How Central Eastern Europe Is Transforming From Outsourcing To A Real Tech Hub
Rubik’s Cube, the household match, insulin, parachutes, and contact lenses. These are just some of the innovations that came from the countries of the former Communist Eastern Bloc of Europe. Hungary, the Czech Republic, Poland, Romania, Serbia, Croatia and Bulgaria are famous for their human capital and innovation. This has been the legacy of CEE, but the question young business people are asking is when is this latent potential going to flourish into the kind of tech startup boom well underway in Western Europe and the U.S.? Soooner than you think, if you ask the leaders of the entrepreneurial scene in the region.
Central Eastern Europe consistently ranks at the top of the world ranks in educational achievement in math, science and technology. In 2013, 16 out of the 24 finalists of Google’s annual Code Jam programming competition were from Central and Eastern Europe according to Bloomberg. This region also accounted for 8 of the 13 winners at this year’s ACM International Collegiate Programming Contest, as a Bloomberg report shows. In the US, by comparison, companies struggle with hiring good programmers. As a result, a growing number of deals are so-called acqu-hires, done for the sole purpose of securing skilled staff in order to build leading technical teams.
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