Austria calls for EU startups: reduce bureaucracy, promote growth!

Austria calls for EU startups: reduce bureaucracy, promote growth!

The Austrian Startup State Secretary Elisabeth Zehetner welcomed the recent proposals of the European Commission to strengthen startups and scaleups as part of the internal market strategy. According to OTS emphasized Zehetner that fewer bureaucracy and uniform regulations and Improved financing options are crucial for global competition.

A central concern of the EU startup and ScaleUp strategy, which is currently being elaborated, is to address central location issues. Austria calls for a clear focus on implementation and location attractiveness to strengthen competitiveness in Europe.

challenges for founders in Europe

The founders in Europe are high bureaucratic hurdles and fragmented legal provisions. Long procedures and restricted access to capital represent additional challenges. "The regulatory and business environment in the EU is not sufficiently beneficial for the scaling of innovative products and services," explains Europa.eu . This means that many innovative companies are looking for Beyond Europe.

Around 60% of all global scale eups are located in North America, while only 8% can be found in the EU. The share of the EU in the global venture capital is only 5%, compared to 52% in the USA and 40% in China.

new initiatives and strategies

Zehetner also welcomes the proposal of an optional “28th regime” for an EU-wide legal framework that is intended to enable business start-ups within 48 hours. The focus is not only on the foundation, but also on successful scaleups. "It is necessary to accelerate standards, to close financing gaps and to promote the digitization of corporate law," said the State Secretary.

To master the challenges, the startup and Scaleup initiative was launched in 2016. This initiative aims to reduce the barriers for the growth of startups in the internal market. The European Innovation Council was founded in 2018 to identify, develop and scale groundbreaking technologies and innovations.

support from the EU

The European Commission's initiative combines high-tech startups, scaleups, investors, accelerators and other actors to create a flourishing ecosystem. Supported by political measures such as the EU Startup Nation and the Digital Innovation and Scale-Up Initiative (Disc), extensive strategies have already been developed. These strategies are intended to facilitate the establishment of startups and their cross-border expansion, increase the attractiveness of employee participation models and improve access to financial resources, such as digital-strategy.europa.eu reported.

Overall, it can be seen that a strategic procedure at EU level is urgently needed to increase the competitiveness of Europe and to support the growth of the startup ecosystem.