Bavarian Ministry of Economic Affairs promotes start-ups

A new funding program is intended to give young companies a helping hand with their internationalization.

Bavarian start-ups that deal with technology issues are to receive immediate support in opening up new foreign markets. The Bavarian Ministry of Economic Affairs has launched a new support program called "Start-up International". It is making a total of 2.1 million euros available for this purpose.

The young companies can receive up to 23,000 euros per target country over a period of twelve months. Within the framework of the programme, they can receive a 50 percent subsidy for consulting and coaching services, marketing and advertising measures as well as trade fair participation. One condition is that they open up a maximum of two new target countries. Start-ups that are no older than eight years are eligible for funding.

"Digital and scalable business models know no boundaries," says Economics Minister Hubert Aiwanger. "We want to build on this great potential and therefore support start-ups in opening up new foreign markets." This, he said, will promote the growth and consolidation of the companies. "This pays off - because every Bavarian company abroad is also an ambassador for our economy at the same time."

The program is part of the so-called "Hightech Agenda Plus". It was developed in coordination with the Bavarian Centre for Foreign Trade. But the industry itself was also able to exert an influence: The authority also coordinated with various partners from start-up organizations.