Europe’s Wake-up Call: Catching Up on AI and Deep-Tech Innovation
Europe has been lagging behind the US and China in creating and holding onto ground-breaking technology companies for years. However, Europe is now waking up to the challenge and doesn't want to miss out on the innovation race focused on AI and deep tech. In the last couple of years, European policymakers have been much more vocal about strengthening the continent’s tech sovereignty. This is crucial for Europe to meet its strategic goals, such as climate change targets and defence needs.
Although Europe has bred some big tech companies, such as Nokia, Ericsson, Spotify, Skype, and Booking, very few of them have managed to become category leaders. During the last technology revolution, Europe largely missed the boat, and the tech giants such as Google, Facebook, and eBay were built in the US, not in Europe.
Regulation is necessary to ensure tech is developed in a safe and sustainable way. However, at the same time, the regulatory landscape can feel overwhelming for startups. Therefore, Europe must support them also when it comes to implementation. These are the issues that Europe needs to solve, and fast. Europe must provide an attractive environment for companies to want to do business here.
Europe has a lot of untapped potential in AI and deep tech, and Europe needs to take advantage of it. AI and deep tech can solve some of the world’s most pressing problems, such as climate change, food scarcity, and healthcare. Europe has a unique opportunity to develop innovative solutions to these issues, but they need to act fast.
The future of Europe’s economy is at stake, and we cannot afford to fall behind any further. Europe needs to encourage innovation and entrepreneurship, provide support to startups, and create a favourable regulatory environment. Europe also needs to attract and retain talent by offering competitive wages, benefits, and a vibrant startup culture.
Europe needs to act fast to provide an attractive environment for companies to want to do business here. By supporting startups and harmonizing regulations, Europe can foster innovation, retain talent, and meet its strategic goals. The future of Europe’s economy depends on it.