Daniel Ek, co-founder of music streaming service Spotify, which has yet to post a profit, said he has no plans of selling the company, Reuters reported.

“My selfish ambition with Spotify is just trying to show … that we can create one of those super companies here in Europe,” he said, adding that “I’m not going to sell, no”.

In fact, his “number one advice” to start-ups is not to sell, which he deemed “the biggest problem we have”. He believes small firms “could grow gigantic if you just kept the course and kept doing what you’re doing”.

Ek also said that “for the first time now there’s an ecosystem” in Europe “with capital and experience that can actually help guide entrepreneurs”.

Investors believe Spotify may decide to go for a public listing, while analysts say the firm could be acquired by a larger tech giant.