EU grants PLN 3 bln to Poland for the development of start-ups

"Poland will allocate nearly PLN 3 billion from EU funds to the development of start-ups and expects some 1,500 such firms could be created in the coming seven years," deputy Development Minister Jadwiga Emilewicz told PAP. The fund will be allocated within the framework of the "Start in Poland" program, which was created for young, creative entrepreneurs and companies." The official expects the private sector to follow suit, and that the program will solve the problem of capital crunch. "We would like large Treasury companies and private companies, to cooperate with small tech firms. If a Treasury company wants to create an intelligent venture capital fund, it will be able to reduce its risk by reaching for public capital on the platform," Emilewicz said. Several Treasury-owned companies, such as power utilities Energa, Enea and PGE, fuel firms PKN Orlen and Lotos, as well as chemicals group Azoty, have already declared interest in participating in the program.