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

"Poland will allocate nearly PLN 3 billion from the 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 in frames of "Start in Poland" program, which was created for 'young, creative entrepreneurs and companies". The official expects that private sector will follow a suit, and program will solve the problem of capital crunch. "We would like large Treasury companies, 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.