This week, the European Union released a report about the future of European competitiveness authored by Mario Draghi, former Italian prime minister and president of the European Central Bank.
The nearly 400-page report, a year in the making, presents over 170 recommendations. It is a stark warning, highlighting Europe's competitive shortcomings against China and the United States in many areas.
Simply put, the European tech scene is characterised as overregulated, underinvested, and suffering from brain drain as talent leaves for the US.
This is nothing new for us at Tech.eu, but when you dig into the report, it just gets worse. And do we need another report that will likely lead to more talking instead of action?
While a cautionary tale about regulating innovation to death, there are also plenty of green shoots.
For example, the report suggests that quantum computing could contribute up to €850 billion to the EU economy in the next 15-30 years.
I'm here in Denmark this week for the fantastic TechBBQ. Despite its size, the country is a major player in the quantum technology space.
Besides reading it so you don't have to (joking not joking), I reached out to a bunch of quantum founders and VCs in the know like VC Michael Jackson for their take on what's the state of play.