Innovative thinkers in Germany will now have fewer difficulties – and therefore better odds of success – along the often-treacherous road to market entry and implementation: this autumn, Germany’s Federal Cabinet approved the creation of a new agency to give longer-term support to innovative concepts and ideas.
When it launches in 2019, the new Springboard Innovation Promotion Agency will focus on giving individuals with a good track record in innovation more room to pursue potentially breakthrough, disruptive innovations, initially prioritizing the fields of medical research, mobility and artificial intelligence.
For the current legislative period, the Federal Ministry of Education and Research (BMBF) as well as the Federal Ministry for Economic Affairs and Energy (BMWi) will jointly fund the agency with EUR 151 million.
In announcing the new agency, Federal Minister for Economic Affairs and Energy Peter Altmaier said: “Numerous inventions that can break new ground and revolutionize markets have been made in Germany; however, many of them never get implemented. The new agency aims to help translate these highly innovative ideas from science, research and business into successful products and services, thus creating new jobs in Germany.”