'It is time to take a concrete step forward from the Draghi Report before it vanishes in the corridors of politics. We need good strategists and policymakers capable of moving beyond this report and developing strategies for EU industrial policy', says Croatian entrepreneur and scientist Stjepan Orešković.  Together with Jörn Fleck, senior director at the transatlantic think tank institute Atlantic Council, he presented the ambitious "Future 500" initiative at the public international conference Conclave II in Brussels. Part of the broader Atlantic Council's platform SEEUS Futures, 'Future 500' aims to identify and support 500 European companies poised for substantial growth and global impact. The goal is to support Europe's new entrepreneurs in competing globally, bolstering Europe's presence on the international economic stage. Stjepan Orešković told us more about the project.

Can you briefly present the core idea of 'Future 500' project?

Drawing on insights from important reports on the future of Europe—prepared by Draghi, Letta, and Heitor—and analysed through the dual lens of scientists and entrepreneurs, the initiative raises several critical questions: Who will execute these competitiveness plans, and the newly published Competitiveness Compass? What mechanisms will be used? What costs will be incurred? And what returns can be expected compared to those of recent high-growth U.S. companies? The "Future 500" project is a cornerstone of the SEEUS platform, representing the U.S., EU, and Southeast Europe, and aims to boost visibility and cooperation among these regions. It is strategically designed to address Europe's pressing need to nurture a dynamic environment that elevates local companies to leaders on the global stage. The initiative focuses on providing venture capital, strategic guidance, and international networking, learning from experts like Harvard University's Dani Rodrik and EBRD's Beata Jaworcik to develop 21st century industrial policies that significantly enhance our competitive position.

Do you already have potential candidates for the 500 companies you plan to select? What are the basic requirements a company must meet to be chosen?

While no specific companies have been chosen yet, 'Future 500' will target entities with scalability and rapid growth potential. The process will be open and continuous, and prioritise economic promise, innovation, and strategic importance within their sectors. We will also seek to establish partnerships with multilateral development banks and investors that are already supporting companies in becoming a competitive force. The focus is on companies that already demonstrate robust growth path, innovative capabilities, and the ambition to scale globally. This ensures that the companies are not only market leaders but also trailblazers in technology and business models. We will build on the experiences of great projects like Scale-Up Europe, which bring together founders, investors, executives and scientists with the mission of making Europe a home for tech champions. For EU candidate countries, these potentially selected companies are especially crucial—they will embody the principles of the new economy and serve as role models for ambitious, internationally competitive firms that do not mostly rely on national taxpayer funding.

How optimistic are you about Europe's global competitiveness potential?

There is significant optimism about Europe's ability to strengthen its global competitive position moving away from prevailing attitudes of self-pity. Eurozone’s stock benchmark total returns, since this bull market began in late 2022, overperformed S&P 500, if we take Nvidia out. European social and health systems are keeping people healthy and active for longer periods at a much lower cost, and have a positive impact on the productivity and competitiveness of our economy on a global scale.

We are trying to echo Immanuel Kant's notion of "genuine enthusiasm" which he mentioned in the context of the French Revolution. Such a mindset can transform challenges into a motivational force, leading to seemingly invincible determination. We need fewer fat cats and puppy dogs—wealthy, complacent elites and overly obedient, unambitious followers—who have been favored in the last two decades. Instead, we need more 'hungry young men'—driven, ambitious individuals ready to take on challenges.

The 'Future 500' initiative aims to proactively address chronic issues flagged in competitiveness reports, such as the need for bold innovation and the scaling of enterprises. Europe's global standing will heavily rely on its ability to integrate advanced technologies, nurture entrepreneurial talent, and refine industrial policies to support inclusive growth. By leveraging its well-educated workforce, rich innovative heritage, and traditional and new industrial sectors—and addressing issues like regulatory fragmentation and market imbalances—the initiative strives to create a fertile environment for business leaders and innovators.

In a nutshell, the "Future 500" initiative marks an important step in testing Europe's economic landscape, positioning the continent as a global competitor by fostering high-potential companies and strengthening the entrepreneurial ecosystem. There is no chance of winning in competition without knowing who our competitors are.

Dr Stjepan Orešković is a scientist and entrepreneur. He is a member of the European Academy of Science and Arts and a founder of Bosqar Invest. Under his family leadership, Bosqar Invest grew its workforce from 300 to over 16,000 employees within five years, showcasing a formidable scale-up strategy that integrates science, technology, investments from pension and other funds, and entrepreneurial courage—a vital approach advocated by Draghi's report. This strategic emphasis likely influenced the Atlantic Council's initiation of the Future 500 project he is talking about.

13-14 March 2025

Your Europe, Your Say! 2025

17-20 March 2025

Civil Society Week 2025

18 March 2025

ECI Day 2025

26-27 March 2025

EESC plenary session