On the first day of the MCC International Symposium on Innovation and Startup Ecosystems: From Startup nation to Scaleup nation, organised by the Centre for Next Technological Futures, a group of prominent experts gathered to explore the options for scaling of startup centres and the financing of startups. The panel debate of the symposium was a powerhouse of well-renowned experts, including Molly Livingstone from MassChallenge Israel, Jerusalem, Daniel Bajer from Enterprise Estonia, Tallinn, Amiram Porath from Porath Consulting, Tel Aviv, Jon Steinberg from Mountside Ventures, London, Eitan Kyiet from Road2, Haifa and Patrick Grady from ITIF, Washington, D.C.
The panellists discussed the different financing tools available for startups and came to agreement that non-refundable grants and bank lending were not suitable forms of support. Instead, they believed that simplifying the regulatory framework that governs startups would be the most significant help that governments can do for these businesses. For instance, in England, it only takes five minutes to start a new business and that this can be done online, especially with the help of completely digital banks. This, in turn, can foster innovation, create new job opportunities, and drive economic growth. It is important to note, however, that at the beginning of a startup's lifecycle, the government might provide helpful financial support to overcome the initial funding gap.
The panellists also underlined the importance of startup hubs in promoting innovation and growth. These hubs offer a supportive environment where startups can access the resources they need to succeed. The moderators, Veronika Péter and Marcell Dengi, were contributing their insights emphasising that the government might play a crucial role in supporting startups, when there is a market failure.