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While the EU has a strong track record in technology research and development, it trails the US and China in terms of creating new products and markets.
The good news: that could soon change. The EU now attracts nearly 20 percent of global private venture capital, up from 13 percent in 2013. And public bodies, including the European Innovation Council, are investing billions of euros in European R&D across numerous sectors, including artificial intelligence, quantum computing and green energy. In 2024, a big opportunity to build on that growth will come from the metaverse. Extended reality is already moving beyond gaming and entertainment and transforming sectors as varied as healthcare, retail and industry, as interfaces such as VR goggles become more sophisticated and more affordable. That trend will only continue, and European companies are well placed to provide new products and services that will meet customer demands. The key will be to find ways to help companies transition lab-based innovations into commercial opportunities and then scale them up to reach global markets. POLITICO Studio spoke to Markus Reinisch, Meta’s vice president for public policy in Europe, about AI, immersive technologies, and how Europe can accelerate its progress toward becoming a global technology powerhouse. Source: POLITICO
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