PARIS (Reuters) – 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 U.S. 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 labour reforms for example.
French efforts to create “unicorns”, or companies worth at least $1 billion, are still overshadowed by U.S. 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 modernising regulations in Europe as well as creating competitive stock option schemes as part of initiatives to scale up European technology firms.
(Reporting by Sarah White and Matthieu Protard; Editing by Alistair Bell)