Europe gave the world the printing press, the telephone and the worldwide web. And then? In areas of technology from super apps and defence tech to AI, China and the US lead by a country mile, and European rivals are barely off the starting block.
There are exceptions. Bending Spoons, an Italian tech conglomerate, went public in New York on Wednesday having priced its shares higher than expected. But with a market capitalisation of about $20bn, it hardly changes the thesis. It takes four of Europe’s biggest tech stocks, led by chip equipment maker ASML, to top $1tn. The US, meanwhile, has 10 listed tech companies that clear that hurdle single-handedly.
Or look at venture capital. The UK, Germany and France — the European trio that rank in the top 10 for start-ups — raised less than $50bn in the 12 months to the end of March, according to Dealroom data, one-tenth of the amount poured into US ventures. That’s despite having far more people and an economy that’s only a fifth smaller.