TOP 10 - key takeaways from the report:

Polish startups most often operate in the B2B model, with 39 per cent targeting large companies and corporations and another 25 per cent targeting small businesses. In total, therefore, almost two-thirds of Polish start-ups operate in the B2B model. Significantly fewer, only 11 per cent, operate in the direct to consumer (B2C) formula.


Only 7 per cent of start-ups at the time of the survey felt a decline in foreign investors' interest in the Polish market. A much larger proportion (38 per cent) had not yet felt such a negative trend. More than one in two startups, however, gave the answer "difficult to say", which may herald a change in this trend.


A key role on the Polish market is played by domestic VC funds, whose capital was used by 28 per cent of the startups surveyed, as well as domestic business angels, who supported one in five startups (22 per cent). An identical percentage received funding from the National Centre for Research and Development.


Among startups using external funding, the largest number are those with only one investment round behind them - as many as two-thirds of the surveyed companies (67 per cent). The amounts raised in all rounds by startups to date are most often between PLN 1 and 2 million.


The startup bubble narrative is already breaking through into the consciousness of Polish founders. More than half (55 per cent) agree with the thesis that there is a startup valuation bubble in the market. The opposite view is held by 45 per cent of those asked.


The main barrier to the development of start-ups in Poland is the difficulty in recruiting employees, with the cost of employing them rising rapidly. This aspect is highlighted by as many as 52 per cent of startups.


In the face of the recent crises (black swans), almost half of Polish start-ups (49 per cent) declare that the costs of doing business have increased significantly. Those who have not experienced an increase in costs are 50 per cent. In contrast, startups in which costs have decreased are a trace number (only 1 per cent of indications).


Nearly two-thirds of startups believe that the changes introduced under the Polish Order destabilise their business (62 per cent). Another 28 per cent indicate that the new regulations have forced them to change their form of hiring, and 13 per cent that it has become more difficult for them to attract talent from abroad.


Nearly half of the country's startups are considering moving their business permanently outside Poland, which would also mean moving their headquarters to another country.


Competing for the position of "Polish Silicon Valley" are the regions of Lower Silesia (with Wrocław) and Masovia (Warsaw). The third region of the country with the largest number of start-ups is Małopolska (Kraków).