Not all startups are beards sitting in a garage, says new report

The traditional perception of start-ups being a couple of guys with beards working in a garage is partially outdated. Proxyclick Visitor Management System on Unsplash

While it is tempting to stereotype startups as being all about eco hipsters and techno geeks, a survey carried out by Poland’s largest bank has revealed some surprising statistics.

Looking at Polish start-ups which co-operate with the financial sector, the report by PKO BP, which has been involved in funding startups for the last five years, found that 48 percent of start up founders were between 25-34 and 91 percent were male.

The report by PKO BP found that 48 percent of start up founders were between 25-34 and 91 percent were male.Austin Distel on Unsplash

As many as 26 percent of firms surveyed had over 30 employees, dispelling the stereotype of startups being a couple of guys with beards working in a garage.

The research also found that about 10 percent of the 3,000 start-ups operating in Poland co-operate with the financial sector, with more than 3-in-4 of those start-ups focused on data analysis, internal process optimisation or customer service.

Expenditure on innovation in the Polish banking sector has grown by about 15 percent annually, on average, since 2016.

Michał Kramarz, Head of Google for Startups CEE, said: “Everyone is talking about the ‘very high potential’ of Central and Eastern Europe, noting that Poland has a powerful position, we see this every day at Google.”Google Press Materials

In 2018 the amount invested reached 1.6 billion PLN.

Michał Kramarz, Head of Google for Startups CEE, said: “Everyone is talking about the ‘very high potential’ of Central and Eastern Europe, noting that Poland has a powerful position, we see this every day at Google.”

Being the financial centre of the country, Warsaw is the most popular location for start-ups with Poznań ranked third behind the TriCity agglomeration of Gdańsk, Gdynia and Sopot.

Poland’s largest bank PKO BP has been involved in funding startups for the last five years.Let’s Fintech with PKO Bank Polski

Over half of Polish start-ups think globally and want to operate in international markets such as Germany, UK and USA.

The research also highlighted how important business to business sales are, with 94 percent of start-ups selling to other companies.

Of those who dealt directly with people, five start-ups had more than 5,000 individual clients.