The EU will invest hundreds of billions in startups


For the first time, Europe is seriously competing with the US in terms of seed funding, according to EU Innovation Commissioner Mariya Gabriel. New plans to speed up construction could override Norwegian politics.

During the opening of the world’s largest conference for early-stage entrepreneurs and investors on Thursday morning, the EU innovation commissioner entered, Mary GabrielSlush scene in Helsinki.

– For the first time, we are seeing a record amount of 100 billion euros invested in European startups. “For the first time we are competing with the US in the early stages,” he said.

Gabriel then presented in more detail the union’s new “innovation agenda,” a plan that only became known this summer.

– In the last decade, we have gone through a wave of digital innovation. It definitely makes our life easier. We’ve seen how that makes us more efficient, more productive, and we’ve seen how we can reduce human error. But we have reached a point in history, which means we cannot tackle deep social challenges with digital devices alone, said Gabriel.

Therefore, the EU must, among other things, mobilize a total of 45 billion euros, equivalent to approx NOK 470 billionwas created for start-up companies dealing with the so-called deep technologyor “deep technology” in tribal parlance.

The amount is equivalent to less than half of Norway’s state budget, and will consist of a mix of public and private capital.

In addition, several comprehensive political changes are planned. Most relevant for the Norwegian actor is a new set of regulations for employee choice which will apply in all EU countries.

Choice was for years the most important political issue for the Norwegian entrepreneurial community, before new arrangements were put in place last year. New rules in the EU will soon come into effect in Norway, in line with the EEA agreement, and thus there may be new upheavals in this area.

In addition, the EU will introduce a new scheme that will make it easier for beginners to acquire skills they cannot find in Europe, anywhere else in the world.

This is also a hot topic in Norway. Last year, American Kyle Havlicek-McClenahan was kicked out of the country because of his insufficient earnings as a businessman.

Recruitment also continues to be highlighted as the biggest challenge faced by employers.

READ ALSO: The Alliance boss believes the “talent crisis” will affect Norwegian startups next year

The EU plan also includes new initiatives to ensure more women become entrepreneurs.

Case updated!

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Georgie Burke

"Music maven. Evil pop culture lover. Unapologetic creator. Friend of animals everywhere."

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