Today, the EU acts like an unpaid research and development department for Silicon Valley. We fund startups, which, if they’re successful, get sold to companies in Silicon Valley. If they fail, the European taxpayer foots the bill.
The EC must stop funding startups and invest in stayups instead. Invest €5M in ten stayups in each area where we want ethical alternatives. Unlike a startup, when stayups are successful, they don’t exit. They can’t get bought by Google or Facebook. They remain sustainable European not-for-profits working to deliver technology as a social good.
This is very interesting reasoning. Especially because I end up in a lot of conversations on the flip side of this: government client saying they’d ‘like to use alternatives to big tech’ but ‘can’t’ because none are visible to them. Also my sense of public procurement procedures is that they are currently incapable of detecting such options and lifting them to the front.
Looking at this way of investing, also means public institutions will more easily stay out of conflicts with e.g. market regulations.