The 2024 edition of the State of European Tech report by Atomico has revealed that startup founders and investors have significant concerns over digital laws such as the EU General Data Protection Regulation (GDPR) and Artificial Intelligence Act (AI Act), which they claim are adversely impacting business conditions for tech companies within the bloc. The survey highlighted that 60% of respondents believe the GDPR has created a challenging environment for startups and scaling firms, while only 15% reported positive effects. Similarly, the newly introduced AI Act received negative feedback from 53% of participants.
The views chime with those of the former Italian Prime Minister Mario Draghi, who voiced similar concerns in his EU strategic competitiveness report, arguing that the EU's convoluted regulatory framework hinders innovation and prevents European firms from competing effectively with the United States and China.
The annual survey, now in its 10th year, gathered approximately 3,500 responses and underscores a shared frustration among the tech industry regarding the EU's regulatory environment. Tom Wehmeier, a partner at Atomico, remarked on the detrimental effects perceived disparities in regulation create for European competitors in the global market.
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