欧洲必须为其初创企业提供增长所需的资本，而不必离开大陆，让-克里斯托夫·拉卢克斯如是说。欧洲投资基金即将上任的首席执行官在周五于都灵的Vento Wave活动上发表了讲话。
Europe must give its startups the capital to grow without leaving the continent, Jean-Christophe Laloux said. The incoming chief executive of the European Investment Fund spoke at Wave by Vento in Turin on Friday.
“仅在欧洲创新还不够。你还必须能够在欧洲实现规模化。而这对主权概念来说真的很重要，”拉卢克斯说。
“It’s not enough to innovate in Europe. You also must be able to scale in Europe. And that is really important on the notion of sovereignty,” Laloux said.
主权并不意味着保护主义或孤立主义，他说。它意味着在真正重要的领域提供欧洲替代方案，从关键原材料到网络韧性。
Sovereignty does not mean protectionism or isolationism, he said. It means offering European alternatives where things really matter, from critical raw materials to cyber resilience.
拉卢克斯是欧洲投资银行欧盟贷款与咨询业务总干事。他将于1月1日接任欧洲投资基金（EIF），即该银行集团的风险投资部门，EIF于7月曾如此表示。英国《泰晤士报》的伊恩·金采访了他。
Laloux is director general for EU lending and advisory operations at the European Investment Bank. He takes over the EIF, the bank group’s venture arm, on 1 January, the EIF said in July. Ian King of The Times interviewed him.
资金规模足以留住公司：瓶颈已从早期创新转向规模扩张，拉卢克斯说。这就是增长阶段，从B轮到C轮。
Funds big enough to keep companies The bottleneck has moved from early-stage innovation to scaling up, Laloux said. That is the growth stage, from Series B to C.
欧洲科技冠军倡议正是为了弥合这一差距而设立的，他说。这是一个近40亿欧元的母基金，由六个成员国和EIB集团支持。它投资于规模约为10亿欧元的风险基金。如此规模的基金能够开出更大的支票，因此已完成A轮和B轮融资的公司可以实现更快增长并留在欧洲。在同一活动中，维托里奥·科拉奥告诉记者，欧洲需要一个统一的资本市场。
The European Tech Champions Initiative was set up to close that gap, he said. It is a fund of funds of nearly €4bn, backed by six member states and the EIB Group. It invests in venture funds of about €1bn. Funds that size can write bigger cheques, so companies that have raised Series A and B can grow faster and stay in Europe. At the same event, Vittorio Colao told reporters that Europe needs a single capital market.
该倡议已支持12只基金，他说，这一数量几乎是五年前欧洲10亿欧元规模基金数量的三倍。这些基金目前已持有15只欧洲独角兽企业。
The initiative has backed 12 funds, he said, nearly three times the number of €1bn funds in Europe five years ago. Those funds already hold 15 European unicorns.
拉卢克斯预计将在11月宣布第二版倡议。它还将支持规模在3亿至5亿欧元之间的基金，因为并非每个生态系统都拥有规模达到10亿欧元的基金。它将增设一个平台，供机构和私人投资者与这些基金共同投资。
Laloux expects to announce a second version in November. It will also back funds of €300m to €500m, because not every ecosystem has funds that reach €1bn. It will add a platform for institutional and private investors to co-invest alongside the funds.
意大利政府为这项计划投入了1.5亿欧元。Laloux表示，这些资金已用于投资7家意大利公司，其中3家公司还与国际合作伙伴进行了合作。这表明国际投资者对意大利的创业生态系统非常感兴趣。
Italy’s Italy put €150m into the initiative. The funds it backs have invested nearly €600m in seven Italian companies, three of them with international partners, Laloux said. That shows international investors find the Italian ecosystem interesting, he said.
关于风险投资贷款与政府补助：Laloux指出，欧洲投资银行集团（EIB Group）也通过风险投资贷款的方式为初创企业提供资金支持。这些贷款的还款期限至少为5年；银行获得的回报并非高利息，而是与公司的经营业绩相关的认股权或其他形式的奖励。此外，该集团还负责为欧洲创新委员会（European Innovation Council）提供的早期创业企业融资项目中的股权部分进行资金安排。
Venture debt and grants The EIB Group also lends to startups through venture debt, he said. It has no repayment for at least five years, and instead of high interest, the lender takes warrants or similar rewards tied to the company’s success. The group also structures the equity side of the European Innovation Council’s funding for early-stage startups.
资金的具体投向：Laloux表示，欧洲的深度科技产业在过去五年中的估值从约1万亿欧元增长到了4万亿欧元，其增长速度超过了欧洲经济的其他领域。他提到的重点领域包括气候保护、网络安全与国防、太空技术以及生物技术。他表示，获得欧洲投资银行集团资助的公司中，Isar Aerospace的“Spectrum”火箭已在挪威成功发射。
Where the money is going Deep tech in Europe has grown from about €1tn in valuation five years ago to €4tn, faster than any other part of the economy, Laloux said. He named climate, security and defence, space and biotech. Funds that received EIB Group money backed Isar Aerospace, he said, whose Spectrum rocket launched from Norway.
在网络安全与国防领域，过去一年间资本投入和公司估值的增长最为显著。欧洲投资银行集团（EIF）将重点关注欧洲仍具有领先优势的四个领域：人工智能（AI）、医疗与生物技术、网络安全与国防，以及清洁能源技术。
Security and defence, including cybersecurity, is where capital and valuations have grown most in the past year, he said. The EIF will focus on four areas where Europe still leads: AI, health and biotech, security and defence, and cleantech.
谈到人工智能，Laloux强调欧洲绝不能落后于其他国家，因为人工智能能够显著提升生产效率。他表示，欧洲既不能对人工智能放任不管，也不能用过多的法规来束缚其发展。欧洲投资银行集团已为欧盟的人工智能产业发展计划准备了30亿欧元的资金。
On AI, Europe cannot afford to be left out, because it can lift productivity, he said. Europe must neither leave AI unregulated nor smother it with rules. The EIB has earmarked €3bn for the EU’s AI gigafactories, he said.