Start-ups
The events that could help kickstart Europe ’ s economy
THEO REILLY REPORTS ON THE GROWING LIST OF START- UP EVENTS IN EUROPE , LIKE HELSINKI ’ S SLUSH , AND HOW THEY COULD PLAY A CRUCIAL ROLE IN THE CONTINENT ’ S ECONOMIC FUTURE - tartups will save the world ,” said Ville Vesterinen , founder of Slush – major
S start-up event and the largest gathering of venture capital in the world .
This sort of statement , though bold , is commonly heard among some of the most successful tech founders and entrepreneurs in Europe . As the European economy falls increasingly behind the USA , with even the poorest states like Mississippi overtaking the wealthiest European countries , the overall picture is bleak . Criticisms are commonplace , as are concerning statistics – the EU ’ s share of global GDP declining from 29 % in 1992 to 17 % in 2023 , for example . Solutions are few and far between .
However , a group of Europe ’ s entrepreneurial tech elite believe they have the answer : start-ups . Leading UK government tech advisor , investor and entrepreneur Matt Clifford went so far as to say that the UK could “ go back to being pretty much the richest country in the world per capita ” – if changes were made that allow start-ups to thrive .
Across the channel , German entrepreneur-turned-investor Andreas Klinger has co-launched EU Inc . The initiative aims to set up a pan-European entity that gives investors access to bigger pools of capital sitting in pension funds – capital that can then be invested into start-ups . Klinger has spoken about this topic extensively , including at Slush 2024 in Helsinki . He explains the current challenges : “ To invest in the EU I need to understand 30 + legal systems to make sure I am not tricked by the small print ... In the US , I receive an email and can sign with one click .”
Even President of the EU Commission Ursula von der Leyen has lent her
Right :
Milda Mitkute , founder of Vinted , speaking at Slush
2024
“ To invest in the EU I need to understand 30 + legal systems ... In the US , I receive an email and can sign with one click .”
Left : UK AI Safety Summit 2023 , attended by Rishi Sunak and Elon Musk
support , saying : “ A start-up from California can expand and raise money all across the United States . But our companies still face way too many national barriers that make it hard to work Europe-wide , and way too much regulatory burden .”
The importance of start-ups can be understood when comparing the economy of the USA with that of Europe . The biggest companies in America , and indeed the world , are all tech start-upsturned-global giants that now eclipse the wealth of nations . Companies like Apple , Amazon , Meta , Nvidia , Microsoft , Google and Tesla .
In Europe , by contrast , the biggest companies are old , stagnant entities like Volkswagen , Shell , BP and Nestlé . With America ’ s tech giants taken out of the equation , the economic scale more or less balances out . Europe needs start-ups , especially in the AI space , if it wants to be globally competitive and independent of California .
Certain conditions need to be laid in order to achieve this goal . Start-ups need better access to investor capital and less stringent regulation ( such as GDPR and the requirement to hire compliance officers ). OpenAI CEO Sam Altman has
32 / CONFERENCE & MEETINGS WORLD / ISSUE 134