Union’s schemes give a chance of a jump in a company’s growth

Written by: Agnieszka Kucharska, who manages a team for products and credit process at the corporate banking, Bank Millennium.

Development of technology opens up a large number of opportunities to us, but also it means a lot of challenges: from customizing the production thanks to 3D printing technologies to development of artificial intelligence, whose capabilities are already very high nowadays, and the future is difficult to be predicted. As a result of all these disruptive changes, the European Union, remembering the consequences of not meeting the challenge that the Internet growth put in front of the legislative machine, does not intend to make it happen that the state member countries will be very far away from the innovative giants such as South Korea or the USA. That is why a series of initiatives in advance are being initiated. A perfect example here is the so called RoboLaw, whose first proposal appeared last week, covering such things as the regulation concerning establishing an “electronic” legal entity for the artificial intelligence. In the future this futuristic vision may be remedy for the yet unnamed challenges the technology will put in front of us. Apart from the legal frames, financing the innovative undertakings from the Union’s funds is currently an essential area of support.

The execution of project, whose aim is to implement a new solution on the market, is usually tied with a higher risk. The entrepreneurs, what is clear, carefully approach investments in new and uncertain technologies. That is why in Perspektywa Finansowa 2014-2020 (the Financial Perspective 2014-2020) such instruments as a loan on the technological innovations, carried out by BGK with participation of the commercial banks, including Bank Millennium, were created. The subsidy in form of the technological bonus of up to 6 million zlotys, repaying the loan capital in the commercial bank, represents a sort of encouragement to take the risk connected with the innovative project. The technological bonus can cover up to 70% eligible costs of the project. The clients like this option very much. We see that a large number of the entrepreneurs who used the loan on innovations in the former Perspektywa, continue investing in growth. The companies of a wide spectrum of the industries look for a chance in this area. What is important, in the current perspective it is possible not only to implement your own innovative technology, but also the one bought in the market. The only condition is to set up the production of new goods or to offer new services.

It is worth using a wide range of the opportunities that are provided in the Union’s schemes. Form the entrepreneur’s point of view, it can mean a jump in their company’s development and in the global perspective – who knows – even an innovation of a category called “disruptive”?

This comment was published on 19th October 2016 in Rzeczpospolita daily.