The initiative is good because they have, at least, the objective of doing something about it. There is in fact a lot of startup accelerators and incubators being created in Europe based on Y COMBINATOR & TECHSTARS models. There are just not mature enough yet, but this will come. The problem is that, besides London, there is nowhere to go in Europe. The population is generally "old school" and is quite pessimistic, they are simply uninterested. In Europe, people want to work less and earn more while in USA, poeple will do just anything to succeed. It's no miracle that America is the best place for startups, Europe has a different cultures due to different lifestyles. Mentality changes with initiatives so I welcome this one and will wait to see the results before bearing a judgement. After all, when there's no evolution, there is a revolution! It's the moto of the french revolution and France is in Europe so let's be optimistic for this one ;)