Germany is planning the creation of a 30 billion euro fund to support startups, with an emphasis on those in technology, as reported by the Bloomberg agency.
The creation of the Fund was approved by Germany’s federal cabinet as part of a broader strategy to make the country friendlier to startups and innovation.
The government will cooperate in the project with private investors and will infuse the fund with 10 billion euros of state money through the state bank KfW. The “Future Fund” will prioritize “deep” technology and climate solutions companies, with an emphasis on artificial intelligence, hydrogen technology, quantum and sustainable mobility.
Although venture capital investment is on the rise in Germany, Europe’s largest economy lags behind international rivals, the German government says. Most “growth” companies in Europe are funded by American investors, which leads many successful startups to relocate to the other side of the Atlantic. The strategy aims to stay in the EU in the long term.
Berlin is also considering reducing difficulties for foreigners who want to work in the country’s technology sector, as well as raising the tax-free limit on stock options paid to company employees. Remote working arrangements, taxation and labor laws will also be reviewed so that companies can recruit talent from other continents without having to move to Germany.
Source: Capital
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