The situation of European start-ups and the impact of their activities on the stimulation of the EU economy

The main problem was considered by the discussants to be the insufficient scalability of European start-ups and the growing phenomenon of early relocation of newly established ICT companies established in the EU to non-European innovation centres (primarily Silicon Valley). This results in the advantage of the US over the EU in creating so-called "unicorns", i.e. start-ups worth over USD 1 billion (in 2015, 13 companies in the EU obtained such status compared to 22 in the US). Entrepreneurs emphasised the need to support the "sector" of start-ups by creating a friendly regulatory environment at both the national and EU level (including write-offs of expenditure on innovation, pro-investment tax reliefs, programmes co-financing technologies and innovative solutions). In this context, the EU Horizon 2020 program and the Start-up Europe Initiative were positively addressed, under which start-ups, especially those operating in the ICT area, can receive funding, expert advice (including legal assistance) and access to cooperative knowledge exchange networks (networking). Representatives of the Austrian Ministry of Science, Development and Economy emphasized the role of start-ups in transferring technologically advanced solutions from the world of science to industry supporting the creation of a knowledge-based economy. Researchers from the University of Vienna presented the spin-off system operating at this university in partnership with the external consulting company INITS. As an example of a successful spin-off venture, Dr. Christian Pawlu's company Crystalline Mirror Solutions was presented, using know-how generated at the Faculty of Physics at the University of Vienna. Solutions used in the commercialization of scientific results in Austrian higher education can be an inspiration for business incubators operating at Polish universities. **Supporting the development of start-ups is in line with the goals of the so-called Commissioner Juncker's Investment Plan, which aims to create a more investor-friendly economic environment and eliminate barriers that hinder the allocation of investments in the EU.[/fusion_text][fusion_text]All the above-mentioned actions make it possible to increase the competitiveness of the economies of individual Member States and the EU in comparison to its biggest rivals: the USA and China. To achieve this goal, it is necessary to eliminate institutional barriers that hinder the development of start-ups and mobilise the creativity of European entrepreneurs. Changing the way consumers think and getting them interested in innovative products may also prove useful in the process of creating additional economic growth in the EU.