Poland one of the best places in Europe for start-ups, says new report
A new study on the best place for start-ups shows that Poland has the 3rd healthiest economy in Europe.
The economic health was ranked on factors including GDP, GDP growth, GDP per capita and unemployment rate. Poland had the third lowest unemployment rate behind Czech republic and Germany.
As TFN reported last week only 4 percent of Poland's companies said they had to make redundancies, according to the 'COVID-19 Business Pulse Survey - Poland' carried out by the World Bank and the Polish Agency for Enterprise Development.
Poland was ranked 5th in the cost of doing business category, based on cost of living where Poland ranked third behind Romania and Bulgaria, average salary and corporate tax. The average salary in Poland is actually higher than many neighbouring countries such as Hungary, Romania, Bulgaria, Croatia, Latvia and Slovakia.
The research compiled by British analysts NimbleFins collated data from sources such as the OECD, World bank, Eurostat and the World Economic Forum. It is the latest in a long line of such research that puts Poland among the top countries in the world for economic performance and ease of doing business.
Recently similar studies from CEO World magazine, fDi Intelligence and Global Real Estate Transparency Index have all ranked Poland highly.
Poland did not rank as well in the ‘Business Climate’ section scoring poorly on the access to venture capital (VC). However, a report published in July this year by the Polish Development Fund (PFR) and Dealroom.co shows that Poland is the leader in central and eastern Europe for investments in start-ups and the region is the fastest growing in Europe. Finland, which is home to Slush, the world's leading start-up and tech event, ranked first in access to the VC market.
Marcin Zabielski, Managing Partner at Market One Capital, said: “There is no surprise that Poland became a vibrant start-up scene having access to domestic seed capital, experienced founders and top-notch developers.
“The effects of investments in start-up ecosystem we have seen throughout more than a decade started to pay off. This fact was noticed by some institutional investors with European Investment Fund among others, who selected a few promising managing teams to begin their investing activities not only in CEE countries but also in Western Europe.”
To see the full report click HERE.