Europe has all the key ingredients – including world-class tech talent, groundbreaking research, and thriving startups – to build its own Champions League of Big Tech companies that can compete with the US’s Magnificent 7 and China’s Terrific 10.
This is according to new research by dealroom.co and Prosus.
In the report, titled Towards a European Tech Champions League: The case for European Big Tech, the challenges and opportunities for Europe in creating Big Tech champions are unpacked. It outlines the future path to Europe’s first trillion-dollar company – a proven playbook of building compounding tech ecosystems that has driven success in the US and China.
The report is the second in a series published by Prosus looking at major innovation trends in Europe.
Key takeouts from the report include:
- To create Europe’s first trillion-dollar tech company, companies need to build compounding tech ecosystems. This means companies must leverage their strengths in one area to build other businesses on top, creating networks of products and services that feed into each other and drive growth.
- To reach the trillion-dollar milestone and build compounding tech ecosystems, Europe must invest in category-defining champions, streamline regulation that fosters progress, unify capital markets to scale innovation, and attract top global talent while building strong tech hubs.
- To drive European competitiveness, Prosus sees opportunities to invest US$10bn+ in European tech, build a global AI lab in Amsterdam and lead in creating a US$100bn+ European ecosystem player.
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“Europe has all the ingredients for a thriving ecosystem, but it’s getting stuck with too much focus on risks and regulations,” says Prosus CEO Fabricio Bloisi.
“Europe needs more Big Tech to drive innovation, create jobs, and shape the future. At Prosus, we are ready to do our part and help build the next generation of European US$1-trillion companies.”
* Read ‘Towards a European Tech Champions League: The case for European Big Tech’ report here.