2 min

It always seems that every other time you hear about a company achieving unicorn status, it is usually American. The EU is feeling the pressure to increase its presence in the world of tech. There are already plans underway to help boost the number of privately-owned European companies valued at more than $1 billion (€820 million).

The plans are to be presented to the EU Commissioner for Innovation Mariya Gabriel today. Representatives from organizations across the EU countries will formally deliver plans at a virtual start-up summit.

The plan

The formal plan submission is a way for them to encourage the European Commission to do more for promising tech unicorns that could potentially rise to prominence. This gives them a chance to compete with their American counterparts.

The goal is to increase the number of unicorn companies tenfold in ten years.

Some of the recommendations made include plans that focus on a pan-European approach to help start-ups have easier data collection and monitoring processes. Other actions include increasing the availability of talent by supporting female entrepreneurs and adopting a friendly public procurement policy, among other steps.

Europe can make more unicorns

There is a call for the implementation of start-up-friendly policies, tax incentives that drive growth, better treatment of employee stock options, and implementing a pan-European start-up visa or Green Card system.

If most of the things proposed were implemented, it would change things in Europe.

Currently, it is believed that there are more than 80,000 start-ups in the EU. Over 50 are recognized as unicorns, with valuations of $1 billion or more. They include Fenergo, Workhuman, and Intercom. The new age of digital innovators can benefit greatly from changes designed to encourage startups, as Europe vies to be greener amidst the digital Covid recovery.