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Title: The Technology Revolution is Leaving Europe Behind
Link: https://tech.slashdot.org/story/25/05/23/0926...
Europe has created just 14 companies worth more than $10 billion over the
past 50 years compared to 241 in the United States, underscoring the
continent's struggle to compete in the global technology race despite having
a larger population and similar education levels. The productivity gap has
widened dramatically since the digital revolution began. European workers
produced 95% of what their American counterparts made per hour in the late
1990s, but that figure has dropped to less than 80% today. Only four of the
world's top 50 technology companies are European, and none of the top 10
quantum computing investors operate from Europe. Several high-profile
European entrepreneurs have relocated to Silicon Valley, including Thomas
Odenwald, who quit German AI startup Aleph Alpha after two months, citing
slow decision-making and lack of stock options for employees. "If I look at
how quickly things change in Silicon Valley...it's happening so fast that I
don't think Europe can keep up with that speed," Odenwald said. The
challenges extend beyond individual companies. European businesses spend 40%
of their IT budgets on regulatory compliance, according to Amazon surveys,
while complex labor laws create three-month notice periods and lengthy
noncompete clauses.
Read more of this story at Slashdot.
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