Hailing innovation to find road to prosperity

Europe should value the innovation brought by new market entrants like Uber’s taxi service more than it values the protection of existing participants, writes Alberto Heimler.        

THE contrast between Europe’s resistance to Uber and America’s warmer reception for the ride-sharing service highlights once again how European regulatory structures, in principle designed to protect consumers, end up protecting entrenched suppliers and stifling innovation.

This contrast can also point us to the ways Europe’s governments should amend their rules, encouraging entrepreneurs to develop cutting-edge business models at home rather than being forced to accept innovations only after they have become best practices abroad.