China and America have long dictated the technological scene, but Europe has recently made advancements to dethrone the two technological giants.
Home to tech giants such as Google, Apple and Amazon, America has provided quite the innovative canvas for individuals to paint on with mind-blowing technology for decades. China has also bred some of the largest industry leading tech giants such as Huawei. Not forgetting artificial intelligence and the funding they have availed to other tech companies’ operations. However, as the world’s largest superpowers scuffle for more market and industry domination, Europe is lurking in the background challenging to be the world’s leading tech leader and here is why they might just do that.
Data Protection is at the core of Europe’s priorities
Europe is prioritizing data protection over market domination, and pundits view this as an ultimately good move for Europe and the world at large. As the internet blew beyond anyone’s imagination in the 90’s and early 2000’s, there was very little in the form of a regulatory framework that existed. Everyone was free to use the internet as they so pleased resulting in massive fortunes being amassed and some companies were torched to ashes. When it comes to a regulatory framework, the authorities have done very little to ensure that the field has been levelled out for most of the innovators.
China has also followed the same blueprint characterized by lack of privacy of users and anything limiting tech growth being mauled over with little morality being factored. In Europe however, there is more emphasis to a vice that is recently trending around the globe but has been in Europe for a while now; individual privacy rights and data protection. Europe itself has proved to be a moral compass with General Data Protection and Regulation enacted in May proving to be helpful in critical issues facing the modern world as it is now. This gives end users some degree of power and the long-term benefits are definitely not in doubt, as companies are poised to empower the same as they are more valuable.
The European tech scene is focused more on the end user as they are the future of innovation and the next series of global tech leaders will emerge from this environment.
Europe’s ability in recruiting, which is currently underutilized
Popular entrepreneurial blogger LudovicGaude’ gives his account of Europe considering he has travelled far and beyond most countries on the globe. He commends Europe for its balanced lifestyle and breath-taking all around scenery just to mention a few from a vast list of advantages. Labour whether skilled or unskilled does not feature characteristics predominant in Silicon Valley such as a cutthroat competitive industry or China where labour has been known to be highly industrious and excessive at times.
Europe knows that businesses are built by the very same people who work for the business. Differences in lifestyles, interests and family are all embraced in a very dynamic work ethic, which in turn allows the firm to squeeze out every last drop of innovation from its employees. This makes it a highly integral strategy when recruiting; making Europe the land of new tech opportunity and it’s only a matter of time before the world’s very best talent finds a home in Europe.
European companies can embrace a more ‘euro nationalist stance’ with buildings and buyouts
A lot of China’s quickly developing innovation is based on takeovers in Europe with over a billion Euros in buyouts by Chinese Investors in 2010 alone, the figure rising to just over €36 billion in 2016. There is no denying the financial power Chinese investors have in Europe. However, how will Europe be able to conduct research and carry out data at par with the U.S and Chinese companies without being on the same scale as they are? Large European firms will have to collaborate to build a good rapport with one another and hence a good strategy and infrastructure that will shortly follow to bridge the gap American and Chinese companies might have created. In the same light, Europe has the capacity to attract American and Chinese businesses to set up shop, production and facilities in Europe.
There are multiple reasons to consider when debating about Europe’s race to becoming the global tech solutions provider. However, initiative and strategy will ensure that this plea becomes a reality, coupled with smart decision making and sheer will and determination.