“Today is a great day for Europe. An important initiative is being taken that can transform it into a global technological champion. The foundations are being laid for the smart financing of innovative Startups to grow quickly, stay in Europe and bring huge economic and social benefits to all member states.This was stated by the Deputy Minister of Development and Investments, Yiannis Tsakiris, on the occasion of the joint declaration for the creation of a pan-European mechanism, the “Scale-Up Initiative“, which concerns the financing of technological Scales-ups.
In the context of the conference “Building Europe’s Digital Sovereignty / Scale-Up Europe” organized in Paris by the French Presidency of the European Union, Mr. Tsakiris co-signed with other EU member states, a joint declaration for the creation of a pan-European mechanism, the “Scale-Up Initiative”, concerning the financing of technology Scales-ups. That is, European companies, with immediate prospects of scaling-up, which can play a leading role in the future at global level in new technologies.
In order to keep pace with the global technological race, the European Union has decided that it must strengthen this dynamic ecosystem of Startups also during their escalation phase, as these enterprises play a catalytic role in the digital and sustainable transformation of the economies of the member-states.
As stated in a relevant announcement, “the Ministry of Development and Investments, alongside the Ministry of Digital Governance and the Ministry of Finance, support this joint effort and our country is going to participate in this European initiative, with funds of 100 to 200 million euros through the Hellenic Development Investment Bank, which will be invested through investment schemes in such innovative enterprises.
The final decisions on the mechanism and how to invest the funds are expected to be finalised by September 30, 2022, through a panel. Due to its pan-European role, the Scale-Up Initiative will remain an open initiative for any other member of the European Union that decides to participate in the future.
“We are proud to have been able to take an important step towards a more vibrant and strong European ecosystem of technology Startups and we are firmly convinced that our initiative will also be an important step towards Europe’s economic and technological future,” the French presidency announced.