In a bid to boost innovation and growth in the European Union (EU), the European Commission has unveiled its new strategy, “Choose Europe to Start and Scale.” The plan focuses on creating a vibrant playing field for startups and scaleups in Europe, reducing regulatory burdens and encouraging the success of technology-driven companies across the continent. Today’s announcement also puts momentum behind President von der Leyen’s broader “Choose Europe” initiative, which aims to attract and retain talent.
“The EU Startup and Scaleup Strategy is a clear statement of purpose: to make Europe the best place in the world to start and grow a business,” said Ekaterina Zaharieva, Commissioner for Startups, Research and Innovation. “The Strategy will enable us to turn Europe’s wealth of creativity, research and ambition into thriving new companies, quality jobs and real-world impacts. With the five concrete actions, we are removing the barriers that hold our entrepreneurs back. Europe is ready to scale up.”
The strategy recognizes the essential role that startups and scaleups play in Europe’s future, driving economic growth, creating high-quality jobs, and promoting sustainability. However, the Commission acknowledges that many companies still face challenges when expanding within the EU, hampering the region’s potential for innovation and success.
The EU’s Startup and Scaleup Strategy targets five main areas to address these challenges:
- Fostering an innovation-friendly environment: Reducing fragmentation, simplifying rules, and addressing areas such as insolvency, labor, and tax law through a European 28th regime.
- Driving better financing: Enhancing funding options for startups and scaleups by expanding the European Innovation Council, deploying a Scaleup Europe Fund, and encouraging institutional investors to invest in EU funds.
- Supporting market uptake and expansion: Introducing the Lab to Unicorn initiative and European Startup and Scaleup Hubs to connect university ecosystems and facilitate the commercialization of intellectual property.
- Attracting and retaining top talent: Implementing the Blue Carpet initiative to improve access to highly skilled workers, addressing tax-related aspects of employee stock options, and promoting fast-track schemes for non-EU founders.
- Facilitating access to infrastructure, networks, and services: Simplifying access to research and technology infrastructure through the Charter of Access for industrial users.
The European Commission will track the strategy’s progress using global key performance indicators and report on its implementation by the end of 2027. The new measures are expected to play a crucial role in strengthening Europe’s position as a global hub for innovation and supporting the success of startups and scaleups across the continent.
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