 Well, good morning, ladies and gentlemen. Thanks for joining us here today on day two of the annual meeting 2014, a 44th annual meeting, and a meeting with a theme which is very much dominated by dialogue and action around increasing entrepreneurship and tackling youth unemployment. Professor Clyde Schwab of the World Economic Forum indeed himself said that intergenerational crisis was the biggest challenge we face today. So on that note, I'm delighted here to be with my esteemed colleagues who will be talking about and launching a scheme to encourage entrepreneurism in Europe. This is the launch of startup Europe. Before I ask my colleagues to say a few words and explain the scheming in more detail, I just introduced them. So, in my immediate left here is Jose Maria Alvarez-Peite, Chief Operating Officer, Telefonica, needs an introduction, Needy Cruz, Vice President, Commissioner for the Digital Agenda European Commission in Brussels, and the Co-Chair of the Governors for Information and Communication Technologies Industries 2013. And I'm joined on my far right by Natalie Boulanger, Senior Vice President, Orange Startup Ecosystem, and also Mr Verna Hoyer has also joined us. I'm very, very welcome to you too, sir. I would just like to encourage first of all to invite Ms Cruz to say a few words and talk about the importance of this scheme and how you intend to reinvigorate startup culture in Europe. It is a fascinating issue that we are sitting together, and I'm delighted that main players in the business world and in the banking sector are joining and giving a little bit more explicit information. What is at stake that we really need a startup mindset and that it is talking about an opportunity and an instrument for making a difference and talking about Europe, being responsible for the European agenda, giving an instrument for just changing it. Europe needs thriving startups, no doubt about that. Politicians, governments, commissions are not creating jobs. It is the business world, it is everyone who is active in the outside world, but we, of course, have a responsibility. We pretend not to be bureaucrats. Anyhow, if you think we are bureaucrats, we don't create jobs, but we have to give comfort to a climate in which it is possible and in which it is giving a push. The right policy supports, so to say, and that means also removing obstacles. We are aware that there are obstacles, still obstacles, so to say. Being aware of that, we have to act. I'm committed to support startup and investor communities to improve their own conditions where they can, and that is how we came to be together. And together in this room doesn't mean that it's only for this press conference, but it is because the intention and the goal is combining us. We are on the same page. And what I'm mentioning, and I've mentioned it before, and certainly after my recent visit to Athens, taking over the Greek presidency, was an event where the commission was attending, and I took the opportunity to just push another activity and giving a hand for that. The Dutch ambassador in Athens just cleaned up the fitness room in the embassy. It is, by the way, a huge fitness room. It's a basement and so on. Get rid of all those, and he was mentioning to his people, do it at home or elsewhere. And he gives just opportunities for startups. He organized mentors, researchers, bankers, and so on. And he just opened the door, and so far there are 20 startups. There is a long waiting list, and I am absolutely certain that type of giving opportunities and possibilities is at stake. So tech entrepreneurs in Europe, males and females, by the way, and that is extremely important. We can't afford to neglect 50% of our population, so to say. What is at stake now? We are starting early stage investors are getting organized, adding their own specific manifestos to give one example. But those entrepreneur demands is the need for a new mindset. And therefore the new think tank we launched today is extremely important. And I am very delighted, very much delighted that Telefonica Orange and the European Investment Bank are attending this press conference and will give you far more information. But thanks heaven, they are not the only ones. We have a long list, and we can, in the meantime, prove for Telefonica was sitting here last year, and they filled in. And we badly need those examples to have that change of mindset. And it's not talking about a generation that starts 23 or whatever, it starts much earlier on. And that is fascinating in, for example, the campus party that is backed and organized by Telefonica, but there are a couple of other similar events. There the youngest are 13, 14 years old, and then we are talking. And if that mindset is just coming up, so I'm delighted to listen to all the examples of Telefonica of Orange of the European Investment Bank. It is just role models and we badly need them. Thank you, Commissioner Cruz. Jose Maria of Ares Pelete from Telefonica, but perhaps you could talk about the commitment and the role of the Telefonica in a large corporate such as your own complain in this agenda setting initiative. Thank you very much, and thank you very much, Commissioner Cruz, once again for having us here, jointly with the Commission. This is not something new. We were discussing this with the Commission for a long while, and in fact we have been very active since then. Europe needs successful stories of entrepreneurs because innovation was flying away from Europe. If you wanted to be successful in a startup in a very innovative project, it looks like Europe was not the place to be. And this is starting to change, and I think this is the kind of mindset that we need to have that you can be very successful because Europe has always been a place, very innovative place, and a place where standards of technology, standards of innovation have been created. So that's where our concern, that we wanted innovation to stay in Europe, to be very active in Europe, and therefore to be a crucial part of our strategy in Europe. And we agree politicians do not create jobs. This is not the role. The role is to create the framework and to create the infrastructure and the policy to make sure that this framework, this mindset