The federal cabinet approved a new strategy for startups and scale-ups on Wednesday. According to the Ministry for Economic Affairs, the primary goal is to establish better conditions for innovative companies. Minister Katherina Reiche (CDU) stated that the initiative aims to streamline the founding process, accelerate growth, and ensure that innovations remain in Germany.
The strategy calls for lowering bureaucratic hurdles and mobilizing increased private and public venture capital. Reiche emphasized that the federal government is laying the foundation for the next generation of German global market leaders through this “genuine collaborative work” involving other ministries.
Specific measures included in the strategy involve improving funding opportunities for startups and scale-ups, particularly during the growth phase. Furthermore, the government plans to strengthen the transfer of research into viable business models and reduce red tape. The plan will also address the increased need to support startups operating within the security and defense industries.
The strategy developed from close involvement with the startup community, as presented by the Ministry. It took into account around 300 submissions and the results of ten workshops. Ultimately, the government intends to create “reliable framework conditions” for innovation, investment, and growth through about 150 specific measures, which will be overseen by various federal departments. Implementation of these plans is targeted for the current legislative period.
