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DISCOVER THE 2017 CHALLENGE: Ideation Hackathon Weekend

9-10-11 June 2017

Making customer journeys effortless for the client through co-creation with startups.

When you mix the bold innovation of today’s tech startups with the insights and resources of a forward-thinking         banking group, amazing things happen.
BNP Paribas is committed to working side by side with today’s savviest tech entrepreneurs to unlock creativity and     apply breakthrough solutions to real-life situations in order to make life easier for our customers.

 

 

  BNP Paribas Fortis is focusing the hacks of the event around 4 different themes

   1. New ways of interacting with clients (B2C)

  How new techs can shape the interactions our clients have with the bank:
  • Augmented Reality/Virtual Reality
  • ChatBot
  • Integrating our offers in social media & third party platforms
  • ROBOT (physical robot focus, not ‘process automation/robotics)

Today, people are used to have what they need on the spot, available in just two clicks. The internet giants have fix a   new level playing the field in terms of services and our customers expect the same from their bank. Most of them no   longer understand why they should take an afternoon off in order to get an appointment with their banker.

  Banks need to leverage one the latest technologies to allow interactions to happen anywhere & any time when the    customer need it the most. These moments of truth should be serviced by every means possible                  (AI/VR/Robot/Chatbot/…)

2. Offer new e-services to our Wealth & Private banking clients (B2C)

  • Share your investment with Friends
  • Facilitate informal investment club
  • E-vault & Account aggregation
  • New way of visualisation for your portfolio
  • Crowdfunding
  • Donation
  • Facilitate philanthropic actions

My shopping experience has drastically changed the last few years and I except the same from my private bank.          However, except for the basic banking services I need to dedicate a lot of time to manage all the aspects of my  finance (investing, credit, searching info, finding opportunities, structure, understand, handling documents….). My  time is definitely precious and I would like my bank to facilitate and aggregate all the services around my finance. I  also like to be implicated in the opinions of my peers and the trends in the wealth community.

 3. Internet of things & Sharing Economy: how will they transform equipment assets/finance? (B2B)

 The Internet of things enables  objects to collect and exchange data.  Then, it should be possible to collect data from  the asset that is financed through our leasing company and to adapt the equipment according to the use.  With  keeping in mind that after the duration period of the finance, the capital needs to be recomposed for 100%.  Our B- 2-B customers are demanding more convenience and tailored solutions. With that in mind, how could the Sharing  Economy impact the way our clients use and finance an asset ? How could the Internet of things improve the  services we offer to them?  We are thinking about pay per use, being able to predict future investments of our  partners, and keep track of reparation and maintenance cycles.

 4. Companies simply do only use 10% of their brain

Urban legend or not? Most companies today are looking for ways to unlock the potential in what they know about  their clients, markets, businesses… Are there secret patterns to discover and interpret? Which yet to be designed algorithm could support their strategic decisions? How to anonymise company data to the extent that it still remains a friendly and eligible asset?  How to responsibly marry a client’s privacy with the exploitation of the valuable information he represents?

A lot of hurdles exist in this rat race to go from prophecy to profit, yet that only makes Data Analytics the most interesting field to innovate. So, join our hackathon and come up with your great ideas, algorithms and methods to exploit the other 90% of our brains.

WHAT MAKES THE BNP PARIBAS INTERNATIONAL HACKATHON SO SPECIAL?

There is simply no opportunity like this for tech entrepreneurs.
The International Hackathon weekend is just the beginning of a close collaborative partnership between talented startups and BNP Paribas.

AN INTERNATIONAL COMPETITION

This international competition brings together 4 business lines and 10 entites from across BNP Paribas’ global footprint to create an experience that is incredible, intense and rewarding. Selected startups participate in a truly international event, as the hackathon will take place simultaneously across 8 cities, spanning from San Francisco to Istanbul. During 48 hours, teams have worked on real-life challenges, in fierce competition, to create game-changing solutions. And that was just the beginning! Winning teams have secured a place in the Digital Bootcamp, where they have access to experts and mentors from BNP Paribas to help accelerate your solution.

