At first event to be jointly organised by European Innovation Council and European Institute of Innovation and Technology, entrepreneurs call for EU to fill gaps in support and funding their companies need to scale up and be profitable.
Innovators called on the EU to provide more long-term support to help companies scale-up, at an event held to mark a year since they were asked to put their weight behind the fight against COVID-19.
Europe forms as many start-ups as the US, but far fewer grow to be profitable and self-sustaining. Lack of long term venture capital is often cited as the main hurdle and next week the EU formally launches its own start-up funding agency, the European Innovation Council (EIC), following a three-year pilot phase.
Although it will fund innovation at all levels, EIC will have a special focus on companies that have the potential to scale-up at a European level, said Keith Sequeira, head of the governance and coordination unit of the EIC.
To help companies reach EU and global markets, EIC will work with the European Institute of Innovation and Technology (EIT), which supports networks of investors, academics, established companies and business mentors around Europe, enabling entrepreneurs to connect with potential partners, investors and mentoring services.
