The European Commission (EC) wants to match Silicon Valley's success in the tech arena. To do so, the EC has launched a tech startup accelerator and think tank in Europe, according to V3.

The EC launched the Startup Europe Partnership accelerator and the European Digital Forum think tank at Davos' World Economic Forum. The founding partners of the said projects include Telefonica, the European Investment Bank, Orange, the University of Cambridge, and Nesta, the report detailed.

The accelerator program aims to help tech firm in Europe achieve global success without being hindered by the economic limitations of their home country. UK innovation charity Nesta and the Mind The Bridge Foundation will head the said program, the report explained.

The EC wants to help startups get access to the tools and investment that they need to succeed and contribute to the European policy. As Telefonica chief Jose Maria Alvarez-Pallet said, Europe needs to close the gap between startups and big companies, the report added.

Alvarez-Pallete said: "Boosting Europe's digital competitiveness needs policies that spur investment and kick-start growth, but at the same time we need to encourage and support innovation-driven entrepreneurship. Key to this will be to narrow the gap between startups and multinational corporations - which is one of the core objectives of the European Digital Forum."