A LONG-TERM COMMITMENT WITH BNP PARIBAS & BNP PARIBAS FORTIS

The BNP Paribas International Hackathon aims to be the best event of its kind. Through 4 exciting stages, it first encourages a hothouse of innovation at the Hackathon weekend, then channels the most promising projects through a Digital Bootcamp, followed by Demo day- live in Paris, with BNP Paribas top management – culminating in the selection of a few winners that will be supported during the implementation of their solutions.

IDEATION
HACKATHON WEEKEND
June 9-10-11 2017

It all started with an exclusive hackathon event in each of the 8 participating cities connected to each other. Each participating team was invited to focus on pre-identified challenges. They were given privileged access to external experts as well as a unique suite of resources to help them prototype: fresh customer insights, a sandbox API, as well as our top experts ranging from marketing executives to IT architects.

CO-WORKING
DIGITAL BOOTCAMP
July-November 2017

The most promising teams then move on to a Digital Bootcamp where they have their prototypes nurtured. Here, they are being treated to even more resources to take their concept to the next level: financial support and access to a customised support program, including access to our international network of experts and mentors.

SELECTION
DEMO DAY
December 2017

After a period of development, teams are flown to Paris for Demo day where executive committee of BNP Paribas’ global footprint will meet them, as well as international FinTech experts, to see their demo in action. This could be their day to hit the big time. The winners at the Demo Day will be given a letter of intent from executive of BNP Paribas and start a new adventure in partnership with BNP Paribas.

PROTOTYPING
PROTOTYPE IMPLEMENTATION
2018

Hard work has paid off! Winning teams will benefit from BNP Paribas’ farreaching resources, expertise and support to do something amazing! We will work with them to take their prototype and turn it into a real solution that can change the face of banking by making life easier for our customers.

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STARTUP EUROPE – TWIST –  Time sure flies when you’re always innovating!

 

 

Wow! Has it been 2 years already? When you work with innovative technologies and when you’re constantly surrounded by creative minds, time goes by in a heartbeat. It’s those people who can’t think about anything else except finding the next best thing which will change our lives for the better that make technology, our economy and the whole world go round and round.
STARTUP EUROPE and TWIST have been at the forefront of technological innovation and entrepreneurship in Europe for the past 2 years and we loved every bit of the process!
With over 72 meetups, 3 bootcamps on life science, cybersecurity and key enabling technologies, 27 e-pitches with investors and with more than 2.500 participants to our initiatives and events, TWIST has managed to bring together the key players on the European startup scene.
Partnering with Microsoft, Adecco, Meet In Italy for Life Science, Tech-Tour, International Cybersecurity Forum, CISCO, Android and PSA, we have managed to bring our startups in contact with the most valuable resources available today. Experience mentors and experts from different industries have met up with our startups and entrepreneurs in our joint efforts to boost Europe’s startup ecosystem into achieving amazing results.

 

After 2 incredible years of working with some of the most talented startups and entrepreneurs in Europe and worldwide, we can easily say that the future of technological innovation is close. Real close. It’s here!

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Startup Scaleup – Startup Europe’s IoT Accelerator

A 6-month acceleration programme, launched in 2015 aimed to find European startups developing cutting-edge IoT innovation. During the past two years, programme ran 2 batches in 4 European locations simultaneously and supported 133 startups. “We have achieved and exceeded expected number of companies, that we wanted to support. This is what happens, when there is so much IoT potential in Europe”, – said Andres Iborra, Startup Scaleup project coordinator.

 

Both batches started with a IoT’ers week simultaneous in the four different hubs of Startup Scaleup programme: Vilnius – Lithuania, Zoetermeer – the Netherlands, Dublin – Ireland and Cartagena – Spain. Andres Iborra continues – “Because of a great variety in the expertise of Startup Scaleup partners, we managed to offer very high quality support in the technical field of IoT, business management and fundraising.”

