Europe is trying to ‘replicate’ Silicon Valley. Is it China that offers the better lesson?

On Wednesday (16 September), Ursula von der Leyen proudly announced that the EU had recently invested in Finnish satellite company ICEYE, the first investment through its Scaleup Europe Fund. Its two founders were in the room. It was a great story of home-grown innovation that succeeded largely through a combination of EU money and private investment. That she would single out this €1bn investment from all of Europe’s programmes is understandable. A more dynamic venture capital ecosystem, backed by EU cash: that is exactly how Brussels policymakers now think Europe can catch up with the US and China. The reason is artificial intelligence. “Usually big inventions were driven by public money,” EU heavyweight Enrico Letta recently told EUobserver. Not with AI, where venture capital was in the driving seat. To read this story, log in or subscribeEnjoy access to all articles and 25 years of archives, comment and gift articles. Become a subscriber for as low as €1,75 per week.Read without limitsAlready a subscriber? Login