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EC allocates 178 million to support small European startups

The European Commission allocates EUR 178 million in shares and grants to 42 new and small innovative European companies. It is the first time that the EU’s day-to-day administration has taken an interest in commercial companies, ranging from 10% to 25%. It is an investment of between EUR 500,000 and EUR 15 million per company.

Brussels wants to help young European technology companies to develop more quickly and attract traditional investors through the investment programme, which will in the long term amount to around EUR 3 billion. The new financing strategy must also help to overcome the competitive disadvantage with the United States and Asia. There venture capitalists often have larger funds than in the EU.

The commission expects to join more companies in the near future. One of them is Hiber from Delft, working on a satellite network that can monitor smart devices (the Internet of Things). The Cabinet has declared the project a national icon, which means that Hiber is supported by the government in finding money and building a network.

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