Prague as a digital nomad destination

Prague as a digital nomad destination
“Prague Castle, a castle complex in Prague, Czech republic” in travelercorner.com

The first question is: “What makes a great digital nomad destination?”

There are some characteristics that make a destination ideal for digital nomads and their lifestyle. Here is a list of some of the most important characteristics: affordable cost of living, high-speed and secure Internet connection, a community of other digital nomads, good places to work from, good living conditions (safety, freedom of speech, tolerance, etc.). 
 
For several years, Southeast Asian cities (Chiang Mai, Bali, Ho Chi Minh City…) have been very popular among digital nomads and seem to be ideal places for their nomadic lifestyle. But EU cities are gaining ground, especially Central European cities such as Prague and Budapest.
“How to travel as a digital nomad” in retireby45.com

Now let’s explore the reasons why Prague has been a hotspot for digital nomads

  • A global phenomenon

Digital nomadism is exploding around the world. Prague has been one of the popular spots since the beginning and has benefitted from the global growth of this phenomenon.

  • Affordable cost of living
Prague is one of the most affordable cities in Europe and it’s a big reason why location-independent professionals make it a hub. According to the website Expatistan.com the cost of living there is around 50% cheaper than in Paris and 34% cheaper than in Berlin. In some restaurants or pubs, beer is even cheaper than water!
  • Architecture and History
“Food tour in the Czech Republic, Prague” in tourily.com

Prague is in the heart of Europe and many people say it is the most beautiful city in Europe!

  • High-quality infrastructure

You will find very modern infrastructure next to very old buildings and bridges, meaning you don’t have to sacrifice work efficiency or quality of life for your taste of history.

  • Great geographical location

Prague is in the heart of Europe. The country is surrounded by Austria, Slovakia, Poland and Germany, with almost the same distance from the North Sea, the Baltic Sea and the Mediterranean. Thus it’s quite easy to travel Europe with Prague as a base.

  • English speakers abound

Many Czechs (especially the younger ones) speak English well, making it an easy city to navigate if you don’t speak the local language (Czech!). You can also meet other foreigners and travelers. There are many of them! (Vinohrady is one of the neighborhoods favored by English-speaking expats).

Locus Workspace
  • Good places for productive work
Depending on your preferences, you can work either from lovely cafés or modern coworking spaces. Locus Workspaces is one of the favorites for digital nomads as we are an English-language space with members from nearly 30 countries. But there are many great cafés and coworking spaces in Prague that help make it a great spot for location-independent professionals.
  • Vibrant (night) life
Lots of events are taking place every day in Prague: concerts, festivals, markets, exhibitions… At night, the city centre in even more bustling due to the huge number of bars and clubs. Prague is a great European city for living it up.
“Prague Farmers’ markts and Flea-markets” in prague.eu – “Cross Club, nighlife in Prague” in likealocalguide.com
Prague is currently ranked as the 7th best cities in the world for digital nomads, according to Nomadlist.com, the premier web-portal for digital nomads (though this number changes daily). Check out the whole report about Prague here.

Regional Accelerators and Incubators

Below is a list of some of the business accelerators and incubators in the Czech Republic and in nearby countries (or else ones that actively target Czech startups). This is a work in progress, so please help me keep the list current and accurate by sending me feedback or leaving comments!
The terms accelerator and incubator are sometimes used interchangeably and sometimes used differently from how I would use them, so take these classifications with a bit of skepticism. This overlap in usage and similarity in experience has me grouping the two together for this blog post.
For me here are the basic similarities and differences:

Similarities

Both accelerators and incubators provide shared work space and mentorship to startup businesses for a limited period of time (usually 3-6 months) to help startup businesses success. Both also tend to do this on a competitive basis, providing the space and support for free to the selected winners who are deemed to have the most potential.

Differences

Incubators

Incubators tend to be non-profit entities set up by regional governments, academic institutions, or other non-profit organizations with a mission to help support the startup environment. They generally have some kind of institutional support that allows them to provide the free work space and the mentorship. As such, incubators are not as firmly tied to either the limited time period or the competitive nature of acceptance. Some of them have relatively open acceptance based on university affiliation or some other general requirements, and many will not put strict limits on how long a startup can stay. Although they do not as a rule provide capital to the startups, some do, though usually without strings attached or any ownership stake in the company being incubated. Though acceptance may be in batches on a calendar schedule, it is often on a rolling basis as well.

Accelerators

Accelerators, on the other hand, tend to be for-profit entities. They provide free work space and mentorship AND INVESTMENT in exchange for a percentage of ownership in the company. For accelerators, the competitive nature of entry and the limited time period are essential features of the program. They are gambling on getting that next great startup that will compensate for the loss on most companies they accelerate. The investments tend to be small (5-25,000 USD) as does the percentage of ownereship (5-10%). Acceptance for accelerators tends to be on a set schedule, where all of the companies being accelerated will start and finish together, as would a class of students in the same cohort. Often accelerators will have stages with benchmarks, where additional help and funding will be possible as long as these benchmarks are met.
But again, this is my usage based on what I take to be the norms. I may not have it exactly right, and certainly many of the players in these industries mix the concepts as they see fit.
The list is organized geographically relative to Prague, since that’s where Locus Workspace and our members are located.

Prague

Czech Republic outside Prague

  • Help me add to this list!

CEE Region outside the Czech Republic

  • Urban Quest (added 2018.03.29), Warsaw, Poland. PropTech accelerator (Property / real-estate / space technology), sponsored by Skanska, Microsoft, and business__link.
  • hub:raum Krakow, Poland (also locations in Berlin & Tel Aviv). Has both an accelerator and an incubator program.
  • RubixLab Bratislava, Slovakia
  • CEE LiftOff Budapest, Hungary (website not working properly, may be ending)
  • PwC CEE Startup Collider Warsaw, Poland. FinTech focus. Seeking participants from all over the Central & Eastern Europe countries.