Austrian state funding bank AWS has launched the new funding scheme "AI Business and Growth" to support the use of artificial intelligence in Austrian companies. EUR 6m in funding are available under this new scheme which are also accessible to start-ups and SMEs. The scheme consists of three modules intended to finance AI projects in different stages:
- The first-time implementation of a (pilot) project based on AI in an SME is supported with up to EUR 15,000 (capped at 50 % of the cost incurred). The project can involve the identification of suitable use cases of AI in a business and/or the planning, implementation and realisation of a pilot project.
- Larger projects can be funded with up to EUR 150,000 (capped at up to 80 % of the cost incurred). Projects must qualify as "trustworthy AI"-projects to be eligible.
- The third module subsidises consulting services on how to recognise intellectual property created by AI companies and how to best protect and exploit it commercially.
This new funding scheme is part of the larger "AI Mission Austria" funding initiative, which AWS announced together with other leading Austrian state funding institutions in October 2022. Find out more about the new funding scheme here (German only).
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