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EU COVID aids for start-ups

Rebuilding a better Europe after Covid-19 is possible

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The world is not the same as it was after Covid-19. We are not the same people. We have been forced to adapt to new circumstances and to face a volatile, uncertain, complex and ambiguous environments. Businesses only had two options: transform or fall to the kerb.
That is why the EU, together with Next Generation EU, has taken measures to boost the entrepreneurial ecosystem in Europe. In this article we answer the most common questions about this initiative.

EU Aid plan: Next Generation EU

Next Generation EU is a temporary instrument designed to boost Europe’s recovery.
It will finance projects related to digital transformation, reindustrialisation and clean energy.

What is the objective of Next Generation EU?

The aim is to mitigate the economic and social impact of coronavirus in Europe.

Next Generation aims to develop systems that are more sustainable, resilient and better prepared for the challenges and create opportunities of the ecological and digital transitions.

The Digital Single Market strategy aims to develop Europe’s digital capabilities. These capabilities relate to the following areas:

  • High Performance Computing
  • Artificial intelligence
  • Cybersecurity and trust
  • Advanced digital skills
  • Interoperability and digital transformation

What is the budget of this initiative?

It has a total budget of 750 billion. More than 50% of the amount will support tech and digital modernisation, e.g. through:
Specifically, under the sector of the “Single Market, Innovation and the Digital Economy” and within the multi-annual financing framework 2021-2027, a total of 143.4 billion euros will be allocated.

How to apply for these loans and grants?

Recently, the magazine “Dirigentes Digital” published an article on this subject in which it is specified that the members of the European Union have until 30 April to send their plan with the destination of the funds. The European Commission will have two months to evaluate it. During the second half of 2021, the requisites to be eligible for funding for the projects will be known.
In short, the Next Generation EU fund is much more than an initiative to alleviate the effects of the crisis caused by Covid-19 pandemic: it is an opportunity to build a better, more sustainable, digital, gender-neutral and inclusive Europe.
As its name suggests, it represents the opportunity to raise a new generation.
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