The declaration stressed the need for removing barriers and simplifying EU rules and procedures.
They emphasised the need for a reviewed digital rulebook that is deregulated where possible and avoids unnecessary red tape.
A startup group has called for the ministers to back up their words with actions.
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The S9+ argues that startups are the foundation of economic growth.
The claim is based on solid ground.
Europe, however,has struggledto turn promising companies into big businesses.
In the same period, all six US companies with a valuation above 1 trillion were created.
The continents leading startups now often look overseas to scale.
Between 2008 and 2021, almost 30% of European startups valued at over $1 billionrelocatedtheir headquartersabroad.
The vast majority moved to the US.
Many of their issues in Europe are attributed to stifling regulation.
Ina declarationof its own, the S9+ warned that Europe cannot regulate its way out of stagnation.
The declaration proposes concrete actions to tackle the problem.
AI regulation is a particular concern for the S9+.
The coalition urged the EU to develop a regulatory framework that fostersAIinnovation while ensuring fair and open data access.
Startups are not asking for special treatment, Kofler said.
We are asking for a level playing field for access to capital, data, infrastructure, and markets.
If Europe wants to close its800 billioninvestment gap, it wont happen by giving old subsidies to old players.
It will happen by unleashing the capital and ideas that startups already bring.
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Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
