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Implementation and extension of a venture capital program for SME start-ups

Country of implementation
Hungary
General short description of the innovation
New Hungary Venture Capital Program - early-stage equity financing by the state, it is a measure to increase labor demand. The program finances SMEs in their seed and start-up stages, and it was also introduced within the framework of the Economic Development Operational Program (EDOP) as one of the so-called JEREMIE instruments. The program has already been launched in November 2008. Its funds has, however, been increased as a reaction to the crisis in July 2009 (by HUF 6 billion). The management of the program is delegated to the Venture Finance Hungary Plc. (MV Zrt.). As the fund manager it relays resources to venture capital funds. The partners of Venture Finance Hungary Plc. are venture capital fund management firms, which were selected by open tender in the second half of 2009.
Target group
Total Population
Policy Field
  • employment
Type of Policy
  • public
Duration of the policy
Nov 2008 - Dec 2009
Scope of innovation
  • Scope: temporary
  • Budgets: 155 million EUR
  • Number of intended beneficiaries: no data available
  • Spatial coverage: national
General description of (intended) objectives and strategies
It is a measure to increase labor demand. The program finances SMEs in their seed and start-up stages.
Nature of the innovation-short-term perspective
short term
Type of innovation
  • new form of partnership or cooperation
  • retrenchment or expansion of an existing/earlier policy
New outputs
  • subsidies/tax-credits
Intended target group
SMEs (Small and Medium Size Enterprises) with growing potential
Employers-private institutional actors
SMEs
Actors involved in policy-making/implementation and/or evaluation
  • making/implementation and/or evaluation-agency or national social insurance body
  • making/implementation and/or evaluation-central state
  • making/implementation and/or evaluation-employers (organised or individual)
Intended output
  • subsidies/tax-credits
Intended and unintended outcomes
no data available
Clarification of outcomes in terms of impacting resilience and labour market inclusion
Job creation, active labour market measure
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