EU to set up its own billion euro fund for startups
The European Union is to set up its own fund worth billions of euros to invest in startups and spinouts across Europe.
The fund will start in January and is part of the new EC Horizon 2020 programme which also starts in 2014 and replaces FP7 and CIP. Crucially, a part of this support is aimed at entrepreneurs, start-ups and SMEs because these are seen as providing the engine for the economic recovery as, being nimble and fast, they can bring these new innovative technologies to market quickly.
However the details of how the fund will be dispersed have not yet been fully decided or how SMEs can apply. If this can be an open process that is easy to access it would be a dramatic shift in the opportunities for startups and SMEs, but the challenge is in the detail of the implementation
“The EC recognises that these small to medium sized companies are the champions of tomorrow and we want to help them grow and be successful,” said Pierre Marro, Policy Officer at the European Commission. “Currently, EC programmes and projects required several companies from a minimum of three different countries to co-operate. The new EC Horizon 2020 is being finalised at the moment. This is being designed to add a completely new package with simplified procedures and without these constraints of co-operations to specifically provide new technologies holders with help in starting and running companies right through to finance help. Lack of finance has been a stumbling block in the past due to the economic crisis, so a key new service in Horizon 2020 will be dedicated to providing access to finance with new instruments dedicated to SMEs and access to risk financing that will really help companies grow quickly and create new jobs and economic wealth.”
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