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President Ilves in London: the European Union is set to lose its IT unicorns to America


"Start-up companies are moving from Europe to America for two reasons – the better opportunity to find investors and a common digital market, which the European Union doesn't have. Therefore, the unicorns that started in Europe or enterprises with a minimum value of a billion euros prefer to operate overseas. As a consequence, the European Union will lose some of its competitive edge to the USA and Asia every year," explained President Ilves, who spoke today at a digital discussion in London that was organised by the European Council on Foreign Relations.

In his address, the Head of State mostly focused on steps that Europe should take to remain competitive with the USA and Asia in the provision of e-services.

"I am pleased that the United Kingdom is one of the most business-friendly countries in the European Union. And it is also one of our strongest allies in giving impetus to cross-Member State digital development," added President Ilves.

"We need to make significant efforts towards creating a more favourable environment for technology intensive companies. The European Union has been unable to ensure the cross-border movement of e-services and companies are challenged by the taxation systems, data protection and consumer protection of 28 different countries," stated the Head of State.

Office of the President
Public Relations Department