Germany: Expert discusses EU's 'red tape' impact on economy
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A survey of its members by Digital Future for Europe, an association of more than 100 start-up companies, that 53 of them were struggling to come to terms with new layers of bureaucracy. More than 90 percent complained badly designed regulations would make it more difficult to operate.
In addition, many lacked awareness about proposed changes to rules and regulations at a European level.
For example, 65 percent of respondents either did not know of any changes which were being proposed, or incorrectly said there were not.
Meanwhile, a further 20 percent said they were aware changes were being discussed they, did not know what they were.
The DFE has warned the European Commission it will hamper the continent’s technology growth unless it cuts through red tape and makes it easier for start-up companies.
Kadri Tammai, a co-founder of Estonian startup Tehnopol Ventures, said: “Clearly, now is the time to foster a more open environment to allow innovators and entrepreneurs to thrive instead of burdening them with more red tape and new regulations.
“Europe will continue to lag behind on the world stage if it doesn’t create the right conditions for new tech businesses to grow.
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In December a report published by venture capital firm Atomico suggested the UK had shrugged off Brexit worries to become the digital industry’s top European hub.
Specifically, the nation had attracted £9.3billion in investment over the course of 2020, more than France and Germany combined.
In the five years since Brexit, UK-based start-ups had taken $35.38bn in funding, and 36 percent of all investment, the report revealed.
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Rob Kniaz, a partner at Deliveroo and Babylon backer Hoxton Ventures, told the Telegraph: “People moaned when Brexit was happening but fast forward four years and things are as strong as ever.
“It comes down to the raw ingredients, the talent and the capital. That’s not going to change.”
He added: “We saw things slow down around March to May.
“Most funds were taking stock of their portfolio, dealing with their internal crises.
“And then from June onwards it was full on, as busy as we’ve ever been.
“I’ve been pretty surprised, everything has been pretty resilient.”
Tommy Stadlen, an investor at Giant Ventures, added: “The only missing piece of the jigsaw for London tech is to have a true giant technology company go public in the UK.
“That’s what we’re missing. The impact of that is it creates huge numbers of tech-savvy millionaires who go on to become angel investors.
“Until we get those companies, we’re never going to put together a Silicon Valley.”
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