Photo: DPAThe German government will set up a new state-owned company which will provide startups with the money they need to transform a great idea into a successful business, Spiegel reports. As of 2018, startups will be able to apply to a new state-owned fund for the venture capital needed to accelerate the growth of their businesses, according to a government report seen by Spiegel. An oversight committee made up of representatives from the Finance Ministry, the Economy Ministry and the KfW will have to approve capital investments over €12.5 million. In total, the new subsidiary is set to provide an annual €200 million in startup capital as of 2020, with €2 billion in funding envisaged for the following decade. Before coming into existence, the fund will have to jump through various legal hoops necessary for projects started by the KfW.

Source: The Local June 12, 2017 10:52 UTC