How to Build a Successful Startup in Prague

Prague is a somewhat fantastic place to live and study. It’s also a great place to build a startup. As living costs are much lower than elsewhere in the EU, businesses can scale up quicker than in Western European markets. As the most prominent business hub in the country, Prague offers well-developed infrastructure and a fantastic location – close to other centers, such as Berlin (4-hour drive), Vienna (3.5-hour drive), and even London (2-hour flight). 

Prague is home to Czech Republic’s biggest players – the security giant AVAST, personal finance platform BudgetBakers, gaming company Bohemia Interactive, and global social media analytics company Socialbakers are just a few examples, and the list keeps growing.    

If you study in Prague, you’re studying at one of Europe’s top business hubs.

A UNYP MBA in Entrepreneurship can help you learn how to found a successful startup. Our students have a significant advantage, as UNYP is the only university in Central Europe which offers an MBA with a concentration in entrepreneurship. By the time our students graduate from this program, all of them have a ready-to-launch business.   

For this blog post, we asked Mr. Blake Wittman (CEO of GoodCall and a member of UNYP's Business Advisory Board) to share his expertise in the sphere of internet startups with our readers.   

We all know about the famous business founders who dropped out from college, yet still managed to build multi-billion companies. Taking that into consideration, how would you argue that a college degree is still an essential component of professional success?   

"While there are a few examples of students dropping out of college and creating billion-dollar companies, those cases represent only a handful of the thousands and thousands of companies that are started every year. While I’m an optimistic person (I’m American, we have to be!) I think it’s better to focus your attention on high growth and building a sustainable company that will last. With that in mind, the vast majority of successful startups are founded by people in their 30s with a college degree and/or MBA. These companies raise money more often and last longer than companies started by much younger people or college dropouts. Moreover, to finish your degree takes perseverance and patience, qualities that are critical in building a successful company."  

What advice would you give current and prospective UNYP students about starting a business? 

"My overall advice would be to find an area of business where you not only see a gap but where you have passion and knowledge. Because eventually you’ll hit hard times, and you’ll need to dig in and work even harder. If you have a genuine interest in what you’re doing and genuinely believe in it, you’ll get through. Plus, when you speak with investors, be they seed or prominent VCs, it’s always more convincing when you feel the energy and belief from someone who has a personal drive for their company, compared to when they’re just filling a gap in the market to make money. My second recommendation concerns people. The individuals you surround yourself with at the beginning of your journey will have an enormous impact on your ultimate success. Choose them wisely, and try to balance finding people that you know well with those with whom you share a passion." 

Follow us

Go to top