According to Imre, OUVC itself is a startup that, due to its mixed functionality as both a university-backed VC and a venture studio, is shaping a new perspective. Like any startup, it is seeking the best, most optimal way to achieve its planned results. The expectations that arose among the founders and in the market in September have partly been fulfilled, with 162 applicants now registered. However, processing the large number of applications took longer than initially thought. The goal was to speak with everyone from the 160 applicants, and even those who were ultimately rejected are still being supported. They are also welcome at TokePortal!

Startups are typically offered discounts on virtual software packages, as well as on-site services. As a venture studio, OUVC is building a coworking space intended for companies, individual entrepreneurs, and single-member LLCs to move into. The goal of creating this space is to invigorate a mini-ecosystem, as several high-profile events are planned to be held there.

One such event is the main event of the upcoming V4 Visegrad Group competition, which they have successfully won. This event will take place in Budapest, with additional events in Bratislava and Prague, focusing on business development and the integration of minorities and women into entrepreneurship.

OUVC’s communication has focused on AI, deep tech, robotics, and med-tech from the beginning, but marketplaces are also considered. Among the applicants, many are focused on AI and med-tech, but startups from various fields are also represented.

“Currently, probably due to the scarcity of capital, everyone is applying and exploring the opportunities available with us. There are a few applicants from the university circle, but external startup applications are also open to university collaboration. When they hear how they can collaborate with the university—whether through renting or purchasing developer capacity, renting a lab, or requesting validation from university experts—almost everyone likes it. This is a viable and profitable solution for bringing entrepreneurial spirit and startup culture to the university.”

 

How are the investments shaping up?

The first investment decision was made in January, with the closing expected in February, followed by three to four companies being evaluated every three weeks. Once they enter the preliminary selection, the processes move quickly because the applicants are much more prepared than originally expected.

The average capital sought by startups is well over 100-200 million HUF. Supporting companies with a significant amount of capital is essential. A very encouraging aspect of the investments is the positive interest from investors, with the university also eager to utilize the incoming know-how and services. Imre is absolutely open to catalyzing this, as collaboration is one of the lifebloods of the ecosystem, offering only advantages.

He believes in the Venture Studio concept, which involves actively supporting companies and then connecting them with someone who can help in their specific field. This goes beyond incubation, and even beyond investment.

 

What do you think about the current state of the ecosystem?

“The way startups communicate with investors has definitely improved. However, their global outlook does not yet meet international standards. This does not mean there has been no progress, but the ideas we see, these 162, cannot be compared to 162 in London.”

 

What is the difference between a London startup and a Hungarian startup, and how is this evident?

A London startup has a much stronger global perspective and level of information compared to a Hungarian one. A London startup better appreciates the world, sees international trends more clearly, and dares to communicate about them because it recognizes that investors expect it to connect with global trends. Hungarian startups do not know the latest major trends in AI and green-blue technologies, and they stick to ideas that are so provincial that they are understandable within a local context. Hungary lacks larger-scale concepts and ideas that could connect to a global platform. This difference is not only observable in startups but also in the mindset and approach of VCs.

“If VCs are sitting on 20-30 million funds instead of 2 billion funds, they want to invest larger tickets. If larger tickets are invested, then bigger ideas are needed. If bigger ideas are needed, then the world is the market. If you want to introduce a product to a new market, where will you take it? Slovakia, or America? A small market, or a huge, homogeneous market with a reasonably good GDP? Every cultural change is a new beginning for the product. Why waste time on foreign markets immediately? This requires it to be an expectation, and this comes from context. And from that context, it follows that we are impatient to do it, that the owners of the fund are also impatient in terms of when the invested money will yield some positive return, whether in market acquisition or revenue.”

 

Have you experienced any significant cultural shock when entering this segment, despite your extensive familiarity with the field, having encountered all its elements in various roles—as a consultant, mentor, startup founder, investor, and angel investor? What advice would you give to the next emerging VC, and what will they face?

“It is surprising how little international money there is, and it is clear why there isn’t any. Because the ideas themselves are not appealing to the international market. They are not big enough ideas. They are not perspective enough; they lack the mindset. Almost always, when we see international capital in any capital structure, the founder has international experience that validates the idea itself. They do not rigidly cling to the idea because it will change tomorrow anyway, so someone might steal it, and if they can do it better than you can based on a three-four sentence description, you might as well let them take it. This kind of adaptation, the way an entrepreneur can roll with life and manage the unfolding of their idea, is very important, and this is evident in those who come back from abroad.”