Key Points
-Europe needs to learn from Asia to stop following technology
-Most Europeans and Americans look to each other for innovation and progress.
-European technology ecosystems are lagging behind the United States and China. Europe needs to start learning from Asia, where one important lesson is how to adapt and innovate quickly.
1) Europe needs to learn how to build its start-up ecosystem quickly
Technology ecosystems in Europe are far behind the United States, China and some parts of Southeast Asia. In the last five years, Europe has invested less than $ 100 billion, the same amount that has been invested by the United States and China for the past few years.
In terms of innovation and the departure of major technologies, Europe is also far behind the United States and China. By 2020, five of the top 10 technology IPOs will come from China (of which three are Chinese). The rest are from the United States.
2) Europe needs to learn how governments can accelerate ecosystems in the beginning
Both the United States and China have used long-term strategies and clear government involvement to attract the most technologically savvy technology talent, as well as protect ecosystems and start-ups. Europe, on the other hand, has left its markets completely open and vulnerable in this key area. The result is that Europe is now dominated by American players, and more Chinese players will come in and do the same in the future (e.g. TikTok, Nio). High tax on start-up investment and make it difficult for employees to hold shares.
3) Europe needs to embrace rapid failure and quick change of heart from Asia
Since World War II, Europe has been an open society that has learned from its neighbors and the United States.However, in the last decade, whether related to pandemic control or the building of an independent financial sector and ecosystem, China and many parts of Asia have done well in Shorter than Europe. The mentality I have seen over the years in China and many Asian countries is to have a strong vision but also to learn and adapt quickly.
Conclusion
Europe already has world-class scientific infrastructure, leading social policy and one of the largest and most developed markets in the world. If it is to continue to provide its people with the protection and prosperity they are enjoying, it is finally necessary to recognize that Asia (about 60% of the world’s population) is doing things better. Much better than Europe in different regions. The rise of Asia provides a unique opportunity for Europe to improve itself and create a win-win situation for the world.
