Nevertheless, there are encouraging trends, especially in Berlin. Start-ups there were able to collect €2.1 billion from investors in 2015. This makes Berlin number one in the European city ranking. Fifth and sixth place are taken by two more German cities, Hamburg (€296 million) and Munich (€206 million), which are however significantly behind London, Stockholm and Paris. A large part of the investments in Berlin, however, stem from one source: Rocket Internet, which has investments in four of the five German companies most interesting for investors. Basically, the German venture capital market is too small compared to the magnitude of Germany’s economic potential. Whereas in Germany approximately 0.02% of GDP goes to investments, in the USA almost ten times this number (0.17% of GDP) is available, and in Israel nearly 20 times (0.39% of GDP). In Germany, there were eleven IPOs in 2014, compared to 112 companies that were listed for the first time on the London Stock Exchange in that year, and in the USA 288 companies. Germany’s great potential as a strong manufacturing region lies in linking estab­ lished industrial firms to aspiring start-ups. A strong capital base and proven market positions on the one hand and new ideas and unconventional methods on the other are a good combination for meeting the challenges of the fourth industrial revolution (Industry 4.0). Even in the services sector, connecting estab­ lished companies with start-ups offers great potential for innovation. At the current rate, however, the economy will waste growth potential in the amount of €99 billion by the year 2020, according to a study by Accenture13 , due to lack of or inefficient cooperation with start-ups. This corresponds to 3.4% of current GDP. We want a New_Start-up_Era, and will encourage it with the following measures: •W  e are continuing to develop our current set of promotional tools, for example by establishing the Coparion-Fonds (a spin-off from the ERP Start-Up Fund) with the ERP Special Fund and the KfW for improving assistance for technology start-ups and young, innovate companies; by expanding the start-up funding provided by EXIST; by increasing the ERP/EIF Venture Fund of Funds; and by involving KfW as an anchor investor in the venture capital market in connection with ERP venture capital funding (with a budget of €400 million under the risk of the ERP Special Fund), • a nd are supplementing this with a growth facility in the amount of €500 million, which will be set up in 2016 together with the European Investment Fund. This facility, as a co-investment fund together with successful venture capital managers or funds, is to invest in innovative German growth companies with about €30 million to €40 million per investment. 13 A  ccenture online survey: Harnessing the power of entrepreneurs to open innovation, press release of December 9, 2015; https://www. accenture.com/us-en/insight-b20-digital-collaboration.aspx