Earlier this week, Neelie Kroes - the European commissioner responsible for digital issues and technology - launched the `Startup Europe' campaign which will encourage more technology entrepreneurship on the European side of the Atlantic.

Launching the `Startup Europe' campaign on Wednesday, March 20, Kroes said that Europeans need to be "creative and fearless" because these are the virtues which have, in the past, laid the foundation of the world's "most exciting web and tech companies" of the European Union (EU).

With European innovators having already attained remarkable feats in the past, it is being hoped that dedicated funds and support - including invaluable guidance from entrepreneurs who have seen stupendous success - will pave the way for innovators to achieve big things in the future as well.

The `Startup Europe' campaign will chiefly provide assistance to local innovators so that they can create as well as develop businesses while remaining in Europe. As a part of the campaign, a separate programme will be rolled out in January 2014 for providing research funding for European startups.

About the `Startup Europe' campaign, Ryan Heath - the EU Commission's spokesman on digital issues - said: "We're trying to show that running to America or selling out your company to America isn't necessary to be successful."