The European Commission (EC) has announced the unveiling of a new initiative it has set up aiming to give many of Europe’s FinTech and blockchain innovative entrepreneurs every opportunity to become world leaders, according to an EC press release.
The Start-up and Scale-up Initiative aims to combine all the possibilities that already exist in the EU, but plans on including a new focus on venture capital investment, insolvency law, and taxation. However, while the EC notes that there isn’t a lack of new ideas in Europe, it highlights the fact that many firms fail to make it beyond the first few years.
Not only that, but instead of taking advantage of the 500 million customer base in Europe many FinTech or blockchain startup companies try to launch their companies in a third country.
According to Jyrki Katainen, vice president of the EC and responsible for Jobs, Growth, Investment and Competitiveness, today’s startups could, potentially, become the global success stories of tomorrow.
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