Billion cracked: companies rely on research bonuses

finance

Billion cracked: companies rely on research bonuses

Last year Austria's economy applied for “over a billion” euros in research premiums for the first time, after 758 million euros in 2019. This is the result of a press release from the Ministry of Economic Affairs. The department did not give an exact number. According to the information, there were at least 9,700 applications in 2020, 80 percent of which came from small and medium-sized enterprises (SMEs). Less than a third of the funding volume went to SMEs.

The number for 2020 is a “rough estimate”, said a spokeswoman for Economics Minister Margarete Schramböck (ÖVP). The final amount of the research premium is available as soon as the applications from the end of the year that have not yet been processed have been taken into account, it said.

Up to 14 percent of the cost

Companies can apply for funding of 14 percent of the costs for research and development expenses – for example labor costs for researchers or expenses for research equipment. The research premium was increased from twelve to 14 percent in 2018. It is handled by the Research Promotion Agency (FFG).

The minister of economics responsible sees the broadcast as a sign that the “research premium is booming” that the billion was cracked last year. Funding is an important location factor and brings innovative companies to Austria. For Finance Minister Gernot Blümel (ÖVP), the research premium is “a sustainable investment in the location”.

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