The European technology debate often focuses on what the region lacks: less capital than the US, fewer global technology giants and a heavier regulatory environment. At SuperReturn Europe, Isabelle Freidheim of Athena Capital and Helena Malikova of the European Commission approached that debate from very different perspectives. One looks for technology companies capable of scaling globally. The other works at the intersection of competition, foreign investment and regulation.
Key takeaways
- AI is becoming inseparable from the wider technology investment landscape.
- Opportunity extends beyond the largest AI models and infrastructure providers.
- European technology businesses can still scale across the Atlantic.
- Regulation could potentially become a quality signal rather than simply a cost.
“The whole tech trade is AI”
Freidheim sees AI as much broader than a standalone investment category.
Athena Capital is interested in businesses sitting between the largest AI platforms and end users: companies making the technology easier, cheaper or more efficient to use.
These businesses can offer a different opportunity from the largest AI bets, particularly where they already have revenues and are approaching potential exits.
Freidheim also sees a transatlantic opportunity.
European growth technology companies may be less numerous than their US counterparts, but some can develop in Europe before becoming global businesses or accessing deeper US public markets.
Can regulation become an advantage?
Malikova approaches the question from another direction.
She notes that private-market participants often see regulation as an obstacle or cost.
But Europe’s standards around privacy, safety, accountability and human involvement in AI decisions could potentially create another effect.
If a technology business can successfully deploy under demanding European requirements, that quality status may become a selling point when it scales internationally.
Smaller European technology companies often operate on infrastructure controlled by much larger businesses. Ensuring those markets remain open to new entrants can therefore matter to both policymakers and investors.
Europe’s technology opportunity is not simply about producing more AI companies.
It is about whether those businesses can compete, scale and create value within the environment being built around them.