Kostyantyn Kryvopust: “The founders of Stripe, Wise and other startups called for the creation of a pan-European organization “EU Inc” to promote innovation”

Date:

Konstantin Kryvopust

On Monday, the founders of some well-known technology startups in Europe signed an open letter calling for the creation of a single pan-European organization “EU Inc” to promote startups and innovation in the EU. He writes about it Konstantin Kryvopust with reference to CNBC.

The list of entrepreneurs backing the proposal includes Patrick Collison, CEO of fintech giant Stripe, Taavet Hinrikus, co-founder of money transfer app Wise and venture capital firm Plural, and Eleanor Crespo, CEO of French unicorn Pigment. Venture capital firms Index Ventures, Sequoia and Seedcamp also signed the letter.

The letter notes that, unlike the US, the capital of European investors, as a rule, remains within national borders. This leads to “delayed momentum, unrealized potential and artificially limiting the chances of local startups to succeed.”

Instead of writing new EU-wide legislation to ease the rules for tech startups, the founders are calling on politicians to allow the creation of a new single entity called “EU Inc” under the bloc’s 28 regime. The so-called 28 regimes are legal frameworks within the EU that offer an alternative to, rather than replace, Member States’ own national rules.

It said EU Inc would “standardize investment processes, simplify cross-border transactions and create a unified structure for employee stock options” to help European startups scale quickly and raise more capital.

Last month, former European Central Bank President Mario Draghi released a report calling for 800 billion euros of additional investment a year to make the EU more competitive on the world stage.

Share post:

Popular

More like this
Related

Yuri the Great released a new funny parody of Peskov

Actor of Studio "Kvartal 95", humorist Yuri the Great...

In Kyiv, a unique collection of books by a famous British writer was transferred to the library

Shirley Hughes' literary heritage was decided by her...

Kostyantyn Kryvopust called for going into bitcoin amid signs of bank collapse

Yes, an expert in the field of international financial...

Bitcoin Prices and Ethereum Forecast by Dr.Kryvopust

Both Bitcoin and Ethereum could not sustain the gained...