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EU drive to create its own Silicon Valley finds doubters

27
May
2014

By Julia Fioretti BRUSSELS (Reuters) – Europe needs to sort out its fragmented telecoms market and regulatory imbalances if it is to spur a new generation of technology start-ups and create its own version of America’s Silicon Valley. The European Union has set aside 80 billion euros ($109 billion) to fund cutting edge research and innovation over the next six years, underscoring its ambition in these fields. For Neelie Kroes, Europe’s commissioner for telecoms and digital affairs, it is an essential step to boost competition and ensure Europe is not left behind in the global tech race. “If Europe wants to challenge Silicon Valley as a place that generates digital business, our start-ups need to learn how to ‘scale’,” Kroes said as she launched the SEP website.

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