Europe must not try to regulate the Internet

[Commentary] Europe’s digital economy ministers will meet to discuss the future. Their agenda should be obvious. The Internet has been the bright spot in an otherwise bleak EU economy. The agenda for European governments should be clear: concentrate on policies that enable new business creation and encourage established businesses to innovate through technology. Create incentives for risk-taking to counter the worrying decline in venture capital investment. Make it quick and easy to start your own company and take the stigma out of failure by creating incentives that encourage entrepreneurs to try again. Embrace trade and fair competition and back innovation.

The real focus of governments should be on creating the necessary conditions for business growth and job creation. Far better to concentrate our collective energies on: support for innovation, developing public procurement from innovative small and medium-sized enterprises, increasing access to capital for start-ups and growth firms, boosting infrastructure and enhancing training and digital skills. EU nations should consider carefully how to ensure their economies profit from these Internet enterprises, new jobs and greater economic dynamism. That is the real prize. The new global economy is digital and those countries that support the growth of technology businesses will be the real winners.

[Shields is chief executive of Tech City UK and UK business ambassador for digital industries]