 

Each 6-month journey finished with a Demo Day, where the top startups of each batch were selected to pitch and demonstrate their products at a major event. In May 2016, top 12 startups from the first batch presented their products during the Connected Conference, in Paris. From the second batch, the top 16 were selected to demonstrate their products on November 2016, during Internet of Thing World Europe in Dublin.

Workshop run during IoT World in Dublin by one of our partners, BluSpecs Innovation.

From both batches, comprised of 133 companies, more than €10M were raised. “We are very happy to witness rapid growth of our incubated startups and help them raise funds. We are also very happy with the variety of available capital for innovative IoTstartups. Our companies raised money from the government, angels and VC’s simultaneously.” – said Andres Iborra.

 

He continues – “The funded part of the project is about to end, however having seen such tremendous success and a market opportunity we are looking forward to transform this initiative into a sustainable programme that can further support IoT companies Europe-wide”.

 

Startup Scaleup in numbers:

About the Startup-Scaleup Project

                                                  

Startup Scaleup is the 6 month IoT accelerator of Startup Europe powered by the European Commission which is combining physical and virtual acceleration, and looking for talented startups aspiring to take their business to the next level and expanding to international markets.

 

Startup Scaleup is building a European ecosystem connecting the players of four consolidated entrepreneurial hubs (Cartagena, Dublin, Vilnius and Zoetermeer) in order to provide a greater range and quality services to ambitious entrepreneurs who want to launch and grow companies focused on the Internet of Things (IoT).

 

Startup Scaleup is run by the Universidad Politecnica de Cartagena, Crosspring LABs, Open Coffee Club Lithuania, the Ryan Academy, F6S and BluSpecs.

                                      

About Startup Europe

 

Startup Europe is a European Commission initiative that aims to strengthen the business environment for web and ICT entrepreneurs so that their ideas and business can start and grow in the EU.

Uniting European startup ecosystems is its value proposition. Some of its concrete activities are:

  • Connecting startup ecosystems throughout Europe.
  • Bridging the gap between investors, corporates and startups.
  • Creating a bottom-up movement across Europe.
  • Giving voice to startups to influence new policies (capital markets union, digital single market).
  • Celebrating entrepreneurship.

 

More information at:

http://startup-scaleup.eu/

https://www.f6s.com/startup-scaleup

http://startupeuropeclub.eu/

 

 

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WeHubs is the first European network for women web entrepreneurs!

WeHubs is the first European network for women web entrepreneurs powered by StartUp Europe Initiative! After 2 successful years, WeHubs project is coming to an end.

But, not the end of our community!

These 2 years we managed to reach:

More than 500 Women Entrepreneurs

More than 400Business Support Organisations

More than 30Women Associations + their local networks

8success stories + all those from the community

 

And our network keeps on growing each day. With 12nodes around Europe and 7 more in the making right now, WeHubs is THE European Community of digital female entrepreneurship supporters across Europe and beyond.

 

Brussels, 16 Nov. 2016 Photos : www.vivianhertz.be

Come and join our network today and help us promote female entrepreneurship in Europe!

This is just the beginning of a new era for women web entrepreneurship!

We are happy to inform you that WeHubs has been extended to seven new Hubs. WeHubs network will continue with its online community dedicated to female entrepreneurship and we’ll keep on sharing useful insights about our e-mentoring. You can check online our latest materials including the WeHubs scorecard to assess your services.

A new year, a new start!

Happy holidays!

Wish you a successful and glorious new year!

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EUROPEAN DIGITAL FORUM

 

The European Digital Forum is the think tank arm of the Startup Europe initiative. Fully independent, it combines first-rate research with cutting-edge collaborative tools and a high-powered community of startups, scale ups, policymakers and digital aficionados in a powerful cocktail that defines the cutting edge of Europe’s digital agenda. In just over two years, it has produced seven publications, two annual editions of the European Digital City Index and engaged more than 2000 citizens, policymakers, startup leaders and think tankers in its high-level debates. Find out more at www.europeandigitalforum.eu.

