The 2018 State of European Tech Report was released only a few weeks ago, depicting the successes and challenges the tech ecosystem faced in Europe during 2018. Overall, the often underrated technology sector in Europe can be considered to be in excellent shape looking into 2019, with some threatening clouds in the horizon. Firstly, political reforms are to be watched closely in the next year, with the Italian economy in doubt, reforms in Brussels, dissatisfaction in France and uncertainty with Brexit. Secondly, as an export-oriented region, Europe suffers in periods of synchronised global instability, unable to lever on growth in America, China or the emerging markets.
The aforementioned report highlights the competitive positioning of Europe, with excellent levels of investment, an accessible and well-educated labour force, good wages and solutions for real problems, especially on the biotech side. Is this enough for Europe to compete eye-to-eye with Silicon Valley and with the Chinese financial muscle? Does Europe need its very own Silicon Valley?