Companies with new ideas need to be able to hire and achieve scale as fast as possible. [13] The rate of firm creation is actually similar in the United States and Europe, but US firms grow faster. [14] This is an area where we can make huge gains simply by taking full advantage of our Single Market.
A deep, complete and digital Single Market would allow firms to expand faster and achieve European scale, thereby increasing the return on innovation and capitalising on a large market. Second, for young firms to grow quickly, resources need to flow towards them. And since the new firms that create the most jobs are typically the most risky, access to early-stage financing is particularly important.