Arthur T Knackerbracket has processed the following story:
The European Commission (EC) has kicked off a scheme to make Europe a better place to nurture global technology businesses, providing support throughout their lifecycle, from startup through to maturity.
Launched this week, the EU Startup and Scaleup Strategy [PDF], dubbed "Choose Europe to Start and Scale," is another attempt to cultivate a flourishing tech sector in the region to rival that of the US, or "make Europe a startup powerhouse," as the EC puts it.
At the moment, many European tech startups struggle to take their ideas from lab to market, or grow into major players in their market, the EC says, which proposes action across five main areas.
These include creating a more innovation-friendly environment with fewer administrative burdens across the EU Single Market; a Scaleup Europe Fund to help bridge the financing gap; a Lab to Unicorn initiative to help connect universities across the EU; attracting/retaining top talent through to advice on employee stock options and cross-border employment; as well as facilitating access to infrastructure for startups.
The EC reportedly plans to create a public-private fund of at least €10 billion ($11.3 billion) to help with financing. We asked the Commission for confirmation of this, but did not receive an answer prior to publishing.
[...] This latest initiative sets out a clear vision, the EC says: to make Europe the top choice to launch and grow global technology-driven companies. It initiates a myriad of actions to improve conditions for startups and scaleups, encouraging them to capitalize on new geopolitical opportunities, and - importantly - aims to reduce the reasons for fledgling businesses to relocate outside the EU.
[...] According to some estimates, Europeans pay on average a $100 monthly "tax" to use US-created technology, and Steve Brazier, former CEO at Canalys told us last year he suspects this will be exacerbated when AI is widely used.
Europe has relatively few major tech organizations compared to the US, and there is more and more interest from some European businesses in the Trump 2.0 era to reduce their reliance on American hyperscalers in favor of local cloud operators.
According to some seasoned market watchers, the boat has likely sailed with respect to loosening the dominance of Microsoft, AWS and Google in the cloud, yet for the emerging tech startup scene there may be everything to play for.
(Score: 3, Interesting) by hendrikboom on Friday June 06, @06:27PM
Sounds a lot like Canada.
(Score: 1, Flamebait) by VLM on Friday June 06, @06:35PM (1 child)
Just to help with the general innumeracy epidemic, their entire fund is comically only about three weeks of USA VC funding. Maybe only two, I'd have to check more recent numbers.
Given the angle the article is taking, you can see why they were careful not to point out they are comparing half-pints to gallons (using freedom units; in metric-istan I think you'd describe that comparison as milliliters to liters)
Now if they dropped a quarter of a trillion euros annually, that would be serious competition for USA VCs, but ... they probably can't afford it with the proxy world war in The Ukraine and the demographic replacement invasion ongoing in Europe. The USA's got problems, but Euroland has 10x-problems. A strategy of "We're going to copy you, but underfunded and overregulated", is just going to sink them even faster LOL. Legacy Europeans will be gone in another generation or two, and VCs don't invest in Africa or the middle east so they're not going to be investing in Europe in the 2040s and beyond anyway. The only economic trade between USA and Europe by 2040 will be the USA shipping them Halal food products LOL.
(Score: 1, Touché) by Anonymous Coward on Saturday June 07, @03:49PM
Why do you post here?
(Score: 3, Funny) by mrpg on Friday June 06, @09:31PM
Startups creating stuff so I can lose my job.