 

The EDFx project is structured around six specific objectives:

 

Objective 1: The promotion of tech/web entrepreneurship by organising and hosting events and serving as venues for tech entrepreneurs, other businesses and policymakers. These are both stand-alone occasions and sessions within the programmes of major tech/web conferences. The EDF aims to add the all-important aspect of public policy to the discussions and to facilitate cross-fertilisation between the EDF community and that of the leading tech forum, leading to greater synergy, impact and reach. The EDFx project successfully hosted six high-level summits:

  • Two breakout sessions at the Startup Europe Summit in Berlin, February 2015
  • The 2015 European Digital Forum in Brussels, keynoted by European Commission Vice-President Andrus Ansip, June 2015
  • The European Startup Forum at ICT 2015, opened by European Commission Günther Oettinger, in Lisbon, October 2015
  • The European Scale-up Day at CeBIT, keynoted by European Commission Günther Oettinger, March 2016
  • The Scale Up Manifesto session at the Digital Assembly in Bratislava, September 2016
  • The 2016 European Digital Forum in Brussels, keynoted by European Commissioner Carlos Moedas, November 2016

 

Objective 2: Conducting innovative policy-oriented research. The EDFx produced two annual editions of the European Digital City Index to allow stakeholders to assess the strengths and weaknesses of the startup ecosystems in different cities, as well as the cities’ digital readiness.

  • The European Digital City Index (EDCi) describes how well different European cities support digital entrepreneurship.For startups and scale-ups, it provides information about the strengths and weaknesses of local ecosystems, allowing them to plan accordingly and consider where they may need to devote more resources.
  • For policy makers aiming to encourage digital entrepreneurship in their own city, the Index helps to identify existing and promising hubs of activity, in order to learn from their practices. Additionally, it allows benchmarking of performance against other European hubs, and helps identify which policy areas to prioritise.

 

Objective 3: Spreading the best practices of policies stimulating web entrepreneurship by creating the best practices repository. This objective stems from the Startup Manifesto (action 21) that reads, “to provide a resource where local and national governments can share the best ‘hacks’ they found to achieve immediate impact.” EDFx aims to collect and analyse examples of policy initiatives across the globe aimed at facilitating web/tech entrepreneurship and supporting better innovation ecosystems.

  • While national policy is vital, we must remember that entrepreneurs are also affected by their local environment. Sub-national bodies like chambers of commerce, cluster managers, councils and local regulators – as well as universities and big business – can all influence entrepreneurs’ decisions and affect the framework within which startups thrive or die.The idea bank is therefore intended specifically to help local policymakers and influencers create better conditions for entrepreneurship at the regional or city level. Intended as a ‘bank of ideas’, it draws together examples from all over the world of policies and initiatives that support startups, especially digital startups, in an effort to provide inspiration and options to European policymakers.
  • Policies are grouped together under the 10 themes used in the European Digital City Index (EDCi) – which this guide is intended to complement – together with an 11th, cross-cutting theme relating to the process of policymaking. It concludes with some tools to assist in choosing, developing and implementing these policies.

 

Objective 4: Building and maintaining a vibrant network of leading-edge thinkers, inspirational entrepreneurs, digital startups, thought leaders, captains of industry, policymakers and other stakeholders. The diversity of this community and high professionalism of its members is its key assets, enabling cross-fertilisation of expertise and designing new solutions and models to drive Europe’s digital economy forward.

  • The EDFx project has engaged more than 2000 citizens, policymakers, startup leaders and think tankers.

 

Objective 5: An active and professional dissemination and communication campaign will help inform a wide array of stakeholders, including tech entrepreneurs, policymakers and other interested and relevant parties.

