Welcome to Prague, City of Innovation
While many flock to Prague for the beautiful architecture, stunning historic sights and affordable activities, most don’t realize that the so-called Golden City is also an amazing destination for business and entrepreneurs. In a 2017-2016 study by 2ThinkNow, an agency that measures locations around the world for innovation, Prague ranked 24 out of 168 cities worldwide. Maybe you’re studying Business Administration, or maybe you’re thinking about applying to get an MBA in Entrepreneurship or a Master’s in International Management. Here’s why you should consider coming to Prague.
According the study, cities are evaluated on several levels and given a designation based their importance for the innovation economy. In 2015, Prague came in at number 63 and was considered a “hub city,” the second best desingation. However, this year Prague has seen a significant boost. Not only did it climb 39 spots on the list in just a little over a year, it also is now considered a “nexus city,” meaning it dominates “the globally innovation economy across many sectors,” the study says.
So if you’re interested in landing a job in finance or management at an international company or thinking of starting a business, the business climate is one of the best in Central and Eastern Europe.
Foreign Investors love the Czech Republic
When it comes to investment, the Czech Republic has more than 173,000 firms that are supported by foreign capital, according to investment and business development agency CzechInvest. Since investment incentives were introduced to the country in 1998, the economy has seen an increasing trickle of money coming in from outside. Thanks to the Czech Republic’s inclusion in the European Union in 2004, things have only gotten better.
A skilled workforce, favorable labor costs, amazing location and access to great local suppliers are all factors that have made Prague and the region a magnet for several industries, including automotive, aerospace, nanotechnology, green energy and more. More money means more jobs and internships. Paired with UNYP’s first-class instructors, there’s no better way to learn how to be the best in your business.
Location, location, location
Did we mention how great Prague’s location is? Thanks to a labyrinth of railroads and bus routes in addition to an airport, most other major European cities are extremely accessible. According to CzechInvest, the Czech Republic has dozens of flights per day to cities such as Amsterdam, Munich, Paris, London, Rome, Vienna, Moscow and even Seoul. If you’re a student with hopes of working in a truly international market, there’s no better location for you than Prague.