I was raised in the former German Democratic Republic and entered freedom after graduating from high school in 1989. The Cold War had ended. The world seemed open and flat. I believed that this freedom would endure. More than 30 years later, new mental barriers in human mind and opportunistic behavior, both in the East and in the West, are again accelerating a continental drift that threatens to tear the world apart.
Economic power is the core condition for resilience and survival. Europeans will secure their independence, cultural heritage, and prosperity only by acting as one strong economic area. Fragmented economies fail to achieve scale. In the decades ahead, the ability to scale innovation and technology will matter even more.
Europe has produced very few technology companies valued above €10 billion—and none above €100 billion—unlike the United States. The productivity gap between Europe and the U.S., roughly 20 percent, is largely attributable to the technology sector. At the same time, Europe’s dependence on non‑European technology providers in areas such as cloud infrastructure, artificial intelligence, and digital platforms creates growing economic and geopolitical vulnerabilities.
In their paper Financing Innovative Ventures in Europe (FIVE), published in January 2026, Dr. Jörg Kukies, former German Minister of Finance, and Christian Noyer, Honorary Governor of the Banque de France, write:
“The capacity to scale startups into global technology leaders is a key condition for Europe’s prosperity and sovereignty. Without the creation of new large‑scale technology champions, the continent may fall short of its productivity growth and investment potential.”
Their conclusion is clear: Europe struggles to scale startups into global technology champions despite a strong early‑stage ecosystem. Venture investment in the European Union amounts to 0.2% of GDP, compared with 0.7% in the United States. As a consequence, European scale‑ups seek foreign capital, list abroad, or relocate entirely. European firms face lower valuations, longer scaling cycles, and structurally higher financing risk than their U.S. peers—independent of operational quality.
The FIVE paper identifies several structural hurdles that must be addressed:
The conclusion is unavoidable: operational excellence alone will not close Europe’s competitiveness gap. Financing structures matter.
What, then, is required to change course? Among many necessary steps, two stand out.
I do not write this as an observer, but as someone whose own life was shaped by Europe’s promise of freedom and opportunity. That promise is not abstract to me. It is economic, institutional, and deeply practical.
Europe’s competitiveness will not be secured by declarations, but by decisions: on capital, on law, and on integration. Economic strength is not an end in itself. It is the foundation of sovereignty, cultural continuity, and political freedom.
With EPIC and its more than 800 member companies, we have a rare platform where industrial reality meets political relevance. We should use it deliberately, not only to invent, but to scale Europe’s future responsibly, and together.
Ingolf Cedra, Managing Director, HÜBNER Group.
