Tech firms call for €100 billion European sovereignty fund

March 30, 2021 // By Peter Clarke
Tech firms call for €100 billion European sovereignty fund
Some of Europe's largest tech firms are asking the European Union to create a €100 billion (about US$118 billion) technology sovereignty fund to support European startups.

Some 35 companies were due to participate in an online meeting with Europe's research and innovation commissioner Mariya Gabriel to discuss the topic on Tuesday March 30, according to a Bloomberg report.

The companies include internet-mediated service companies such as Blablacar, FacilityLive and Cabify. Adyen, Collibra and Supercell are also expected to participate in the meeting.

The fund would mix state and private money to make equity investments with a goal of supporting a European Union focus on promoting home-grown companies and regional champions.

The meeting could be a response to call for such a fund made by entrepreneur and venture capitalist Hermann Hauser. Hauser, a co-founder of Acorn Computer and instrumental in the formation of ARM, is now a director of Amadeus Capital Partners.

In an essay published on Project Syndicate he has called for the UK and Europe to come together and form a €100 billion technology sovereignty fund to counter the $100 billion being spent by the US and even larger amounts China is spending.

Related links and articles:

Hermann Hauser calls for UK, European sovereignty fund

"Go big" for European chip sovereignty, says Silicon Saxony

Germany to help Europe invest 'billions' in chip manufacturing

 

 


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