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Europe losing its best IT companies to U.S.

Staff writer ▼ | December 3, 2015
Europe is losing its best IT businesses to the United States, Estonian President Toomas Hendrik Ilves said at a discussion on digital development in London organized by the European Council on Foreign Relations (ECFR).
Toomas Hendrik Ilves
Competition   Estonian President Toomas Hendrik Ilves:
"Startups are moving from Europe to America for two reasons – better possibilities to find an investor and a single digital market, which the European Union doesn't have.

Therefore unicorns, or companies worth at least a billion dollars, which have their beginnings in Europe rather are doing business on the other side of the Atlantic. As a result, the European Union is losing out in competitiveness compared with the the U.S.A. and Asia year after year," the president said.

Ilves focused in his remarks mainly on the steps that Europe should take to be able to compete with the United States and Asia in the provision of e-services.

"I'm glad that Britain is one of the most business friendly countries in the European Union. It is also one of our strongest allies in pushing for digital development across national borders," Ilves said.

"We must make serious effort to create a more favorable economic environment for technology intensive businesses.

"The European Union has been unable to ensure cross-border movement of e-services and businesses have to stand face to face with 28 different tax systems, data protection and consumer protection authorities," he added.