  • The EDFx project energised and engaged the groups typically associated with tech/web entrepreneurship – founders, investors, corporate leaders and policymakers with a digital portfolio, tech press – but also reached to other groups, typically not associated with web/tech entrepreneurship: mainstream policymakers, economists, and non-tech media.
  • Up to 2,000 people and organisations follow the European Digital Forum on Twitter.

 

Objective 6: EDFx is to be constructively and pro-actively involved in policy dialogue, contributing its expertise in on-going discussions.

  • It provided policy support and monitoring in the field of web/tech entrepreneurs and elevated the voice of tech entrepreneurs in policy debates. In particular, it monitored the progress of the Startup Manifesto by using an innovative, one-of-its-kind visualisation tool – the Startup Manifesto Policy Tracker. This tool provided an easy-to-understand overview of how far each EU member state is implementing the different actions put forward. This has the potential to inform a wider group of people, but it also has the likely effect of initiating a healthy competition between EU member states to improve their relative ranking.
  • This monitoring and analysis was presented in The 2016 Startup Nation Scoreboard.
  • In September 2016, the European Digital Forum launched the Scale Up Europe Manifesto. In 2016, European Commissioner Günther Oettinger spoke passionately to a group of leading startups at CeBIT, the global event for digital business, in Hannover, Germany. “Tell me what I need to do to help startups to scale up in Europe and together we will do it.” he said, his eyes visibly bright as he tossed out the challenge. The result is The Scale Up Manifesto, a 49-point roadmap which draws from the unique insights of dozens of leading European startup associations and successful entrepreneurs. The measures are divided into six headings: 1) complete the single market, 2) mobilise capital, 3) activate talent, 4) power innovation, 5) broaden education and 6) monitor, measure and evaluate.
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Learning Incrementally from Failed Entrepreneurship

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The LIFE project is about learning step by step from failure in entrepreneurship. It also aims at collaborative action to bring entrepreneurship forward. Cultural diversity is one of Europe’s strongest assets, yet it also creates obstacles for entrepreneurs to scale at European level. Distributed markets, language barriers and fragmented policy still impede access to markets, talents, finance, facilities and networks in Europe.

4

The project aimed to map out programs and important players in each of the partnering areas. The consortium identified, shared and discussed best practices. Virtual and real discussions with entrepreneurs helped draw conclusions and provide recommendations.

Actions

Best practices and lessons learned built a collaborative learning exercise. It consisted of over 160 interviews with startup founders who failed along the way. The main attraction of the project was the Failing Forward conference organised in Brussels. Failing Forward provided a day of inspirational keynotes, workshops, power meetings and networking opportunities to the participants.

Local spin-off events in the partner regions raised awareness that failure was and would be an inherent part of ventures and innovation. Smaller #failingfwd events shared success stories built on incremental learning, and opened the existing startup support programs to web entrepreneurs from all over Europe.

In-depth interviews (VCs, business angels, community builders) completed the initial insights from startup founders. Recommendations from the findings helped increase the level of services provided by the partners. It also facilitated a better approach to help to spot potential risks at an early stage. The partners compiled a list of recommendations for the best format for #failingfwd events as well.

Impact

Acceptance of failure is incremental towards a paradigm shift in Europe. LIFE project succeeded shaping the failure subject into a critical yet rational discourse. Widespread stigmatisation of those who entered the bumpy road to success starts to tarnish. Instead, rising like a phoenix attitude should become an integral part of European education. Eliminating the stigma will trigger a broader societal effect. It can lead to significant policy changes, for instance easing bankruptcy legislation. Our hope is that LIFE project played a role in igniting an incremental change in the European entrepreneurial culture.

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Coordinator: Startups.be

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Consortium:

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Five startups will represent Finland in the Final of StartUp Europe Awards

 

More than 16 startups from six cities all over Finland were competing for a prestigious StartUp Europe Awards in a National StartUp Europe Awards Pitch Competition, brought to Finland this year by Nordic Female Business Angel Network sponsored by NewCo, Helsinki Business Hub, Nordea and Slush.

