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The EU and its Member States must 'transform Europe's research labyrinth into a European Research Area open to the world, attracting the best brains and contributing to address global challenges', said European Science and Research Commissioner Janez Potocnik.

world-class infrastructures

But what we want to focus on here are VC funded web 2.0 ventures that got to profitability as standalone ventures.

The point here is, what other Web 2.0 companies have been funded by VC and have reached profitability? Surely there must be some more? Did all the 2003/2004 era Series A funded ventures either exit or fail? Or are some on the cusp of profitability, with enough investor cash to get them there? Even with revenue forecasts that may need to be to brought down as a result of a slowing economy?

The fundamental aim of the programme is to create an easily accessible and sustainable European Research & Development (R&D) support mechanism for businesses as well as encouraging them to create new economic activities. Also as part of the programme, enterprises will be assisted in promoting their technological and business development and internationalisation. The Eurostars Joint Programme does not intend to supplant existing national or EU programmes which support R&D performing SMEs in their innovation process. Instead, it is meant to complement them and achieve synergies with the relevant national research and innovation programmes. In so doing it will help realise the European research Area (ERA).