Hungarian Innovation Association: more resources are needed to keep up with the international pace of innovation

The statement pointed out that innovation must be placed on a stable foundation starting from the education of students, so that the professional knowledge necessary for innovation, the ability to take risks, and international experience can mutually reinforce each other among young people.

In addition, the volume of venture capital investments must be significantly increased, which can increase the number of startup companies that serve as a kind of laboratory for the Hungarian competitive sector, the quality of their projects, and their results that can be utilized for the Hungarian economy.

According to the MISZ, strengthening innovation culture and activity at the company level, introducing best practices, and striving for a healthy ratio of tender resources and resources from own innovation can promote improved competitiveness.

The announcement quoted Viktória Kovács, director of the National Innovation Agency, who explained: In Hungary, only every third company innovates, which is well below the average of European countries (approximately 50 percent). At the same time, these companies account for two-thirds of the total added value of the Hungarian economy and almost 70 percent of export sales. Furthermore, 54 percent of all employees work for these companies.

Therefore, it is important to strengthen export-capable, Hungarian-owned small, medium-sized and large companies through education, training, a favorable regulatory and tax environment, and strengthening the financing of early-stage research and development

– the expert emphasized.