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Budapest the capital city of hungary is a hub of innovation and entrepreneurship with a rich history of creative thinking and a population of nearly 18 million people the city is home to a vibrant startup scene that is attracting the attention of entrepreneurs and investors from around the world the citys entrepreneurial roots date back to the 19th century when budapest was a center of innovation and industrialization today the city is known for its cuttingedge technology sector with companies specializing in areas such as ai software development and ecommerce one of the key factors driving the growth of the budapest startup scene is its location at the crossroads of europe with easy access to both western and eastern markets the city is also home to several prestigious universities including the budapest university of technology and economics and the central european university which are producing a highly educated and skilled workforce in terms of the local economy budapest has a relatively low cost of living compared to other major european cities with an average monthly wage of around eur 700 and an unemployment rate of 45 the citys gdp is estimated to be around eur 35 billion despite these strengths the budapest startup scene is not without its challenges the rate of new startups is relatively high with over 400 new companies being founded each year but the rate of closures is also significant with around 20 of startups failing within their first year this high rate of failure highlights the need for more support and resources for earlystage startups in the city the budapest startup scene is thriving but there is still room for improvement with its rich history talented workforce and favorable economic conditions budapest is wellpositioned to continue to be a hub of innovation and entrepreneurship in the years to come
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