The venue took place in the Hungarian Innovation Hub (HIH), where in addition to lecturers from the Budapest Metropolitan University and the Budapest University of Technology and Economics (BME), innovative small- and medium-sized enterprises that have been able to demonstrate rapid growth and significant exports in recent years also participated (for example, 77elekronika, Precognox, Datelite, Mortoff). The group of companies (HIDEs – Hungarian Innovation-Driven Enterprises) identified on the basis of previous research by the MNB has only 1,100 members, but at the same time, nearly a quarter of the vigorous economic growth of the past decade can be attributed to them.
Another important group of participants were the promising start-ups (Bridge-Aid, Noted and Fraudshield) who took part in the cross-university startup course jointly managed by Metropolitan University, BME and Neumann János University. In addition to the MNB, the Budapest Stock Exchange and angel investor Barbara Verő supported a better understanding of the financial situation in the informal discussion.
During the MIT REAP program, Professor Cusumano closely followed the efforts of the Hungarian team and expressed his appreciation that, after the program ended, the important initiatives and ecosystem building continued with unchanged momentum. The domestic economy is still characterized by restrained risk-taking and a low level of entrepreneurial skills. The proper training of future entrepreneurs is particularly important in our country, as the new generation of decision makers takes over the management of the companies formed during the period of transition to a market economy. The results achieved in the legal framework of venture capital, such as the domestic regulation of the convertible note, and the fine-tuning of the taxation of employee part-ownership plans, help startups to obtain funds and retain critical human capital, but growth is further constrained by lack of available "smart capital" from the financing side, and the moderate risk-taking of the investors.
The professor expressed his hope that the Hungarian Innovation Hub will be able to involve several cities, regions and universities in this work as an umbrella organization in the future.