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Hamburg boosts power of innovation among SMEs

Funding guidelines for innovations - good results for EU funded projects

Measures adopted by the senate to promote forward-looking sectors and fields of competence fields are yielding good, interim results, according to a press release Friday (December 6, 2019). The Hamburgische Investitions- und Förderbank (IFB) is providing up to EUR 1 million per project with around two thirds of the funding coming from the European Regional Development Fund (ERDF). A total of 38 partners to 15 different projects have already benefited from the EUR 10 million investment volume, according to the Ministry of Economics, Transport and Innovation. Two more projects were launched in October 2019. The PROFI Transfer Plus funding guideline boosts the innovative power of small and medium-sized enterprises (SMEs) in Hamburg in a bid to promote collaborations between science and industry and channel innovative ideas into companies faster for implementation.

Funding guidelines for more innovations

Michael Westhagemann, Senator for Economics, remarked: “Market-ready, technological innovations are not automatic, but result from a long chain of innovations. It is important that research results find their way into innovative companies quickly and are implemented. By providing funds, we are making an important contribution to promoting innovations, which are enormously important for Hamburg as a business centre and for generating prosperity and economic strength in future as well.” SMEs frequently do not have sufficient capital to realize and market their product ideas or business models alone and face huge economic risks turning new research results around.

Insurance 2.0 and smart clothing

The Hamburg-based software company, Claimsforce, for instance, has benefited from the PROFI scheme since autumn. The company is collaborating with the Hamburg University of Applied Sciences on an artificial intelligence and digitisation project in the insurance sector. Algorithms are to be developed based on AI that simplify and make the quality assurance of damage appraisals more effective for insurance companies. The joint MoGaSens project, which is being promoted by Hamburg Applications, the University of Hamburg and HAW, is also receiving EU funding. The aim is to develop an innovative prototype i.e. a garment with sensors that can boost physical fitness.

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