Czech Republic

THE ECOSYSTEM

The startup boom in the Czech Republic began after 2010, when new projects supporting startups appeared (e.g. StartupYard, Impact HUB, JIC StartCube or Czech Accelerator). Nowadays the majority of Czech startups is in the seed phase and the financing of their projects is limited to their own resources.

Czech Republic Czech Republic

The Czech ecosystem is strong in information and communication technologies; therefore, it is not surprising that Czech startups offer more often software products than key technology solutions such as nanotechnologies, advanced materials or manufacturing technologies. The most common type of products of Czech startups is SaaS, followed by web technologies and mobile software. The Czech Republic is also famous for its innovative companies in the field of cybersecurity, for example antivirus companies including AVAST, AVG or Cognitive Security andThreatMark. Among other internationally known Czech unicorns belongs Kiwi.com.

Innovation is not linked only to the capital city of Czech Republic, even though the majority of startups is based in Prague. Brno, the second largest city, is becoming known as Svratka Valley as it is built on the river Svratka and boasts a significant concentration of startups and big corporations like IBM and Red Hat. Here, the spirit of entrepreneurship became a distinctive feature of the city, thus transforming Brno intoa perfect environment for the development of innovative mind-sets.

Notwithstanding the potential of its ecosystem, the country ranks a limited exposure to international markets, is coping with administrative and tax burdens and the Universities and R&D centres do not represent stimulating platforms for startup development.

 

 

Czech Invest is open for collaboration with investors, accelerators, public and private organisations that can strengthen the competitiveness of the Czech ecosystem and improve the position of the startups in Europe.

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