Yesterday the European Investment Bank (EIB) published a report which concluded that companies and governments in Europe are substantially underinvesting in artificial intelligence (AI) and blockchain. This is especially in comparison with other leading regions. It declared that “the European Union struggles to translate its scientific excellence into business application and economic success”.
The report on AI and blockchain found that Europe’s venture capital ecosystem focuses predominantly on providing early-stage finance for AI/blockchain-based small and medium-sized enterprises (SMEs) but underperforms in the subsequent expansion and growth stages.
The study estimates a total investment gap in AI and blockchain technologies in the European Union of approximately €5-10 billion ($6-12 bn) per year. Whilst the United States and China collectively account for over 80% of the €25 billion ($30 bn) annual equity investments in AI and blockchain technologies, the EU27 only represents 7% of this global amount with an annual equity investment of €1.75 billion ($2.1 bn).
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