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More funds allocated for startup programs in Austria

Margarete Schramböck © Christian Lendl

The GIN program has been luring international investors to Austria since 2015 and assists startups with the various steps needed to enter international markets. GIN, which stands for Global Incubator Network, will be extended and its budget increased to EUR 4 million for the period 2019-2021. “In this way we can further develop the network and press ahead with our dialogue with new regions such as China”, says Margarete Schramböck, Federal Minister of Digital and Economic Affairs.

In addition to extending the GIN program, the Ministry of Digital and Economic Affairs has ensured funding from the National Foundation for Research, Technology and Development for further startup and digitalization promotion measures. The funding institution aws will receive EUR 3 million for its Digital Innovation Initiative and thus provide financial support of up to EUR 200,000 per project for as many as 20 startups in the founding and early growth phase. An additional EUR 3 million will be granted to aws for its “Impulse Program for Knowledge and Technology Transfer in the Economy”.

The Venture Capital Initiative will also be endowed with another EUR 3 million. This fund has invested EUR 34 million in 50 Austrian startups, or a total volume of about EUR 90 million in cooperation with co-investors. The Austrian Research Promotion Agency FFG will be provided with EUR 2-3 million in funds for each of the following programs: “Digital Innovation Workshops” (SMEs), “Impact Innovation”, “Ideas Lab 4.0” and “Laura Bassi Center 4.0” (digitalization projects of women).

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