can be positive and can be expanded. And this has been the case for a little while. So therefore we cannot blame the lack of a legal framework. It can always be improved, but we are in the right direction. That's why we joined last year the initiative of Commissioner Cruz. We committed. We did not just join. We committed as well to some specific targets. We have overperformed those targets. And I think this is good for Europe, for what we are trying to do jointly, but on top of that for our own company, because those entrepreneurs getting close to this kind of innovation, getting closer to this kind of disruptive ideas is helping us to change Telefonica, to do a better company, to change and to create what is called efficient innovation, to change the way we do things and to do it better, to do it in a much more innovative and productive way, and therefore to be better as a company. We have created several programs. Those programs have a scale, and therefore we have track record, and we have specific figures that we can share. You can visit physical spaces where we are creating innovation, where we are fostering startups, where we are fostering and partnering with young people that are creating their own business. So therefore we are not talking about projects, we are talking about realities. We have filtered more than 23,000 projects in the last three years, and we have created more than 300 startups just in the last three years. We are also teaching code at schools, through theme big schools, we are creating apprenticeships on the startups, therefore it can be done. We cannot blame it on the framework, we cannot blame it on the regulation, it can be done, and it has a very positive impact on your business. In September we supported the startup manifesto, issued by the commission, because we think it is the right time, because now on top of everything that we have been telling so far, we have another problem in Europe which is youth unemployment, and we need to find ways to solve that problem as well. I deeply think that fostering entrepreneurship is part of that solution. Therefore we are committed, we have delivered, we are committed to deliver even more. We are fully aligned, but we also think it is very positive for a company like us to get close to this kind of mindset because it helps to build a better company as well. Thank you, so very welcome remarks, and of course the forum as well is very active in fostering entrepreneurship. It is one of our flagship schemes in Europe, and we continue to enjoy working productively with all the stakeholders at this meeting to foster that. I would just like to now ask Natalie Boulanger, Senior Vice President of the Orange Starter Ecosystem, to maybe tell a bit about how you are involved in driving entrepreneurship in your organisation. European Union was first built through the melting pot of the coal and steel community, transforming tools of wars into resources for economic development. Today's coal and steel is the startup ecosystem. The digital economy is both driving economic growth and improving dramatically our daily lives, e-health, e-education, smart cities, smart homes. In a nutshell, smart and sustainable civilisation. That's why, at Orange, we are very proud to be associated with those two initiatives, with the two bright programmes which reflect our approach to open innovation and our commitment to support start-ups, scale-ups and become European leaders. Therefore, we also seek to contribute to economic growth in Europe and courage job creation and help future talents. Open innovation is part of our DNA, and we already launched several initiatives to support start-up scale-ups, and especially we created Orange Publicist Fund because start-ups need money. Also, we launched Orange FAB, our Worldwide Acceleration Program, dedicated to start-ups which already have a product or service developed to help them to reach the market and go international. Why accelerating innovation for our customers? Our start-ups also first need customers and revenues, so it is a win-win programme for both Orange and the startup ecosystem. We also created, in partnership with Girls in Tech, a pan-European challenge to promote start-ups founded or co-founded by women. Of course, we are willing to go further together thanks to SEP and DEF initiative to help start-ups to scale-ups. Thank you so much. And last but not least, Mr Werner Heuer, President of the European Investment Bank. Thank you very much. Let me first of all thank Commissioner Cruz for inviting me when she calls I'm there, as always, because we are cooperating very well between the Commission and the European Investment Bank Group on the digital agenda. Normaly, we are talking about big tickets on broadband coverage and things like that. Now, we are talking about the complement to this, and this is SMEs. SMEs are very innovative and which are absolutely needed. When it comes to SMEs in Europe, we have one major problem that we need to address aggressively, and that is the lack of equity culture in Europe, which makes it easier for SMEs to get started and get going and to get continuing. So the subsidiary of the bank, of the EU bank, the European Investment Fund is strongly concentrating on both these pillars, SMEs on the one hand and innovative technologies on the other hand. So it goes without saying that we observe and support this initiative very strongly. I think in view of the fact that we have already an investment in 3,800 technology-oriented SMEs in the portfolio, and that we will be able in the next years until 2020 to invest around a billion per year euros into SMEs. There will be a high concentration towards innovation-oriented companies. By the way, when I say SMEs, I would like to complement what has been said about the issue of youth unemployment. I think the solution or the mitigation of the huge problem of youth unemployment must come from SMEs mainly and therefore innovation-oriented support for SMEs via equity on the one hand and strengthening of the mismatch overcoming in the preparation of young people for jobs in innovation and technology-oriented spheres is essential. So on behalf of or upon the request of the European Council, we are heavily investing