The European Commission has drafted plans to set up a 100 billion euro investment fund to boost European tech companies, the Financial Times and Politico report. “The emergence and leadership of private non-EU competitors, with unprecedented financial means, has the potential to obliterate the existing innovation dynamics and industrial position of EU industry in certain sectors,” a leaked document states, referring to tech giants like Apple, Google and Alibaba. At this stage, it’s unknown whether the upcoming new administration led by Ursula von der Leyen will adopt the proposal.
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