Europe possesses the science; now it requires the scale. A start-up summit backed by the EU is endeavoring to bridge that divide.<\/p>\n
By Tom Cassauwers<\/p>\n
In a conference venue on the outskirts of Brussels, networking reaches its peak as a DJ spins tracks in the background. On the floor, participants are demonstrating their innovations \u2013 ranging from semiconductor chips to cutting-edge renewable energy technologies and sustainable materials.<\/p>\n
This is the European Innovation Council (EIC) Summit, an annual gathering where venture capitalists and scientists interface with EU officials and start-up founders launching their initial products.<\/p>\n
For Pierre Cherelle, the founder and CEO of the Belgian start-up Axiles Bionics, this was an opportunity to present his team’s creation: innovative prosthetics for amputees that integrate robotics technologies.<\/p>\n
\u201cOur work merges financial profitability with social value,\u201d he remarked.<\/p>\n
\u201cOur prosthetics significantly enhance the lives of patients. They frequently express that it feels like they are walking on their own legs again.\u201d<\/p>\n
Close by, another company showcased a novel renewable energy technology harnessing wave motion.<\/p>\n
\u201cReaching this stage was quite challenging,\u201d stated Patrik M\u00f6ller, co-founder and CEO of CorPower Ocean, the Swedish start-up behind these buoy-like devices. \u201cHowever, the technology is now ready. Europe is at the forefront of it.\u201d Europe hosts many of the world’s key wave energy testing facilities and enterprises, especially in the North Atlantic.<\/p>\n
All these individuals were connected through the EIC, which backs researchers and entrepreneurs with high-risk projects that might struggle to secure funding. It provides a range of support, from accelerator initiatives to venture capital, and has already fueled the growth of many participating companies, including Axiles Bionics and CorPower Ocean.<\/p>\n
Established in 2021, the EIC has been broadening its scope. On the initial day of the Summit, June 3, the Scaleup Europe Fund was revealed.<\/p>\n
This \u20ac5 billion venture capital fund could expand to \u20ac20 billion in the coming years. Its aim is to assist European start-ups in securing large capital rounds, which they currently often seek in the U.S.<\/p>\n
**Next tech titan**<\/p>\n
Among the start-up founders who made their way to Brussels was Anita Schj\u00f8ll Abildgaard, the Norwegian co-founder and CSO of Iris.ai, an AI enterprise. She attributes the survival of the company to the EIC.<\/p>\n
\u201cWithout the EIC, our company wouldn\u2019t exist today,\u201d she stated. \u201cWe joined the EIC Accelerator at just the right moment, in 2023. This gave us essential financial support and propelled us to market our product.\u201d<\/p>\n
Iris.ai develops software that acts as a bridge between a company’s raw data and the AI systems utilizing it. It aids in transforming large volumes of complex and often sensitive company data into a format accessible to AI systems.<\/p>\n
Typically, this would necessitate extensive and labor-intensive human effort, but Iris.ai streamlines the procedure.<\/p>\n
\u201cMany companies possess decades of data, from patents and notes to safety documentation,\u201d said Schj\u00f8ll Abildgaard. \u201cProcessing this represents one of the primary obstacles for AI currently.\u201d<\/p>\n
Iris.ai is preparing to compete in a segment overwhelmingly controlled by U.S. firms, though she remains undeterred.<\/p>\n
\u201cStarting a business in Europe, compared to the U.S., used to be a disadvantage,\u201d she mentioned. \u201cYet this is changing. Companies demand absolute assurances regarding security, sovereignty, and privacy. In Europe, we can provide that.\u201d<\/p>\n
Presently, Iris.ai is rapidly expanding. \u201cOur goal is to emerge as one of the next European tech champions,\u201d stated Schj\u00f8ll Abildgaard. \u201cWhat we possess is distinctive, and if we navigate strategically, we can become the next tech giant from Europe.\u201d<\/p>\n
**Scaling quantum**<\/p>\n
Another enterprise collaborating with the EIC is the Finnish company IQM Quantum Computers. With over 400 personnel across Europe, IQM stands among a handful of companies globally capable of delivering functional quantum computers.<\/p>\n
These machines utilize quantum physics to address specific challenges that conventional computers find extremely difficult or impossible to solve.<\/p>\n
\u201cWe are the global leader in selling and distributing quantum computers to data centers,\u201d said Jan Goetz, CEO and co-founder of IQM. \u201cWe are dispatching more quantum computers than any competitor.\u201d<\/p>\n
In this industry, IQM is competing successfully against well-known U.S. entities like Google and IBM, which is significant for Europe\u2019s push for enhanced digital autonomy. Quantum computers could revolutionize the landscape.<\/p>\n
\u201cQuantum computers are not just faster versions of traditional computers,\u201d Goetz explained. \u201cEmploying quantum physics enables them to perform calculations unattainable for standard transistor-based computers.\u201d<\/p>\n
For instance, quantum computers allow us to analyze millions of potential material combinations, potentially leading to stronger, lighter, and more sustainable materials, a task that challenges the<\/p>\n","protected":false},"excerpt":{"rendered":"
Europe possesses the science; now it requires the scale. A start-up summit backed by the EU is endeavoring to bridge that divide. By Tom Cassauwers In a conference venue on the outskirts of Brussels, networking reaches its peak as a DJ spins tracks in the background. On the floor, participants are demonstrating their innovations \u2013 […]<\/p>\n","protected":false},"author":1,"featured_media":373406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[179],"class_list":["post-373405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-source-scienceblog-com"],"_links":{"self":[{"href":"https:\/\/wolfscientific.com\/index.php?rest_route=\/wp\/v2\/posts\/373405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wolfscientific.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wolfscientific.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wolfscientific.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wolfscientific.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=373405"}],"version-history":[{"count":0,"href":"https:\/\/wolfscientific.com\/index.php?rest_route=\/wp\/v2\/posts\/373405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wolfscientific.com\/index.php?rest_route=\/wp\/v2\/media\/373406"}],"wp:attachment":[{"href":"https:\/\/wolfscientific.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=373405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wolfscientific.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=373405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wolfscientific.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=373405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}