The organizer NFBAN received 22 applications from Kotka to Turku and Tampere. 16 semi-finalists were invited to an online pitching event on November 16.  Each startup had a time slot of 10 minutes, during which they were pitching their company for 5 minutes and had 5 minutes to answer questions from 6 members of jury, representing experts from 3 different countries with diverse industry backgrounds, active and well established within the startup ecosystem.

High quality of presentations made jury’s task of selecting finalists and a winner quite a challenge. In the ceremony held at Newco on Thursday 24 November, from a shortlist of 8 finalists, were chosen five outstanding startups to represent Finland in the European final of StartUp Europe Awards.

PromoRepublic, a Finnish SaaS that helps Small Businesses and Marketers create amazing social media posts based on the context of the day: holidays, trends and events,will represent Finland in the ICT Category, and they also received first prize of the Pitch Competition.

For the ENERGY category, the winner isTespack, specialized in providing a complete mobile energy experience by combining latest technology and renewables with a focus on generation of energy on-the-go.

Heimo, the anonymous & safe online community for untellable stories, was chosen in the category of SOCIAL.

For the TOURISM Category the jury chose Duara, a platform for communities in low-income countries to offer home stay experiences to impact-minded travelers.

Finally, Bryom wicht urns smartwatches into a personal safety system replacing most elderly care wearables, devices and sensors with a single nice looking smart watch, will represent Finland for the category of HEALTH.

StartUp Europe Awards is promoted by the European Commission and supported by the President of the Committee of the Regions, several members of the European Parliament as Ambassadors and it is implemented by Finnova Foundation in collaboration with Startup Europe

For more information please contact Florence Korhonen, founder and Chair at NFBAN – Nordic Female Business Angel Network: email: florence.korhonen@nfban.org, mobile: +358 40952 6370.

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Check out this great video on ePlus project’s extreme acceleration event Nitro!

Two weeks ago the ePlus project joined our partners in Sophia Antipolis, France for our second NITRO: The extreme acceleration event. From over 100 applications, the 25 most promising startups were invited to join us for two days of workshops, networking, and pitching in the middle of the tech hotspot of France. The startups were selected based on ingenuity, business viability and growth stage. This resulted in a remarkable group of unique startups from all over Europe, providing an exciting mix of ideas and ambition. You can find a complete list of our NITRO 2 startups here and a recap of the event here

Missed the event? Don’t worry! In May 2017 NITRO is moving to the great city of Lisbon. Want to join? Keep a close eye on our website and be sure to sign up for our next event!

Retrieved from: http://epluseurope.eu/blog-entry/video-moments-nitro-2-extreme-acceleration-event

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Startup Europe Awards chooses the best startups from Greece

The members of the SEUA Alliance,Institute of Entrepreneurship Development (iED) and Aephoria.net, held the final national competition for StartUp Europe Awards in Greece.

The iED, an NGO promoting the entrepreneurship and supporting startups, tried to gather all the innovative startupsthrough a special platform dedicated to Greek startups (entre.gr).With a very simple registration, the startups filled in their basic information. The total submissions in the platform reached the number of 75.

At the same time the Aephoria.net, a sustainable-business education and incubation program for startup companies operating in Greece, selected through “BlueGrowth” competition two winning startups.

The Greek Jury, formed by both organisations representatives, selected on 2nd of December 2016 the five winners in five different categories. These startups will have the opportunity to represent Greece in the European Final of StartUp Europe Awards to be held first quarter 2017 in Brussels. There, an international jury will chose the best 10 startups of Europe in the called “The Eurovision for Startups”.

Winning startups of SEUA Greece

For CITIES category the winner is CityCrop, aiming at modernising and democratising farming, as key to a healthier and greener living.

Nursify, a mobile device application that connects people who need First Aid Help with volunteers trained to provide First Aid Help, was chosen as the best greek HEALTH startup.

