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Europe must get much better at scaling startups, according to Ursula von der Leyen, the European Union’s president. With a start date locked in for December 1, von der Leyen emphasized the importance of closing the “innovation gap” to boost EU competitiveness.
Support for innovators is a central focus of von der Leyen’s second term. This led to the creation of a commissioner dedicated to startups for the first time. Despite Europe’s strong performance in global patent applications, von der Leyen highlighted the need to exploit these inventions commercially.
To achieve this, von der Leyen outlined a strategy of “invest more and focus better.” Early-stage investments are crucial, with a commissioner appointed to foster frontier technologies. Von der Leyen stressed the importance of Europe being at the forefront of technological advancements to maintain competitiveness.
On the funding front, von der Leyen highlighted the need for increased private investment in Europe. Financial reforms are planned to bridge the capital gap between Europe, China, and the U.S., where R&D spending is higher.
To ease the regulatory burden on businesses, von der Leyen proposed streamlining rules and reducing complexities. The goal is to simplify the legal framework to facilitate business growth and make operations easier across Europe.
The speech emphasized the support for innovation as crucial for Europe’s future competitiveness, signaling a shift in EU policy. However, a cultural shift may be necessary to encourage regional investors to embrace risk and support innovation.
Ultimately, von der Leyen’s vision aims to create a conducive environment for startups to thrive and contribute to Europe’s economic growth.
