The government invests HUF 10 billion in the support of Hungarian startup companies through the fund manager Széchenyi Funds; this is the largest program of its kind in the country so far - said Minister of Finance Mihály Varga at a press conference today.
The investment is not received directly by the startup company, but by the professional company dealing with start-ups, he emphasized. Individual investing companies can apply for an investment amount of at least HUF 300 million and up to HUF 1.5 billion with the Széchenyi Funds, he added.
The government's goal is to ensure that both Hungarian startups and the economy win with state support, that investments pay off and attract further investments to the country, noted the Minister of Finance.
Mihály Varga said that there are more than 1,000 startup companies in Hungary, and these companies employ 25,000 professionals. The number of developers who are already "up and running" and working in their former startup research and development center can be put at two to three thousand, he added.
The minister indicated that since we are talking about startup companies, it cannot be expected that every supported initiative will be successful, in many cases the desired result will be achieved after several attempts. Hungary already has the competent team of professionals who can judge what is worth investing in, Széchenyi Funds has ten years of experience in this area, he emphasized.
Mihály Varga recalled that the capital investment fund closed last year with a placement of more than HUF 15 billion, which is considered a record. The finance minister also said that the government's goal is to restart the economy, and for this, all companies, from the smallest to the largest, are needed, which they will help with comprehensive support programs.
As an example, he mentioned the investment promotion programs, the subsidies for large companies and the health industry, to which the program of the Széchenyi Funds also fits. Széchenyi Funds started its operations at the beginning of 2011, and during its 10 years of existence, it made more than 120 investments and more than 40 exits. So far, it has invested more than HUF 30 billion, as a result of which it now manages 80 portfolio companies and HUF 108 billion, according to the background material of the fund manager.
Source: Magyar Hírlap
