Europe at a “crossroads” as it is called to power its first trillion-euro tech company

Europe is at a critical juncture in its tech development, according to a recent report by venture capital firm Atomico, which highlights the need to foster a trillion-euro tech company. This initiative underscores the ambition for European digital sovereignty, aiming to build the capability and confidence to shape the future of technology on its own terms. The report emphasizes the potential for significant unrealized GDP growth within the European startup ecosystem. Atomico's "State of European Tech" report, now in its eleventh edition, identifies four key ambitions to drive Europe's success. These include simplifying cross-border operations for founders, attracting top global talent, improving capital market mobilization, and strengthening the risk culture. The report suggests practical solutions, such as a pan-European company framework for quick incorporation and borderless operations, and a single, fast-track visa scheme to attract global talent. The report's recommendations also cover financial aspects, including channeling assets to fund innovation and establishing a single, liquid European market for growth companies. Moreover, Atomico stresses the importance of changing the narrative around risk, celebrating ambition, and facilitating easier restructuring for startups. These measures aim to create an environment where founders can thrive, with a focus on streamlining regulations and boosting capital commitment. The report serves as a "blueprint for change," with the next decade poised to determine Europe's leadership in the tech sector. It follows successes like the creation of startups such as Lovable, Synthesia, DeepL, ElevenLabs, and n8n, which have gained recognition on both sides of the Atlantic. The core goal is to enable Europe to define the future of technology rather than concede it to others.