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Hungary was selected by MIT for its famous innovation program

The university colleagues of the Hungarian innovation ecosystem will be working together with MIT, one of the most best-known technical universities in the world, for the next two years. The goal of the entrepreneurship acceleration program of the Massachusetts Institute of Technology (MIT) in Boston is to encourage international participants to cooperate, who can then more effectively help the development of their own region. This gives Hungary the opportunity to be at the forefront of innovation in the world.

Ambitious researchers and institutes from all over the world are trying to get into the MIT REAP program. In year 2022, Hungary was also among to the selected list, because our country’s application was also accepted for the regional entrepreneurship program, which was launched by the most famous technological higher education institution in the United States, the MIT.

The goal of the global initiative is to strengthen the innovation-driven entrepreneurial ecosystem, which can have a long-term impact on the local and global economy and social processes. The aim is to bring the selected regions to the forefront with the help of one of the most modern innovation programs in the world.

“By participating, our goal is to bring the latest and best international practices into Hungary’s innovation ecosystem.” – says László Jónás, the professional manager of Design Terminal. “Thus, we can advance in the international innovation rankings.”

MIT annually selects 8 new partner regions for the 2-year program, from which they form multidisciplinary teams, and the invited regional players are encouraged to share their experiences and learn from each other. Hungary entered the 9th year of the program organized in 2022-23, as a partner of Kansas City, Omaha, St. Louis and Des Moines in the United States, the Dominican Republic, Piauí in Brazil and Western Australia.

From each region, the 5 most important groups of the given ecosystem are represented in the program at the same time, including the government sector, large companies, the academic sector, venture capitalists and entrepreneurs. From Hungary, on behalf of the Budapest University of Technology and Economics, Dr. Zsolt Szalay, head of the Department of Automotive Technology, and Dr. András Nemeslaki, head of the Department of Management and Business Economics, will participate in the program, as well as the Hungarian National Bank, the National Research, Development and Innovation Office, Oncompass Medicine Hungary Kft., 77 Elektronika Ltd., 4iG Plc. and Design Terminal.

“It is a huge opportunity and honor to be able to represent the aspects of large companies and capital investors at MIT” – says space investor István Sárhegyi Dr. “I think it is extremely important to create an ecosystem in Hungary that is an exciting opportunity for large companies and investors.”

“We must achieve sustainable economic catch-up in a turbulent decade. The key to success will be the forging of knowledge, capital and new technologies.” – emphasized Barnabás Virág, vice president of the Hungarian National Bank. “There is a lot of innovation potential in the Hungarian economy, separately, our goal is to create platforms and good practices where the interconnected knowledge generates a significant growth surplus at the national economic level as well.”

About MIT REAP in brief:

The MIT REAP (Regional Entrepreneurship Acceleration Program), launched just ten years ago, is an initiative of the MIT Sloan School of Management, which provides the opportunity to cooperate with MIT for participating communities from all over the world. Program participants can strengthen innovation-driven entrepreneurial ecosystems in their regions using MIT’s evidence-based, hands-on approach. Since 2012, MIT REAP has helped more than 70 regions around the world develop and implement initiatives that contribute to economic growth, job creation, and social development.