Czech Republic

A little bit about the Czech Republic

Czech Republic has about 10.5 million inhabitants and is located in the heart of Europe. It is also a member of the United Nations, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, the World Trade Organization, the European Union and the Schengen area. The capital is Prague and the currency is the Czech crown (koruna) (CZK).

It actively supports the business environment through government agencies such as CzechInvest, which has established the first official online hub for start-ups in the Czech Republic – Czechstartups.org.

Czech start-up environment  and its support

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Recently, the Czech Republic increasingly points to a promising start-up scene. They are based Business incubators, accelerators, technology parks, innovation centres and hubs are being established so the Czech start-ups can successfully develop and the number of successful companies that are able to assert itself abroad is rapidly increasing. The “boom” occurred in 2011, when StartupYard, Impact HUB, StarCube and CzechAccelerator were introduced. Start-ups are also recruited from research and development projects of various universities.

Start-ups are very important for the Czech economy. They develop innovation and thereby increase productivity and contribute to economic growth. It is not “any” start-up company, but the company developing an innovative product or service, that is unique. It helps to create a healthy, competitive and innovative environment. New companies grow faster than established firms, thus they contribute significantly to job creation. The exact number of start-ups born in the Czech Republic cannot be clearly determined. From the regions of the Central and Eastern Europe, the Czech Republic is the only country with a positive so called “Birth index “.

The number of start-ups is growing annually, Czech Republic in this case is the second in Central Europe with the largest number of newly-established start-ups. The volume of invested money is insignificant in proportion to the money invested in Central and Eastern Europe. Czech start-up ecosystem is still in development and is not comparable, for example, with Western Europe or the USA.

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