Niklas Zennström, a prominent European tech entrepreneur, believes European start-ups can still succeed in artificial intelligence despite facing a significant funding disadvantage compared to their US rivals. He suggests that European companies can leverage existing AI platforms run by US giants like OpenAI and Google to develop valuable applications, similar to how businesses thrived on mobile and cloud infrastructure.
Niklas Zennström, one of Europe’s most successful tech entrepreneurs and investors, believes the continent’s start-ups can still succeed in artificial intelligence despite their huge funding gap with US rivals. European start-ups can thrive by developing applications that are built on top of AI platforms run by US-based companies such as OpenAI or Google, Zennström told the Financial Times.
Yet while conceding 2024 has been “very hard” for start-ups and investors, with capital invested in European tech expected to fall for a third successive year, Zennström believes pessimism about the region’s prospects is exaggerated. “It’s a European problem to talk about the problem,” he said. “There is so much exciting data that shows we are actually catching up , we are doing pretty well.
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