After rapidly falling behind in the global rush to artificial intelligence, Brussels has a fresh chance at an economic success story in the emerging field of quantum technology. But in a new strategy to be released Wednesday, the EU will warn that promising homegrown quantum tech risks being snatched up to make money abroad as the bloc continues to lag in turning research into “real-market opportunities,” To many, it’s déjà vu. Europe is generally best in class in the research that precedes revolutionary technologies, as it was in artificial intelligence. But the U.S. and China leapfrogged the continent in building the companies to deploy mass-market applications.
My feeling is that the EU has often taken a protectionist approach to the challenges from new tech. That is, the EU will pass legislation to protect existing dominant businesses, even if that is not necessarily in the best interests of Joe Public. I’m thinking of how France banned Google from scraping news sites to show in its news summaries, and also how roadblocks were put in the way of Google maps in order to protect the business models of existing satnav companies such as Garmin and TomTom (namely selling “map packs” for download rather than distributing always-up-to-date map data online).
Those attempts to protect the old guard, the status quo, were unsuccessful, and if anything, encouraged EU companies to stick with old and out-dated business models longer than they should have. So has the EU now learnt that it is a mistake to try to hobble new technology just to protect existing institutions? Some institutions don’t deserve to be saved, no matter how big they are, when technology offers better solutions, be they cheaper, more direct (fewer middlemen), and/or more powerful.
The EU has had its fair share of successful tech startups, so hopefully the EU will now be more willing to embrace the “disruptive” side of modern technology. I genuinely hope so.
My feeling is that the EU has often taken a protectionist approach to the challenges from new tech. That is, the EU will pass legislation to protect existing dominant businesses, even if that is not necessarily in the best interests of Joe Public. I’m thinking of how France banned Google from scraping news sites to show in its news summaries, and also how roadblocks were put in the way of Google maps in order to protect the business models of existing satnav companies such as Garmin and TomTom (namely selling “map packs” for download rather than distributing always-up-to-date map data online).
Those attempts to protect the old guard, the status quo, were unsuccessful, and if anything, encouraged EU companies to stick with old and out-dated business models longer than they should have. So has the EU now learnt that it is a mistake to try to hobble new technology just to protect existing institutions? Some institutions don’t deserve to be saved, no matter how big they are, when technology offers better solutions, be they cheaper, more direct (fewer middlemen), and/or more powerful.
The EU has had its fair share of successful tech startups, so hopefully the EU will now be more willing to embrace the “disruptive” side of modern technology. I genuinely hope so.