(Alliance News) - The European Commission launched a strategy on Wednesday to promote small businesses and to help them grow in an attempt to keep these companies in Europe.

"Startups and scaleups are essential to Europe's future, driving innovation and sustainable growth, creating high-quality jobs, attracting investment and reducing strategic dependencies," the commission said at the launch.

"Yet, despite strong foundations, too many still struggle to take ideas from lab to market or grow at scale within the EU," it added.

While more startups were founded in the EU than in the US, almost 30% of EU "unicorn" startups have moved their headquarters out of the bloc over the past 15 years, European Commission Vice President Stephane Sejourne said.

According to previous information from the commission, most unicorns - startups that grow to be worth more than USD1 billion - move to the US.

Sejourne said the aim was to seek ways to keep successful startups that were currently in their growth phase and in need of financing in the EU. The commission envisages 20 measures to stop companies moving abroad.

It is focusing on strategic technologies, including artificial intelligence, AI, quantum technologies, advanced semiconductors, biotechnology, clean technologies and energy, defence and space, and robotics.

Regulations on insolvency, labour and tax law are to be simplified, and companies will be able to communicate digitally with government authorities throughout the EU.

Improved financing and investment options are to be made available, and access to skilled workers improved.

source: dpa

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