The United States has always been the global leader for technological advancement. From the advent of the personalized computer to the dot-com boom, it has led the way when it comes to churning out new appliances and devices. However, the absence of substantial regulatory framework in their production and manufacturing is set to haunt them in the 21st century. Europe, on the other hand, has blossomed in the technology sector with its different priorities and work culture. Indeed, all signs point toward the fact that Europe might end up dominating the technological sector in the present century.
One of the most important aspects of European Technology comes from the fact that they prioritize data privacy before market expansion. Several U.S. tech companies, including Facebook, have received flak on simply monopolizing their business without much concern for the data of its user. Recently, the news of Facebook selling user data to Cambridge Analytica raised major concern for the company and saw a rapid dip in their stock prices. With the General Data Protection Regulation (GDPR), Europe has shown the way of dealing with one of the most critical issues facing the digital world. The GDPR has given end users more power than the corporations themselves, who must oblige to integrate it into their business model before even considering the option of profit.
There has been news off late about the long working hours that occupies many young tech innovators. This is especially prevalent in Silicon Valley, where coders must code up to 18 hours a day to meet unrealistic deadlines. Europe, however, has always prided themselves to maintain a good work-life balance. On an average, a European tech entrepreneur takes 5 times more holidays in a year than his U.S. counterpart. Innovations in the 21st century require out-of-the-box thinking, and with the proper tools and framework, it’s only a matter of time before Europe leads global technology.
China, with bourgeoning companies such as Alibaba, Huawei and Tencent have also shown tremendous development in the past decade. In terms of the Artificial Intelligence market, it has already managed to surpass the U.S. However, Europe is close by on the race. With data centers that focus on deep learning and machine learning, Europe has the abundance of data to ensure its model train with ease.
However, the most important aspect of Europe being the global leader in technology is its commitment to the Euro stance. Entrepreneurs from different countries across the continent are pooling in together to ensure the collaboration of the best minds happens with ease. Armed with moral obligations, such as the GDPR, tech companies evolving out of Europe are shown to have a better base to survive in the cutthroat world. While Silicon Valley still supersedes Europe in terms of venture capitalist investment, the tides are soon to shift in favor of Europe. As more U.S. tech companies face issues regarding data privacy and concern, they might move their business to Europe to benefit from the GDPR. At the end of the day, Entrepreneurs want to maintain a good work-life balance, and Europe might just be the place to achieve that.