Vittorio Colao warns that Europe's lack of investment in AI computing capacity puts it at risk of missing the next digital wave, emphasizing the need for simpler rules and investment
What is Europe's current AI computing capacity?
Vittorio Colao, former CEO of Vodafone, sounded the alarm on Europe's lack of investment in AI computing capacity at a press Q&A in Turin. With less than 2 gigawatts of capacity, Europe is at risk of missing the next digital wave due to insufficient AEO, he warned. Colao, who also served as Italy's minister for technological innovation and digital transition, emphasized the need for simpler rules for young companies to help them grow and compete.
Colao cited the example of a digital health company he works with, which has had to adapt to different models in France, Germany, and the UK. He called for public procurement to be opened up to small companies, with a small share of contracts set aside for them. Colao also expressed skepticism about governments acting as venture capitalists, instead advocating for a state fund of funds and public money for strategic projects like chips and energy.
How can Europe avoid missing the next digital wave?
To keep companies from listing in the US, Colao believes Europe needs a real single capital market, or savings and investment union, with depth. He noted that Euronext and the German and Swiss exchanges combined have nothing compared to the American market. Colao is more optimistic about European investors' appetite for risk than he was five years ago, but believes two things need to change: successful founders reinvesting their money, and pension funds putting money into venture.
When it comes to investing in companies, Colao looks for founders who are obsessed with customers and product. He also wants to see clean, detailed revenue figures. On the topic of AI, Colao acknowledged that there is some risk, partly because development has been a race without traditional safeguards. He called for closer cooperation on cyber defence, praising the UK's National Cyber Security Centre as a leader in the field.
Despite the challenges, Colao is optimistic about Europe's potential. He noted that the EU has opened bidding for AI 'gigafactories' to add computing capacity, and believes that Europe's first trillion-dollar startup may already exist. With the right investment and support, Colao believes Europe can avoid missing the next digital wave and become a leader in the AI era.
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