Due to the economic consequences of the coronavirus, the Federal Council is making liquidity assistance available for startups in Switzerland. The Canton of Zug has decided to join this program and support Zug-based startups that have successfully completed the application and review process. CV VC has been mandated by the Canton of Zug to manage and advise on this important program.
On the 16th of June CV Labs hosted its first onsite meetup since Covid-19 broke out. Together with the Canton of Zug and supported by the Tezos Foundation we invited startups from all sectors to an informative session about the program. We discussed the application process and provided guidance on applicability for the respective startups.
CV VC has compiled their three top tips for Zug-based startups applying for financial support:
Tip No 1: First check out which documentation you need to submit in order to apply. Next, prepare the documentation. At last, start submitting the application on the government portal. If you miss submitting certain documents, you will have to restart the application all over again.
Tip No 2: Make certain you fit the criteria of a Startup and describe in detail how you qualify as a Startup. In addition to the young age of your company, there are 6 common key criteria defining usually a startup, ultimately the business model ought to be (exponentially) scalable, replicable, science- or technology-based, and innovative.
Tip No 3: Highlight your economic value creation in Switzerland/Canton of Zug (startup creates sustainable value through local jobs and/or management on the ground, local technology development, etc.)
The selection of start-ups is carried out in cooperation with experts from outside the administration, who will review the applications and prepare the basis for a decision for the attention of the Finance Directorate. The canton of Zug has mandated CV VC AG in this regard.