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European leaders are developing a strategy to create tech giants

European leaders are developing a strategy to create tech giants

Moreover, they want to create a European technical mission.

A group of 200 startup founders, investors, associations and government members have made an announcement and back recommendations to create the next wave of tech giants in Europe. French President Emmanuel Macron also stood behind the idea at Scale-Up Europe in Paris. “To achieve all this, I will pursue their ambition to create 10 technology companies worth at least €100 billion by 2030.” mentioned K Macron.

Companies, investors and associations that signed the declaration include Alain, Axel Springer, BabyFrance, Darktris, Deutsche Startups, Doctolip, Orazio, Flexbus, France Digital, Glovo, La French Tech, N26, OVHcloud, Shift Technology, Stripe and UiPath , and wisdom.

In order to achieve the ambitious goal mentioned by the French President, Scale-Up Europe has developed a roadmap and publishes a report. Although the project is supported by both private actors and public institutions, it can also be seen as a form of lobbying targeting the European Commission and European governments.

There are some key issues in the recommendations. The first is financing. According to the group, Europe is lagging, especially in the late investment stage. The largest venture capital funds operating here are not as large as those in the United States or China.

The French government is laying the groundwork for late-stage financing and investment in French public technology companies. A source close to Macron told Techcruch: “When it comes to financing, we have seen the success of the Tibi initiative in France. We think we should follow that model at the European level as well.”

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This means that Europe should consider using public finance as a multiplier effect for venture capital funds. The European Investment Fund is already pumping a lot of money into venture capital funds. However, Scale-Up Europe proposes pooling private funds, sharing risks, and bringing public investment banks together to enhance cooperation.

The second topic is the management of foreign talent. Some countries already have tech worker visas. According to the group, this should be standardized across the European Union, with a certain level of transferability of social rights.

A few years ago, an open letter titled “Not Optional” also pointed out inconsistencies regarding stock option schemes. Today’s report confirms that some governments should adopt more favorable rules on stock options.

The third axis revolves around deep-tech startups. According to the report, Europe is not doing enough to support more startups and low-tech investors. Recommendations include standardization of the patent transfer framework. These systems are important if we are to turn a research project into a business. According to the report, the European Innovation Council could also play a greater role in setting the deep tech agenda.

Scale-Up Europe then highlights some recommendations for improving the relationship between large companies and startups. These are mainly tax credits, research and development tax credits, and other tax credits.

Finally, the group of investors, founders and government members behind Scale-Up Europe believes that a European tech mission that works somewhat like La French Tech should be created in France. This technical mission can remove regulatory barriers, promote startups, and provide support in many other areas.

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In general, these recommendations mostly focus on facilitating the creation and growth of start-ups in Europe. Investors and startup employees with stock options can also be happy to see that it will be easier to make money quickly. It will be interesting to see if the European Commission makes use of some of the recommendations that have just been made, as they are viable recommendations.

However, building a tech giant is a complex task. Tech giants typically control a large part of the technology field, including cloud-based storage, payment, analytics, advertising, and artificial intelligence.

Many European startups currently rely on APIs, frameworks, and platforms built in the US or China. Scale-Up Europe says Techcrunch sees no point on this front. Scaling up European startups is not a rush for gold. It is a long process that requires continuous investment that starts at the bottom of the technology business opportunities and goes up.

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