Polish company shines in Europe as gov't encourages startups

WARSAW, March 6 (Xinhua) -- Hyper Poland, a company developing a magnetic railway project, has been recognised as one of the best startups in Europe in the mobility sector.

The Polish company made it to the finals of the European Startup Prize for Mobility contest, whose winner will be selected after March 25, Forbes Poland reported on Wednesday.

"We are happy to be recognised by a jury made up of representatives of the mobility sector and experienced investors, even more so because we are competing with companies from western Europe, where institutional support for innovative projects is very much developed," said Przemyslaw Paczek, president of Hyper Poland.

In recent years, Polish authorities have intensified efforts to stimulate innovation and to attract foreign startups to Poland.

On Feb. 22, the Polish Agency for Enterprise Development launched the 2019 edition of the business accelerator programme "Poland Prize." It is dedicated to bringing foreign startups into Poland.

"Poland is building the image of a country increasingly open for startups and technological firms," Jadwiga Emilewicz, minister of entrepreneurship and technology, told the Polish news service Newseria at the launch ceremony.

"This year is particularly difficult and important for Europe. Brexit is changing the economic structure, and London will most likely lose its position as innovation capital of Europe. (Meanwhile) Poland is becoming increasingly often an attractive choice," said Emilewicz.

Startups can apply for different programs depending on their area of activity. Each company can receive up to 52,000 U.S. dollars in financing.

At the end of February, eight startups from the energy and information and communication technology (ICT) sectors were selected in a so-called track managed with the support of PGNiG, a state-controlled oil and gas company. Sixteen more companies will be selected in further application rounds under this track, whose budget is 1.2 million U.S. dollars for 2019. Enditem