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New Wave of European Entrepreneurs Brings Hope for Technological Advancement

Summary

Arthur Mensch, a part of a new generation of entrepreneurs, is hopeful that he can solve the longstanding issue of Europe’s failure to create a technological giant like Silicon Valley. The 31-year-old Frenchman is the CEO of the startup Mistral, […]

New Wave of European Entrepreneurs Brings Hope for Technological Advancement

Arthur Mensch, a part of a new generation of entrepreneurs, is hopeful that he can solve the longstanding issue of Europe’s failure to create a technological giant like Silicon Valley. The 31-year-old Frenchman is the CEO of the startup Mistral, which achieved a valuation of €240 million ($282 million) in its first round of funding, just four weeks after its inception. He believes that artificial intelligence will be a game-changer, leveling the playing field for Europe and its previously unattainable competitors across the Atlantic.

Mistral is developing large language models – the technology that underpins artificial intelligence tools like ChatGPT – and Mensch believes that this can give the continent an edge in fostering a new wave of fast-growing startups. “With the new tools we have at our disposal, such as large language models, everything must be renewed around them. When something needs to be renewed, it gives an advantage to new players because they can move quickly,” he says.

Mensch, a former employee at Google’s artificial intelligence unit, now called Google DeepMind, is part of the European diaspora of tech giants who were trained in American companies and are now pursuing their own success. He has already gained recognition among his peers and will be attending a global summit on artificial intelligence safety this week, alongside other tech company CEOs, world leaders, experts, and civil society figures at Bletchley Park in the United Kingdom.

Gabriel Hubert is another member of this transatlantic wave, an AI entrepreneur who returned from a tech role in California to establish Dust, a Paris-based startup building AI-powered internal assistants for companies.

“When you look at the founders of some of the startups in Berlin, London, and Paris now, many of them have ex-operators from American tech companies leading them or in key management positions,” he says.

Europe is a global leader in numerous industries, from fashion to pharmaceuticals, automobiles, and aviation, but it has fallen behind in the realm of technology, despite its highly skilled workforce, exceptional academic talent, and the opportunities provided by a unique market.

There is no European equivalent of Amazon, Google’s parent company Alphabet, Facebook, or tech industry giants like Apple or Microsoft. This so-called Big Seven, along with Tesla’s Elon Musk and chip manufacturer Nvidia, have created a significant gap between the New York Stock Exchange and the stock exchanges in London, Paris, and Frankfurt.

Mensch and Hubert highlight several reasons for the lack of breakthroughs in technology on the scale of the world’s largest search engines or social media platforms led by Mark Zuckerberg. They emphasize the strength of the American tech sector at the turn of the millennium – and how Europe was comparatively weaker at that time – as the reason why Google and Facebook broke through.

“It was a tight-knit community of engineers, designers, entrepreneurs, and investment firms in the US, especially in California,” says Hubert. They were able to identify business opportunities and rapidly develop them in a vast market with the help of numerous American venture capital funds that support startups.

FAQ:
1. Who is Arthur Mensch?
Arthur Mensch is a French entrepreneur, the founder of Mistral startup, and a former employee at Google’s AI unit.

2. Who is Gabriel Hubert?
Gabriel Hubert is a French AI entrepreneur and the founder of Dust startup.

3. What are the chances of European technology competing with American mega-companies?
Arthur Mensch and Gabriel Hubert believe that artificial intelligence will be key, allowing European startups to create new fast-growing companies and compete with their American counterparts.

4. What are the strengths and weaknesses of European technology compared to American?
Europe is a global leader in many industries, but it has struggled to make a mark in technology, partly due to the strength of the American tech sector and inadequate financial support for European companies. However, there are signs of change, and an increasing number of investors in Europe show a greater willingness to invest in innovative technologies.

5. Is there hope for European tech companies to achieve the success of Google, Apple, or Microsoft?
Fredrik Cassel, a general partner at Dutch investment firm Creandum, believes it is only a matter of time until European companies achieve such success. He highlights the growth of capital invested in European technology and the inspiration that successful new startups provide to other entrepreneurs.

Sources:
– [Article 1](https://www.bbc.com/sport/rugby-union/57231469)
– [Article 2](https://www.hollywoodreporter.com/movies/movie-news/hulu-unit-acquire-sony-pictures-entertainment-alive-dead-series-1234978085/)