Businesses in Slovakia go on to be dissatisfied with the business environment in the country. (source: Sme)
Only a single Slovak company made it into the Financial Times' list of the 1,000 fastest-growing companies in Europe. According to analysts and entrepreneurs, the reason is mainly the bad business environment in the country.
This year, Gardeon, the supplier of garages and garden houses based in Turčiansky Ďur, northern Slovakia, made it to the 510th spot, a jump ahead from the previous year's edition of the list where the company placed 719th.
"A simplification of bureaucratic processes can make it easier for entrepreneurs to establish and manage companies, as well as open the way for new innovative businesses. Startups should be given support for entering foreign markets, including participation in international exhibitions and trade missions," says Andrej Lasz, general secretary of the Association of Industrial Unions and Transport, as quoted by the TASR newswire.
Petra Podhorcová, spokesperson for the Republican Union of Employers, adds that Slovakia has long-term gaps in creating a favourable and predictable business environment, as well as the systemic development of talent acquisition and development policy.
According to the Federation of Employers' Associations, support for research and development can also significantly help regarding the development of innovative ideas. This means creating partnerships between universities, their students and research capacities and companies. However, in this aspect Slovakia fails to tap into the opportunity.
Compared to the neighbouring Visegrad Four countries, the Czech Republic has 11, Hungary 14 and Poland 44 companies on the list.
Moreover, in the top 100 the Czech Republic has five companies, including the solar technology distributor Raylyst taking the top spot. Hungary has three.
