PARIS: French President Emmanuel Macron on Tuesday outlined an ambitious push for Europe to create 10 technology giants worth 100 billion euros ($121.26 billion) each in valuation by 2030, in a bid to rival US companies that dominate the sector.
The goals are part of a Europe-wide initiative France is trying to lead to improve funding for start-ups, especially in their later stages of growth, to propel them into a bigger league where they can attract more investors and top staff.
Macron has pushed to make France into a “start-up nation” since coming to power in 2017, rendering the country more attractive to foreign investors through labor reforms for example.
French efforts to create “unicorns,” or companies worth at least $1 billion, are still overshadowed by US equivalents, however. Macron said last year he expected France to have 25 “unicorns” by 2025.
The latest plan to help European start-ups includes ramping up funding schemes, through EU-wide finances and by encouraging more venture capital funds to invest, according to a manifesto signed by some 200 businesses, which includes start-up association and other companies.
They also recommended modernizing regulations in Europe as well as creating competitive stock option schemes as part of initiatives to scale up European technology firms.