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2024 European Tech Landscape: New Report Highlights Gender Inequality, Talent Drain to the US, and AI Surge

News RoomBy News RoomDecember 1, 2024
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Atomico’s latest State of European Tech report highlights significant developments and ongoing challenges within Europe’s technology sector, especially in relation to women’s representation, the AI growth surge, and the talent exodus to the U.S. The report, marking its tenth iteration, reveals that Europe has raised a staggering $426 billion (€402 billion) in tech funding since the inaugural report in 2015—tenfold growth compared to the preceding decade. However, even with remarkable achievements in venture capital, there are stirrings of concern about the sustainability of this growth trajectory amidst changing market dynamics.

The tech landscape in Europe has shifted considerably, with London dropping to second place globally as the leading tech hub—now bolstered by Berlin and Paris, also entering the top ten. Currently, Europe boasts around 35,000 early-stage tech start-ups, outpacing other global regions in fresh tech ventures. Moreover, the report indicates a more extensive pool of founders in Europe than in the U.S.—continuing a trend evident over the last decade. However, as the European tech ecosystem matures, questions arise about maintaining this momentum in the face of reduced overall funding opportunities.

Artificial intelligence (AI) has emerged as a critical driver of this sector’s evolution, with the continent witnessing a sixfold increase in AI-related roles over the past ten years. As of this year, the UK leads Europe in AI employment, followed closely by the Netherlands, Germany, and France. While last year Europe outpaced the U.S. in AI hiring, the tables have turned this year as American startups now recruit at a quicker pace. Furthermore, although deep tech—encompassing AI—accounts for a substantial 33% of European funding in 2024, it still pales in comparison to the U.S. projections, which anticipate an investment of $47 billion (€45 billion) against Europe’s $11 billion (€10 billion).

Sustainability initiatives are gaining traction among European investors, with 21% of capital directed towards promoting a sustainable future—a marked improvement over the U.S., which allocates only 11% for similar initiatives. This aspect reflects a wider interest in green technology and carbon management within the startup ecosystem, indicating a shift in focus towards addressing environmental challenges alongside technological advancement.

The growth of the tech talent pool in Europe is promising, with 3.5 million individuals currently employed in this sector—2.9 million of whom have joined within the last decade. While countries like Finland, Estonia, and Sweden exhibit impressive ratios of tech employees per capita, the landscape is threatened by major tech companies, such as Google and Amazon, siphoning off talent from Europe through competitive salary offers. In 2023 alone, nearly 500 tech professionals made the move to the U.S., highlighting the urgent need for European firms to enhance their compensation packages to retain local talent.

Despite progress in diversity and inclusion over the past decade, particularly as noted by experienced founders, gender disparity within tech funding remains pronounced. Women constitute 34% of the tech workforce in Europe, a figure that has largely stagnated since 2015. Comparatively, the U.S. figures are marginally higher at 36%. The survey, which gathered over 3,500 responses from a wide range of stakeholders across 41 European countries between September and October 2024, underscores the ongoing work necessary to bridge these gaps in gender representation and funding equity within the tech industry.

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