in the field of youth unemployment or fight against youth unemployment, and these things go very well together because it is the most promising field in which you can invest. If you invest in young people and in your technologies last word, Europe is in a deep crisis and we are so stuck in the crisis that we are sometimes overlooking the fact that there is a life after the crisis. And for the life after the crisis, the global competition, we need to be better prepared. This is why I particularly welcome this initiative towards startups in the field of your technologies. Thank you very much. Thank you, sir. Would you mind if I add again, and I'm repeating myself, so the launching today of the Think Tank is combining all those activities of the banking world, the companies that are active in this field, but also the universities and research institutes, and that combination is the type of a broad church, if you allow me to say it. So it helps translating the startup manifesto and the startup manifesto was a product and is a product of startups, but in the meantime very successful eight startups who were confronting the commission, who were confronting the council with the leaders of the European member states with, please, there is talent, and rightly said by Werner, please come out of your comfort zone and comfort in this case, not completely comfort, but come out of your way of thinking as you did, there are opportunities and people are waiting, the younger generation, but by the way startup can also be an older one. Thank you very much. Indeed, I'm reminded of a lot of the talk before this meeting, which was indeed about moving away from the crisis mindset and actually taking some time and finding the intellectual space to start planning long term and thinking about moving forward. Before we hand over to questions, I'd just like to ask one of my own, if I may, maybe it's the old journalist in me. We talk a lot about competitiveness at the World Economic Forum and we see in Europe a competitiveness divide. Can you perhaps talk about how you see startup culture helping narrow this divide and what role startups can have in creating a more unified level of competitiveness across Europe? They are, per definition, out of the box thinkers. They are not accepting what we are used to, so there it starts. They, in most cases, are in a situation where they are thinking of new economic models and where in the way that both, or that the three other members of the panel are describing, are taking opportunities and backing them. So competitiveness is at stake and I am absolutely certain that we have to just narrow the gap. Also talking about a global scene and it's not anymore for sometimes people are saying, why not a Silicon Valley in Europe? And I'm always saying, come on, not copying Silicon Valley. We have a culture, we have our own opportunity and our own business models and make with our values the best out of that and then it seems to be that there is a two-way traffic. Youngsters, startups are coming over from other parts of the globe and I think you have an excellent example, Jose Marie, with the founder of 20. Yes, we are finding examples, we are finding specific examples of people that is coming from the US and from other parts of the world. But in this case it's an example of a person coming from California to find their startup in Europe. And when we ask him why, why is he doing that while he has another ecosystem, probably more favorable ecosystem down there, he says that he is finding in Europe things that he is not able to find elsewhere, which is namely a different culture, a more environmental and more social oriented culture. And on top of that he finds that education is probably as good here that it is there. And there is a brighter perspective here because competition is just starting here. So do we have some pillars that we can build? We have the education, we have the framework, we have a tradition of innovation in Europe as well and we are starting from a new stage. So I think that we have very positive things to offer to people that would like to come to Europe to create their own startups here. And I think that by doing that we can shift a little bit because it looks like everything has been globalized but innovation that is supposed to happen in very specific places. Olivier, what we were discussing, it's not only the northern part of Europe or whatever part, it is all over Europe. A very good point, thank you. I'll see if there are any questions. You mentioned in the pre-briefing this is also about the startup Europe partnership. What's different about this partnership as opposed to other initiatives in the European Union and sponsored by the Commission? How is this, besides the partners who are involved, how is this going to really seek to make a big difference in Europe in the culture and the opportunities for this ecosystem to improve? Thank you. I'm not saying that we are replacing other initiatives and we should learn from each other and this one is really the answer on the manifesto that was at the table. And the manifesto for me was a global manifesto in a way for talking again about those founders, successful founders, the eight successful founders. Four of them with US passport but acting in Europe, it was their plea for you have to change your climate in Europe if you are interested in attracting more startups. And then you need a body and that is the bro church so to say, the think tank and that is also the answer to the council of presidents and prime ministers. That we are aware that within a combination of universities, researchers, bankers and the business world, we can give an answer. And if you are listening to Jose Marie but also to the orange examples, you are talking about numbers and we need role models. We need to make it clear close to ourselves that sitting at home is no alternative only in the app developing world. The last two years in Europe 800,000 jobs are created so or were created so then you are talking and not every startup initiative is a success but then we are coming back to the failure too. We have to change our mindset and we have to prove that you need to have failures too. For otherwise, you didn't do Europe most.