Untold Stories: What's Happening on the Budapest Startup Scene
Author: Raphael Linhares
On my previous visits to Budapest, the capital of Hungary, I have always felt fascinated by its architecture and lifestyle. From its monumental historical buildings to its jazzy ruin bars, the city’s cultural scene remains rich and has gone through a revival in recent years. At every step, you’re reminded of its place as one of the capital cities of an empire.
Last week, I had the opportunity to revisit the city and contemplate another side of it: Budapest’s vibrant startup scene. And just like in my previous visits, I was not disappointed.
This year’s “Untold Stories Conference”, a gathering focused on the startup ecosystem in the CEE region, took place in downtown Budapest next to its iconic Ferris Wheel. It is an annual event with a mission to create a learning and networking opportunity for startups.
What happened at the Untold Stories Conference?
On the first day, the conference opened with a keynote and then panels were taking place simultaneously in the Main Hall and the Small Hall. What I liked about the event is that it was set up in a “boutique” style, allowing for close interaction between participants in a more intimate environment.
The Main Hall started with a panel from Jared Schrieber, an Unicorn founder turned investor from Silicon Valley, explaining his perspective and insights about investing in the CEE region.
In addition, there were a series of panels going through the opportunities and challenges of building a global startup from the CEE region. The topics were focused on global expansion, US investors in the CEE and the current state of the startup ecosystem in the CEE.
In the Small Hall, I had the opportunity to attend a “Fireside Chat” with Steve Macdonald (Macdonald Ventures), moderated by Angelo Burgarello (AI Startup Incubator). I particularly liked that format as it allowed the audience to get more personal insights from the presenters.
In that chat, Steve went through his personal experience becoming a founder and investor, while sharing his tips on how to navigate the ups and downs that founders face in their entrepreneurship journey. The main message for me was to persist in the face of adversity.
The day proceeded with presentations of the Google for Startups Cloud Program, a panel on the growth journey of 3 different startups (EDUardo, UIPath, Neticle) and concluded with a presentation on behavioral analytics by Jose Roca (Prezi).
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What were my main takeaways from the Untold Stories Conference?
On the second day, the first panel in the Main Hall discussed the tech salary trends across the CEE. The presenter Kalman Kiss was joined by Tamas A. (DevQuarterly), Imre Branyiczki (EPAM Systems), and Zsolt Weiszbart (Day One Capital). They went through the findings of One Day Capital’s recent survey on the salary trends for the CEE.
The day proceeded with panels on sustainable growth, the future of edtech, and how to have a global mindset for companies based in the CEE region. I had the chance to attend the keynote “State of Fintech Fundraising”, where Sheel Mohnot (Better Tomorrow Ventures) shared his view on the subject.
The biggest takeaway for me is that investors are taking a more grounded approach when it comes to Fintechs, often preferring investments in the infrastructure around it (e.g. payments) rather than technologies like Crypto and NFTs. Once the boom has passed, the feeling is that seasoned investors are sticking to companies with proven solutions which are able to generate revenue.
To close the event Szabolcs Nagy (Turbine) help a panel to talk about the ups and downs of building deeptech in the CEE region, along with Enis Hulli( 500 Emerging Europe).
In summary, the biggest lessons I’ve taken from this conference are:
It was a real pleasure attending the conference and I will be looking forward to returning for their 2023 edition. Big congratulations to Csongor Biás and Startup Hungary for the event!