For CREATIVE category the winner isConvert Art, the first startup upcycling company in Greece, whichmanufactures handmade products made exclusively from recycled inner tubes, tires, electrical equipment, wood and aluminium.

Hopwave, whichhelps you discover new destinations in your island hopping journeys with the use of the small boats network, was chosen for the TOURISM category of SEUA Greece.

Finally, the winner for GREEN category is Phee, a startup that uses the dead leaves of sea grass, PosidoniaOceanica, which are washed up in huge quantities along many Greek coasts, creating natural and biodegradable products.

StartUp Europe Awards is promoted by the European Commission and supported by the President of the Committee of the Regions, several members of the European Parliament as Ambassadors and it is implemented by Finnova Foundation in collaboration with Startup Europe

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EU to help start-ups to spark job creation

“High-growth firms are always expected to create more new jobs compared to other enterprises, and with start-ups accounting for a large proportion of these high-growth businesses, the European Commission is turning its attention to the start-up ecosystem to create more jobs.

EU start-ups increase the 28 member states’ innovation and competitiveness, strengthening the economy while providing a great deal of social benefits, including offering more flexible and modern working arrangements.

In order to improve the overall situation, together with attempts to harmonise the insolvency framework, the European Commission has presented more efforts to improve its Single Market Strategy.  “Improving the ecosystem for start-ups and scale-ups in Europe will have a direct beneficial effect on jobs and growth in the EU,” reads the Communication from the EU Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions.

Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said that the Commission wants to help start-ups stay and grow within the EU, “by helping them navigate the – often perceived – regulatory barriers to fully benefiting from the Single Market. By making it easier for them to have a second chance, without being stigmatised if their idea doesn’t succeed the first time around,” while improving access to funding.

Along with Commissioner for Internal Market, Industry, Entrepreneurship and SMEs ElżbietaBieńkowska, Katainen presented a plan that will improve start-ups’ access to finance, provide entrepreneurs with a second chance and simplify tax filings.

The Commission along with European Investment Bank (EIB) are launching a Pan-European Venture Capital Fund of Funds,  providing investments of up to a maximum budget of €400, triggering a minimum of €1.6bn in venture capital funding. This tool aims to complement existing EU funding instruments such as the European Fund for Strategic Investments (EFSI), COSME programme for small and medium-sized enterprises (SMEs)and Horizon 2020,  the EU’s research and innovation funding programme.

While tabling a new proposal on insolvency law, in order to allow companies in financial difficulties to restructure early on so as to prevent bankruptcy and firing employees, the Commission is further proposing taxation simplifications including the recent proposal for the re-launch of the Common Consolidated Corporate Tax Base. (CCCTB), the EU VAT system and further guidance on national tax regimes for venture capital.

This way, the Commission hopes to find a remedy to the very small number of flourishing and expanding start-ups in the EU, as their survival rate is at the moment extremely limited, to 2-3 years, with few start-ups growing into larger firms.

It has been estimated that there could be up to 1 million new jobs created and up to €2 trillion added to GDP of the EU over the next 20 years if the share of scale-ups would match that of the US.

Apart from the above proposals, the Commission wants to help start-ups and scale-ups to navigate the often dispersed information sources, the Enterprise Europe Network (EEN) will expand its advisory services with dedicated Scale-up Advisors.

In 2017 under the High-Level Group of the Competitiveness Council, the Commission will support a major, comprehensive and detailed peer review of all Member State rules and practices towards start-ups and scale-ups. At the same time, the Commission will reinforce Startup Europe which will take a wider scope beyond the ICT and web start-up sector, connecting clusters and ecosystems across the EU.

Furthermore, the Commission will launch a number of pilot measures on matchmaking, linking start-ups, mid-caps and larger enterprises and extend the Erasmus for Young Entrepreneurs programme to incubators and entrepreneurs in international markets within 2017.  Along with all the above, the EU’s executive arm will introduce measures on EU procurement.”

 

Retrieved from NewEurope on 24/11/2016

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