site.btaMEP Tsvetelina Penkova Says Bulgarian Start-up Sector Expressed Strong Support for EU Start-up Legislation

Interviewed by BTA, Bulgarian MEP Tsvetelina Penkova (Group of the Progressive Alliance of Socialists and Democrats/Bulgarian Socialist Party) said that there had been many meetings with representatives of the Bulgarian start-up sector, who expressed strong support and a desire for start-up legislation. This led to the idea of drafting legislation on start-ups in the European Parliament.

Penkova and her team initiated the first such legislation in the European Parliament. The resolution on increasing innovation, industrial and technological competitiveness through a favourable environment for start-ups and scale-ups was adopted in December 2023. It defines start-ups, lays down a common European framework and opens up an opportunity for start-ups in the European Union.

The MEP said that many Bulgarian start-ups have to look for financial support, often outside Europe, and move to Asia, the US or the UK which offer more opportunities for financial support. "They implement their projects away from Bulgaria, meaning that we lose human resources, and innovative ideas and added value go elsewhere," she said. The start-up legislation aims to keep young people in their home country where they want to implement their projects.

Penkova said there was clearly a need for legislation, but for her it was more important to hear young people involved in start-ups on whether they want such regulation. "Politicians and regulators will always say 'yes, there is a need for more regulation,' but the conversation started from the opposite direction, from the people concerned, before we tabled the motion to the European Parliament," she said.