Macron’s 2030 EU tech push is oddly modest

2 minute read

French President Emmanuel Macron delivers an address to French startups at the Elysee Palace in Paris, France, September 14, 2020. REUTERS/Charles Platiau/Pool

Register now for FREE unlimited access to

LONDON, June 16 (Reuters Breakingviews) - Emmanuel Macron, like most European policymakers, wants the bloc to have more technology giants. The French president on Tuesday laid down a target of 10 companies worth at least 100 billion euros by 2030 read more . It’s oddly modest.

The bloc already has two, in 243 billion euro Dutch semiconductor equipment giant ASML (ASML.AS) and 148 billion euro corporate IT specialist SAP (SAPG.DE). Payments group Adyen (ADYEN.AS) and industrial software maker Dassault Systemes (DAST.PA) are close at 58 billion euros and 52 billion euros respectively. Simply grow the current crop of regional tech companies by 10% annually and there would be six 100 billion euro-plus groups by 2030. In other words, the bloc could get most of the way to Macron’s target without state help.

Why not aim for 20 or 30 behemoths, and pick sectors where governments could help? Europe last year raked in 40% of all capital invested globally in rounds of less than $5 million, compared with America’s 35%, Atomico reckons. Venture investors see the region’s potential. So should Macron. (By Liam Proud)

Register now for FREE unlimited access to

On Twitter

Capital Calls - More concise insights on global finance:

Mortgage IPO comes out swinging Down Under read more

Mizuho executives take pointless pay cuts read more

Corporate America blowback read more

U.S. and EU bury trade hatchet in China’s back read more

SoFi lands a Wall Street internship read more

Register now for FREE unlimited access to
SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: <a href="" target="_blank"></a> | Editing by George Hay and Oliver Taslic

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.