Hamburg announces new funding scheme for impact start-ups

10 October 2023
Economics ministry creates scheme for non-profit start-ups

The Ministry for Economics has announced the new "InnoImpact" scheme for non-profit start-ups making Hamburg the first federal state to put such funding in place, a press release said Saturday (October 1, 2023). Individual founders or teams of up to three people can apply to the IFB Innovationsstarter GmbH for grants of up to EUR 2,500 per month. The scheme is part of the city's new social entrepreneurship strategy.

Aims to make Hamburg more liveable and sustainable

"Hamburg is pioneering the funding of social-oriented companies nationwide. We are sealing a gap in access to funding and are aligning innovation with social and ecological benefits. 'InnoImpact' will contribute to a more liveable and sustainable Hamburg, which is socially and economically worthwhile," said Dr Melanie Leonhard, Senator for Economics. Founders' efforts to make Hamburg a more socially just city should be backed, according to Heiko Milde, Managing Director of IFB Innovationsstarter GmbH. The new grants complement the start-up funding provided by Hamburgische Investitions- und Förderbank (IFB Hamburg) and its subsidiary IFB Innovationsstarter GmbH for social entrepreneurship.

Implenting social entrepreneurship strategy

The "Update Hamburg" scheme, set up by the Ministry for Economics and IFB Hamburg for established social-oriented companies, fosters the development of innovation solutions. Content and implementation are co-ordinated with the new Hamburg Alliance for Social Entrepreneurship. The City of Hamburg and six other partners in business, academia and various foundations joined forces this April to set up the Hamburg Social Entrepreneurship Strategy for more social innovation. The next funding call for "Update Hamburg" will be issued in early 2024.


Sources and further information

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