12 billion planned for startups, 25 billion announced – but concrete measures for the WIN initiative, which was launched in 2024, are missing. Criticism of the federal government’s implementation is growing.
The so-called WIN initiative, short for “Growth and Innovation Capital for Germany”, is intended to solve a problem in the European economy: too little money for startups and scaleups. Because Europe – and especially Germany – is losing startups and scaleups to the USA. The reason: There is significantly more capital available there for large financing rounds.
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As early as 2024, then-Chancellor Olaf Scholz (SPD), Federal Economics Minister Robert Habeck (Greens) and Federal Finance Minister Christian Lindner (FDP) launched the WIN initiative: As part of the initiative, investors and the state development bank KfW wanted to provide a total of twelve billion euros for the startup industry – there was a sense of optimism following this signal.
But: There have been no concrete measures since then and the initiative appears to be still in its initial phase. Alliance 90/The Greens in particular criticize this. They made a request to the federal government regarding the targeted investment goals.
That’s what WIN is all about
The aim of the funding program is to direct more private capital into young and growing companies – especially from sources such as insurance companies, pension funds and other institutional investors. The state itself does not act as a classic investor. Instead, he takes on the role of a moderator: he sets framework conditions, brings actors together and provides impulses via the state development bank KfW.
In the current coalition agreement, the government announced that it would double the volume of the initiative to 25 billion euros, according to a statement from Alliance 90/The Greens.
Still in an initial phase
However, it is unclear how this goal is to be achieved: the measures from the WIN initiative have not yet been fully implemented, criticize the Greens. For this reason, the Alliance Green MPs Katharina Beck, Dr. Alaa Alhamwi, Dr. Sandra Detzer, Julian Joswig, Michael Kellner, Sandra Stein, Katrin Uhlig, Dr. Julia Verlinden and Dr. Andreas Audretsch made a request to the federal government.
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In its response, the federal government in turn refers to the time horizon up to 2030 for the implementation of the WIN measures and the commitments such as the promise of financial resources. According to the federal government, an interim report from KfW on the implementation of the WIN initiative is in the works and will be published “soon”. On this basis, the federal government will coordinate with KfW and other WIN actors on the next steps, it goes on to say.
In addition, the Federal Ministry for Economic Affairs and Energy carried out a stakeholder process to develop the startup and scaleup strategy. The interdepartmental coordination, which takes place on this basis, would also begin “promptly”. Then there will be a cabinet decision.
WIN doubling without a plan
Katharina Beck, Alliance 90/The Greens and spokeswoman for financial policy, sharply criticizes the fact that eleven months after the federal government took office there is neither a timetable nor concrete measures. The doubling of the WIN initiative to 25 billion is a doubling “without a plan,” the statement from the spokeswoman for financial planning continued.
FIVE task force wants to initiate reforms
The so-called FIVE task force is also a topic in its request to the federal government. The “Financing Innovative Ventures in Europe” is a German-French expert group that the federal government set up together with France. Led by former Federal Finance Minister Jörg Kukies and the former Governor of the Banque de France, Christian Noyer, it presented a final report with concrete recommendations in January 2026 – including on the reform of company pension schemes and the so-called 28th regime.
The Federal Ministry of Finance and the Federal Ministry for Economic Affairs and Energy welcome the published recommendations of the report submitted, according to the Federal Government’s response. “Startups and scaleups need capital, reliable framework conditions – and speed. With the German-French FIVE report in January, Klingbeil actually named the steps that we Greens always demand: better use of private and company pension provision, rapid implementation of a real 28th regime, significantly more state-leveraged growth capital,” says Katharina Beck.
The problem of retirement provision
According to the reply, the Federal Ministry of Finance and the Federal Ministry of Economic Affairs and Energy want to work closely with the French Ministry of Economic Affairs and Finance. Deepening the European Savings and Investment Union is a high priority for the Federal Government.
The aim is to further improve the EU’s competitiveness and resilience. Strengthening funded additional pension provision in the EU plays a central role. With the draft law to reform tax-subsidized private pension provision (Old Age Provision Reform Act), the federal government is pursuing the goal of creating an efficient, supplementary offer of retirement provision contracts for broad sections of the population.
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However, the Greens say: The federal government is addressing the wrong pillar of the roadmap with regard to the leverage of pension provision. The Greens emphasize that the FIVE task force recommends reforming the company pension scheme (i.e. the supplementary pensions) that employers create for their employees. If these funds were allowed to invest in a more capital market-oriented manner, they could direct significantly more capital into growth companies.
However, the federal government refers to the Old Age Provision Reform Act – i.e. the voluntary private pension provision. But that is a different construction site. A missed topic, as Katharina Beck’s written statement says.
28th regime: The Legal framework for a new European corporate legal form
Many startups in the EU face the problem that… There are different national rules, making scaling more difficult This is where the 28th regime comes in: On March 18, 2026, the European Commission’s proposal for the 28th legal framework for a new European corporate legal form was published.
The 28th regime is a planned uniform European corporate legal framework: Startups could register as “EU companies” and operate in all 27 member states without having to set up their own subsidiaries everywhere. The Greens emphasize that this should save time, costs and bureaucracy and make Europe more attractive for investors.
According to the Greens, the crucial question is whether the 28th regime will come as an EU regulation (applies directly and uniformly in all member states) or as a directive (must first be implemented nationally, which leads to deviations). When asked by the Greens, the federal government simply replied: they were examining “intensively”. Even the Bavarian Business Association is publicly calling for the form of regulation, emphasizes Katharina Beck.
The federal government remains “criminally blank” when it comes to doubling WIN, company pension schemes and the 28th regime. Katharina Beck, spokesperson for financial policy, says: “This government is no longer even acting on the WIN initiative, which was successfully launched in the traffic light and has the state exclusively as a moderator.” She demands: “Anyone who wants to be a location for innovation and enable new prosperity must act at the pace of innovation and not refuse to work like Merz, Reiche and Klingbeil, especially when it comes to financing issues.”
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