The assumptions of the strategy entitled “Choose Europe to start and expansion” were presented by the Commissioner for Industry Stephane Sejourne and the Commissioner for Research and Innovation Ekaterina Zachariewa. The plan is part of a wider project – a compass of competitiveness, which the EC inaugurated in January to make Europe a more friendly place to do business. – The difference in the economic results of Europe and the United States mainly applies to the advanced technology sector. The USA is doing better because they are better in innovation – Sejourne emphasized during a press conference.
The presented strategy is based on five key pillars: simplifying regulations, improving access to capital, supporting the market debut of innovative products, building infrastructure and supporting the development of talent.
Read also: “We're close”. Brussels with a climatic purpose
One market for everyone – unification of regulations
The European Commission indicates the fragmentation of provisions within 27 Member States as a key barrier to the development of technology companies. Lack of harmonization hinders start-ups access to the common market, which often limits their ability to expand. As part of Brussels solutions, it will introduce a basic set of rules for start-ups and an innovative administrative tool-a European business portfolio that digitally unites the identity of companies and accelerates official formalities at EU level.
Insufficient financing of start-ups in Europe remains a significant challenge. According to the EC data, in the last 15 years nearly 30 percent European “unicorns” – companies valued at a minimum of $ 1 billion. – It moved its structures outside the European Union, mainly to the USA. In response, the Commission proposes to establish the Scaleup Europe fund, sponsored by the private sector, which would support the development of groundbreaking technologies. The financial details of the project have not yet been disclosed.
Innovations from the university to the market
The problem that the EC wants to solve is a small percentage of commercial use of European patents. Currently, only 30 percent patent applications by universities translates into implementation into economic life. The solution is to extend the international cooperation of universities. The strategy also provides for a reduction in license costs, which should translate into greater use of innovation in the real world. Brussels also announces a reform of public procurement to make them more affordable for developing companies.
– Europe must be a home to discover tomorrow, such as GPS, which combines technological innovation and economic success. We must reverse the trend and ensure that the companies that are born in Europe will continue to develop there – said Sejourne, emphasizing the potential of the continent.
The European Commission document is to be a response to the challenges of the future, paving the way to a more innovative and integrated European economy. Brussels set a clear goal: stop the outflow of talents and technology, and thus strengthen the global position of the European innovation sector. Now time will tell if the strategy will meet these ambitious assumptions.
