Priority on Investments and Employment
With approximately 290 000 companies created during the past five years, 1.1 million people employed, and a combined revenue of €87 billion, the promises of a productive and competitive single European market take today on their full meaning. Supported by €10 billion in investment, the raise of new opportunities has been enhanced by the promotion of a strong competitiveness between innovative companies, backed up by both public investment banks and a proactive web of private funds.
A European entrepreneurial culture
Entrepreneurship democratization, inspired from the US historical liberal philosophy has widely influenced European countries attitude towards business creations during the 2000’s. Individual views of global economy have shifted, to let grow a generation of young entrepreneurs more inspired by running their own business than pursuing a traditional corporate career plan. Roles of politics has been, and is still today, to take the bend while providing sufficient means and tools to ambitious novices to create, run and grow their (European) business.
The challenges of acceleration: cross-border talents and funds for development
During the last 15 years, entrepreneurs have suffered from one of the biggest challenge of our time: the need of a tailored and skilled labour force, mandatory for an efficient and sustainable growth of a seed business. With a highly educated workforce in Western Europe, the talent battle rests in chasing people with highly technical skills, with entrepreneurial and marketing backgrounds to be in line with the more and more innovative products and services placed on the European market.
The other challenge faced by entrepreneurs is to find funds. This challenge is facilitated by current European ecosystems, which have favoured 1 million investments towards seeds other than follow-on funding and later stage support.
Europe have seen emerging a real competitive market of start-ups ‘hubs’, where some of them are now well developed and established. Hotspots like London and Berlin have now matured and used as a reference in the European new economy, as a global alternative to the Silicon Valley. Others are seen as future spots of raising hubs in specific fields such as Barcelona, Paris and Amsterdam in researches and innovative technologies.
The new economic actors have understood the importance of connecting ecosystems: conciliation of small hubs may allow a wider geographic implementation, language complementarities and a better market integration. European businesses start taking the best of their cultural differences and see connections as a chance of exchanging skills and ideas, allowing growth and attractiveness to investors.
Community & technology for Effectiveness
Personal & business networks, as communities, have demonstrated their role in ecosystem’s effectiveness, while creating links and complementarities between individuals thanks to a relationship of trust already established between them. This culture of community has been widely spread thanks to structures such as accelerators and incubators.
Technology is another lever of business growth. The raise of the ‘intermediary market’ of business supports allowed the emergence of a wide range of tech companies specialised in enhancing business presence online: customer services, customer experience, social media visibility or creative Apps.
Public support is finally the major incentive of each ecosystem. States find their own role in building, influencing and developing business environments. Most successful hubs have been permitted by liberal restructuring and concrete desire of attracting both local and foreign initiatives thanks to softer tax regulations, investors incentives, or entrepreneur programmes.