ECCS - 2018
Europe is joining forces – a unique and important gathering of
stakeholders committed to making Europe more globally
competitive in the Fourth Industrial Revolution
Digital disruption of industries is one of the biggest challenges for European political leaders and leaders of established companies. Responses to date have been moderately successful but need to increase by a factor of 10 for Europe to remain relevant on a global scale. Key indicators make clear how seriously the EU is falling behind:
Europe has less than 15% of the world’s startups valued higher than US$1bn, compared to 47% in the U.S. and 34% in China.
European countries combined are not even in the top three investor ranks for venture capital in robotics, big data, fintech, AI and virtual reality; the U.S. and China dominate.
European authorities are typically quicker to impose regulation on new technologies than those in the U.S. and China, where digital services such as mobile payments have been allowed to mature for up to 11 years before they start regulating.
- As an indicator of digital citizenship, mobile payments in China totalled US$163 in 2016, Europe realized not even half the amount - US$64.
We believe that Europe’s political and private sector leaders can together create the momentum to close these gaps.
What is the purpose of the summit?
Organized by FACTOR10 in collaboration with the World Economic Forum’s Digital Leaders of Europe team, the 10x Entrepreneurial Co-Creation Summit is now in its third year. It brings together European C-level board members of large corporates, tech entrepreneurs, family business owners, investors, politicians and thought leaders to share insights, increase mutual understanding and build momentum to tackle Europe’s digital challenges.
Why the name “10x Entrepreneurial Co-Creation”?
Disruptive tech typically has a “10x” business model – aiming to deliver 10 times the growth of previous businesses in an industry. Any initiative to boost European digital business should therefore be at least as ambitious – indeed, closing the gap to America and Asia will require building impactful high-growth businesses at an even faster pace.
This is a serious challenge, but not impossible. When an entrepreneur and established company contribute assets, resources and financial means to a partnership, it is called an entrepreneurial co-creation. In such partnerships, the assets of Europe’s established companies could form the basis of new, high-growth digital businesses.
For entrepreneurial co-creations to achieve “10x” potential requires two additional factors: an active ecosystem of investors, and a legislative framework that removes obstacles for regional and international investors and fosters the growth of digital business models.
Who are FACTOR10?
FACTOR10 is a company builder with and for established companies. The mission is to create a better future. In 2015, established companies approached FACTOR10, fed up with the slow progress in digitalization. Fruitful partnerships in-between established companies and FACTOR10 have been settled, aiming to create strategic relevant digital business. As founders, we have the responsibility to raise Europe to the next level to play a significant role in the digitalization. FACTOR10 is driven by impact and entrepreneurial execution. It comprises an international team of 60 experienced people with entrepreneurial and/or a technical background. Founded by tech-entrepreneurs. Based in Berlin, Cologne, and London.
FACTOR10’s founding partners are members of the World Economic Forum’s Digital Leaders Network. They contributed to the “Declaration for a pan-European (digital) ecosystem for Innovation and Entrepreneurship” and the whitepaper “Collaboration between Start-ups and Corporates”, which discusses the entrepreneurial co-creation model.
What will happen at the Summit?
Approximately 25 high-profile participants will participate in moderated group discussions in four parallel sessions that will challenge conventional thinking and develop new insights and perspectives on the methodology, technology and governance of digitization:
1. European digital single market
How will a European digital single market impact business building, investment and attracting talent, and how can it be created in a reasonable time?
2. Effective digital business creation
What have we learned from 60 years of venture capital about building new, strategically relevant digital businesses to compete globally?
3. Disruption of societal key pillars
How quickly are key societal pillars being disrupted, and what are the driving forces?
4. Data, privacy and security
How do we leverage opportunities and avoid risks related to digital data, privacy and security?
The session format is comparable to the World Economic Forum: the Chatham House Rule applies; participants are chosen to represent diverse backgrounds; and sessions are for sharing insights, not promoting products.
How can I participate?
Participation is by invitation only and limited to 100 in total. We gladly receive recommendations regarding people that can contribute to our case. If you feel, you could contribute, please contact us.