Throughout history, the biggest leaps in innovation have happened during periods of change and instability. The shift we’re living through is on par with the radical transformations brought on by the invention of semiconductors, the internet, personal computers, mobile phones and machine learning. This time, however, no specific technology has pushed us forward. This disruption has been driven by a virus, a black swan event that significantly shifted the adoption curve of digital technologies. This is the biggest external disruption that I have seen in my lifetime.
We already knew that this was going to be the most transformative decade in human history because entrepreneurs have access to the most powerful tech toolkit ever: computational biology, artificial intelligence and automation to name but a few. With these tools, we can unlock fundamental change in industries such as healthcare, education, transportation and logistics, food systems and construction. This will redefine how we work, socialise and entertain ourselves, and reshape the cities we live in.
Now that transformation is being fast-forwarded, entrepreneurs have seized the current acceleration of technological adoption to build better and faster. Investors have seen the antifragile potential of technology amid stress and volatility, and are committing to bolder, braver decisions when backing founders. Growth will continue to step up as even more powerful technologies such as quantum computing and more sophisticated AI come online, giving entrepreneurs exponentially stronger tools. There is no better time to be building a tech company.
We’re also seeing a more diverse group of founders starting businesses to solve global challenges at scale. New tech hubs were already gaining ground in Europe and elsewhere, and the increase in remote work has leveled the playing field for entrepreneurship and talent even further. Local talent markets are now one global market. As hybrid modes of work persist, we’ll see great companies coming from more corners of the globe, founded by talented individuals from a broad range of backgrounds. This is crucial: the future can’t be built by one small group of people. It must accommodate all of the world’s citizens.
We are excited to back these founders as they tackle large opportunities head on. These ambitious companies are building near-term momentum while keeping their eyes ten to 20 years ahead. They are also attuned to the controversial legacy of some digital technologies, as well as the scars that 20th century innovation has left on our environment. That is not the way they want to build. In their vision, commercial success and purpose are inextricably linked.
This year has motivated European entrepreneurs to reach higher and build bigger, propelling the total value of Europe’s tech ecosystem to nearly $1 trillion. As humanity confronts a turning point over the next decade, technology – and specifically technology from Europe – will play a leading role. We’ve already seen how far we can go in one year; we should set our ambitions even higher for the next five.
This article was originally published by WIRED UK
