This article was translated by John R. Bopp

The Innovation section of Corriere della Sera has just published an article about the “Innova Fund” plan, led by the Biscay government, to get society to participate in the financing of innovative projects.  The article and video were created by journalist Barbara Millucci.

This is not the first time we’ve blogged about this topic; in fact, we’ve mentioned it three times before, referencing two BBC programs, on the radio and on TV, where representatives of the Biscay government explained the basics of this project, and later referencing an article on  

The information highlights that this is the first region in the world to offer the possibility to taxpayers to receive tax breaks in exchange for investing in a fund to foment research, development, and innovation.  It’s a measure that the Basque provincial governments can make, as the journalist explains, because since they have their own tax agencies, they can manage their own payment system and collect the taxes directly.

The idea that a country or region would allow its citizens to direct their savings to R&D projects of companies in their territory in exchange for a break on their income taxes is getting a lot of press internationally, especially if we take into account the “added value” the fact that that capital that the taxpayers direct to productive investments in the future is backed by a reciprocal guarantee company that is underwriting the loans.

The title the journalist chose for her article has also caught our attention, and the truth is that she’s not at all wrong when she describes what this financing plan is going to mean.  After all, it’s a fund that allows €100M of taxpayers’ savings to be directed to innovative projects in Biscay.

It seems clear that in this field, what matters isn’t being big but rather imaginative, and to have the ability to make such large decisions.  It’s one more argument for the Basques to really understand and seriously defend the Economic Agreement, now more than ever.

We’ll leave you with the article that discusses the project, where you will find a very positive description of Biscay, that includes two videos in which Iván Jiménez, the Managing Director of bizkaia:talent explains the commitment to innovation, and in which the General Deputy of Biscay, Unai Rementeria, explains the plan’s main features and goals.

Corriere della Sera – 24/3/2017 – Italia

I nonni che aiutano i nipoti ad avviare una startup pagano meno tasse

La Biscaglia (Paesi Baschi) è la prima regione al mondo che permette a semplici investitori di concedere prestiti alle startup in cambio di un rimborso fiscale. «Questo sarà possibile perché le provincie della comunità autonoma dei Paesi Baschi riscuotono e gestiscono le proprie tasse»

(Continue) (Automatic Translation)

Corriere della Sera – 24/3/2017 – Italia

In Biscaglia, dove le startup parlano solo basco

La Biscaglia (Paesi Baschi) è la prima regione al mondo che permette a semplici investitori di concedere prestiti alle startup in cambio di un rimborso fiscale. In Biscaglia, dove le startup parlano solo basco.




Last Updated on Dec 20, 2020 by About Basque Country

Lagun iezaguzu mantentzen!
Help us keep running!
Ayúdanos a mantener


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.