Germany and France Pushing To Fund Technology Startups To Catch Up With US and China

Germany and France two major powers of European Union spurring the EU wide initiative to fund innovative technology startups across the European bloc in order to remain competitive and compete well with China and the United States.

Europe has been behind in developing the technology as compared to the United States, despite being developed nations France, Germany, Italy, Belgium, Spain and the United Kingdom seems to follow the United States on the stepping stones it has laid down.

The United States has strong hatchery where the startups can be born and nurtured to their full potential and dominate the rest of the world, they have strong venture capital industry to fund Silicon Valley Startups.

The risk avoiding culture in Europe has been considered one of the major obstacles in developing yet another “European Google”.

But now the things seem to be changing, France and Germany have urged the European Innovation Council to fund the aspiring “Tech Startups” in a paper presented to EU leaders at the Balkan summit last week.

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To develop a strong venture capital environment a joint effort is required in regulating the successful market transfer of breakthrough innovations, also the foundation and growth of disruptive, innovative and deep technology companies in Europe, the paper was seen by Reuters reads.

Germany and France are pushing for reforms in various sectors before the summit begins in June and want Europe to lead the world in new digital technologies. The objective is to bring innovation in science and technology to the marketplace and open up the network for other interested EU countries. Both countries want the national initiatives to become entirely EU initiatives adding more value to nurture the tech startups, the paper said.

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France has agreed to spend 1.5 billion euros ($1.75 billion) on Artificial Intelligence (AI) by 2022 to retain the most brilliant resources and catch up with the rest of the world in technology. Paris and Berlin are focused on tech leaders in academia also the entrepreneurs so they can be provided with funding of high-risk technology projects.