The canton of St.Gallen has devised another strategy via which it intends to promote start-ups. According to a press release, the cantonal government is appealing to the cantonal council, which is the legislative body of the canton, to approve a special loan of 10 million Swiss francs. The aim here would be to improve start-up financing in the canton and establish an accelerator program across the St.GallenBodenseeArea.
In specific terms, the cantonal government’s plan involves bolstering the coffers of the existing Startfeld foundation by 4.6 million Swiss francs. This foundation is geared towards regional start-ups based in the cantons of St.Gallen, Thurgau, Appenzell Innerrhoden and Appenzell Ausserrhoden. The additional funding could help to promote start-ups to the tune of up to 500,000 Swiss francs, while other enterprises could also be in line for support.
In total, 5.4 million Swiss francs is also earmarked as initial funding for a newly established foundation, namely the HSG START Accelerator. This money is intended as one-off start-up financing to develop and operate the new accelerator program. The founding partners of the new foundation include the University of St.Gallen (HSG), START Global and Switzerland Innovation Park Ost, which serves the region of eastern Switzerland.
The cantonal council is expected to discuss this special loan in June 2024.
