

The mission of the National Research, Development and Innovation Office (Nemzeti Kutatási, Fejlesztési és Innovációs Hivatal) is:

'With responsible and trustworthy contribution of our excellent colleagues we support the scientific and innovation ecosystem to build a competitive Hungary.'

The Office also supports business innovation and market-oriented research and development activities, partly carried out in business-academia cooperation, through programmes with an investor approach.

Hiventures

One of the biggest start-up funding organisations is Hiventures.

'Hiventures' mission is to support Hungarian startups from idea phase to international expansion. We provide hands-on support for our founders while contributing financially to their long-term vision.'

The Fund is a state-owned venture capital company which aims to provide financing solutions to Hungarian entrepreneurs with capital using their own and EU resources. The National Research, Development and Innovation Office (Nemzeti Kutatási, Fejlesztési és Innovációs Hivatal) and the Hungarian Development Bank are their professional supervisor. Their target group includes SMEs and large companies and their aim is to establish long-term strategic cooperation with them. They have a mentor network also and the companies have the opportunity to receive professional support for the ventures in the 'pre-seed phase'. Though the Fund does not aims specifically at young people but they can apply for a support as well.

Széchenyi Funds

The Széchenyi Funds (Széchenyi Alapok) also has a significant role in funding. Its aim is to improve the competitiveness of the Hungarian economy, to help develop innovative industries, to enable domestic SMEs to go public, and to achieve economic development goals. At first, they funded only SMEs, then, from 2020, the Fund expanded its portfolio and it focuses primarily on large companies and from 2023, start-ups are also included in the funding which means young people also have the opportunity to receive support (though they are not explicitly considered as a target group of the funding).

Budapest Enterprise Agency Public Foundation

Other important initiatives in Budapest are coordinated by the Budapest Enterprise Agency Public Foundation (Budapesti Vállalkozásfejlesztési Közalapítvány).

'The two pillars of the activity of the Agency are innovative SME development and non-profit microfinancing. BEA is one of the few European SME development organizations that provide both low-amount (below 32 000 EUR) financial services for micro entrepreneurs and non-financial, business development services to SMEs. Women and young entrepreneurs are emphasised target groups of the services of the BEA.'

Foundation for Small Enterprise Economic Development (SEED)

The Foundation for Small Enterprise Economic Development [Kisvállalkozás-Fejlesztési Alapítvány (SEED alapítvány)] supports the competitiveness of small enterprises through the development of entrepreneurial knowledge through the reinforcement of the non-profit sector, and by pursuing activities in the field of equal treatment. The Foundation has programmes that include young people as specific target group such as the National Entrepreneurial Mentoring Programme that provides a mentor for young entrepreneurs and supports them in developing their business. They also launched the 'Kurázsi' Consortium that aims at tackling the problem of low entrepreneurial activity among young people with providing practice-oriented preparation outside formal education systems, from primary school pupils to those in secondary and higher education.