Funding opportunities in Germany: Innovation consulting firm GAC Group has opened a new office in Munich
GAC Group has been operational for more than 18 years with offices in France, Singapore, Romania, Canada, Brazil, and now Germany. In Munich, GAC Group aims to leverage its international expertise in the direct funding for companies through tax incentives. The current mission is to inform companies, help them understand this new public funding opportunity for the industry, and benefit from it.
Innovation in times of crisis
Economist Joseph Schumpeter developed a theory about innovation: periods of crisis are the ideal breeding ground for innovation, for they often are a source of creative disruption and, hence, create new opportunities to be seized. Many companies face an essential dilemma in the current situation: save their cash flow in a short-term perspective or move out from their comfort zone and bring disruptive innovations to the market, leading to their long-term success.
Germany, at the forefront of innovation
Since January 2020, the law on tax incentives for research (Forschungszulagengesetz - FZulG) has been in force. It means that there is direct public funding for industrial R&D and innovation through taxes. The research tax incentives (“Forschungszulage”) open new opportunities for companies with innovative products, services or processes.
Germany is one of the European countries with the highest R&D investment rate. Indeed, the EU Innovation strategy for 2020 is to achieve 3% of GDP, and in 2019, Bavaria already reached 3.09% with 14.2 billion euros in research and innovation spending. In comparison, France spends 2.3% of its GDP on R&D activities. Nowadays, Germany's industrial sector carries out approximately 70% of R&D. The most significant industry is automotive, mainly located in Southern Germany.
GAC Group: Logical presence in Munich
Logically, GAC Group, acting in the innovation management and funding sector, entered Munich’s bustling innovation scene this year. GAC Group is an international consulting firm for innovation and performance. It has accompanied enterprises in different sectors: Automotive, Aeronautics, IT, Cosmetics, Biotechnology, Agriculture, Energy, etc. The focus of activity at GAC Group is consulting in developing innovation strategy, improving R&D and innovation spending.
“For our business, it is necessary being closer to industrial companies and entering one of the leading German innovation ecosystems. The Bavarian metropole Munich was the best match for this objective. GAC group is happy to build up our consulting activities in innovation funding in such a great environment.”
Christophe Jean-Pierre Boytchev, CEO of GAC Group
Thanks to a large number of industry’s global players, SMEs and start-ups, Bavaria offers the best conditions for the activities of the GAC Group, which has started with two consultants with a background in innovation management and R&D at its Munich location. For 2021, GAC group has ambitious goals in Munich to expand consulting activities and extend the team. Invest in Bavaria is highly pleased about GAC’s growth in Munich and wishes the GAC Group every success at the new location.