Cernko: Wealthy to Support R&D in Austria

People ♦ Published: February 12, 2014; 11:53 ♦ (Vindobona)

The CEO of Bank Austria calls upon the Austrian government to take into consideration the funding of research and development by wealthy individuals and regard this as part of their “tax duty”.

Cernko: Wealthy to Support R&D in Austria / Picture: © UniCredit Bank Austria

In an interview with Austrian daily “Kurier“, Willibald Cernko, CEO of Bank Austria, announced that there was no innovation culture in Austria. “There must be something wrong if domestic researchers are provided only € 200,000 or € 300,000 while in the Silicon Valley they would probably receive US-$ 20m to US-$ 30m all of a sudden,” he said and underlined the necessity of…