Increase Funding in Saxony and Thuringia by a Factor of Two for Better Results or Development - Increasing the count of fresh business establishments in Saxony and Thuringia by twofold
The boOst Startup Factory, a new initiative by the consortium of German states Saxony and Thuringia, is set to revolutionise the startup landscape in Eastern Germany. The aim is to double the number of knowledge-based startups by 2030, with a particular focus on Deep-Tech sectors such as medical technology [1].
The strategy behind this ambitious goal is a collaborative one, involving close cooperation between universities, industry partners, and regional stakeholders. Universities in Saxony and Thuringia will provide research expertise, innovation, and incubation for start-up ideas and talent. Industry partners, including BMWi, Infineon, Bosch, Zeiss, X-Fab, and Volkswagen, will offer practical experience, investment, and market access for emerging technologies [1].
The boOst Startup Factory is designed to foster an environment that encourages deep-tech ventures, especially in fields requiring advanced knowledge and R&D, such as medical technology. This focus is expected to enhance the regions' competitive edge in cutting-edge technologies while promoting sustainable economic growth.
The startup factory, based in Dresden, will be at the forefront of this initiative, focusing on knowledge-based startups, particularly in the field of medical technology. The factory, funded by the Federal Ministry of Economics, will begin implementation on October 1st [1]. The project is coordinated by the Technical University of Dresden and the University of Leipzig, with eight other universities in Saxony and Thuringia also involved.
The boOst Startup Factory aims to create startups that stand out in international competition and create long-term value in the region. The funding for the initiative amounts to up to ten million euros from federal funds, providing the necessary support for founders to access capital, industry partners, and infrastructure.
This collaborative model leverages the innovation ecosystem in Saxony and Thuringia to strengthen the start-up landscape and economic prospects in knowledge-intensive and technology-driven sectors. The initiative brings together various innovation ecosystems such as microelectronics, medical technology, optics, and photonics, setting a new startup dynamism in motion.
Saxony's Minister of Economics, Dirk Panter (SPD), stated that the successful application of the Saxon-Thuringian network 'boOst' is another boost for Central Germany and the entire economic location in the East. The boOst Startup Factory is expected to establish a new startup culture in Eastern Germany, contributing significantly to the region's economic growth and technological advancement.
[1] Source: boOst Startup Factory press release, August 2022.
- The Community policy for the boOst Startup Factory includes vocational training programs, aiming to prepare students for roles in emerging technology startups, especially in the field of medical technology.
- The boOst Startup Factory, with its focus on knowledge-based startups and strategic partnerships with industry partners, presents a unique opportunity for finance and business investors interested in the technology sector in Eastern Germany.
