The European Commission has enlisted banks, telcos and universities for a new accelerator programme designed to help tech start-ups scale and take on the giants of Silicon Valley.
Frustrated by the inability of European technology companies to become true global players in the mould of Google and Facebook, the EC has established the Startup Europe Partnership.
The partnership will seek to build bridges between Europe's start-up, corporate and investment communities to help young firms raise funds, beat language barriers, and share best practice.
In addition to the accelerator, the EC has also unveiled plans for a new think tank, dubbed the European Digital Forum, designed to give the tech scene a stronger voice.
BBVA, European Investment Bank, Telefonica, Orange, Cambridge University, IE Business School, Humboldt University, the Lisbon Council, Nesta and Mind the Bridge Foundation have all joined the programme as founding partners.
EC vice president Neelie Kroes says: "Politicians don't create jobs, entrepreneurs do. We're going to support that mindset and push European start-ups beyond their comfort zone. And then we're going to get out of the way. Sometimes the best thing a political leader can do is get out of the way."