The economics minister in Germany strongly believes in the success of the local innovative companies. In order to support such companies, grow, financial help is provided. The minister believes that such funds will support particularly SMEs (Small – Medium sized companies).
These innovation companies are major contributors the largest economy in Europe. In addition to that, the under-secretary in the Economics Ministry, Matthias Machnig stated that, “We’re planning to provide an additional 1 billion euros annually for extra measures to boost innovation.” Furthermore, he also mentioned that the majority of these funds will be allocated for the SMEs.
In addition to the above, Machnig, said that companies with a 1,000 employee and less threshold will have the ability to set against approximately 10% from general labour costs in relation to research and development.