EU, fund for the expansion of technology companies - Aims to break away from US dependence in this sector
The European Commission plans to use EU funds to buy stakes in artificial intelligence and quantum companies looking to expand.
According to a draft strategy, the EU will create a new "Scaleup Europe" Fund next year, privately managed and co-financed by private investors.
The plan comes amid growing concerns about technological dependence on the United States and other global powers.
The fund aims to counter a "clear financing gap" that European companies experience when scaling up risky and capital-intensive technologies, which need investments above €100 million.
The lack of growth capital "poses several risks for the EU", such as the loss of critical companies and technologies domestically.
"A European growth is necessary to fill this gap, to strengthen the EU's economic security and technological sovereignty," the plan says.
The draft shows that the Commission is stepping up its efforts to invest in companies with the highest potential. The fund would allow the EU and investors to have a direct stake in companies operating in strategic sectors such as artificial intelligence, quantum technology, clean technology, semiconductors, advanced materials and biotechnology.
The European Innovation Council has already made such investments, but only for much smaller companies that are just starting their journey.
The commission also wants to allow startups to set up their business more quickly, ideally within two days, according to the draft.
Technology startups have long been protesting against the lengthy processes of establishing their businesses, which they often have to repeat when expanding into new countries.
The two-day incorporation model has been made famous by business-friendly US states, such as Delaware.
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