The Swedish government announced on 15 February funding worth up to 100 million kronor (€11.3m) for its commercialisation body Innovationsbron. The funding aims to help hi-tech start-up companies to rapidly expand into overseas markets.
A total of 70m kronor will be distributed between 2012 and 2013 with the possibility for a further 30m kronor in 2014. The money was earmarked for innovation in the budget published last autumn.
“Today’s decision is extremely welcome as I see a great need for public money to be invested in the early phase. Sweden has a small domestic market and it needs more innovative companies that grow on international markets,” said Peter Strömbäck, Innovationsbron’s chief executive officer.