How Europe can Win in Tech

For today's podcast we sit down with Tom Wehmeier, Partner and Head of Intelligence at Atomico, to discuss European technology, the firm’s investment philosophy, and the influential State of European Tech report. Tom reflects on his unconventional route into venture capital. Before joining Atomico, he worked in telecommunications, witnessing shifts such as the emergence of 3G and internet-based calling. This taught him to recognise hype cycles, adopt a patient long-term view, and understand why established companies often struggle to respond to disruption. He explains that breakthrough technologies are frequently underestimated. Early forecasts predicted a market of only around one million mobile phones, yet the technology eventually reached billions of users. For Tom, this shows the importance of recognising innovations that can fundamentally change behaviour. The conversation explores the origins of Atomico’s State of European Tech report. What began as a PowerPoint presentation became a major annual platform covering investment, talent, liquidity, regulation, and entrepreneurship. It was created to address the lack of shared, evidence-based information about Europe’s technology ecosystem. Tom previews themes expected in the next edition, including progress in funding innovation, reducing regulatory friction, empowering talent, and encouraging greater risk tolerance. The report will also examine technological sovereignty and resilience across energy, computing, and defence. He argues that Europe suffers from a “commitment gap”. Policymakers and industry leaders may support initiatives such as EU Inc. and greater institutional investment in technology, but implementation is often slowed by political deadlock. Progress therefore requires decisive leadership at national and European levels. Tom also explains how the report serves different audiences. Investors may focus on funding and liquidity, while policymakers are more interested in regulation and ecosystem sentiment. By making its data downloadable, Atomico enables journalists, founders, investors, and researchers to develop their own interpretations. The report has become a year-round initiative involving research partnerships, newsletters, roundtables, and wider industry engagement. Atomico also experiments with new formats, including synthetic audience tools, interactive question-and-answer features, and video content. The interview concludes by reflecting on Atomico’s 20-year history. When the firm was founded, the idea that Europe could produce globally significant technology companies and establish venture capital as a major asset class was far from certain. Tom believes the ecosystem has since exceeded expectations, while Atomico has helped place European entrepreneurship on the global map. Key Points • Tom’s telecommunications background shaped his analytical, long-term approach to venture capital and disruption. • Breakthrough innovations are often underestimated before reaching mass adoption. • The State of European Tech report provides a shared, evidence-based view of Europe’s technology ecosystem. • The next report will examine funding, regulation, talent, risk tolerance, sovereignty, and resilience. • Europe must close the gap between political commitments and implementation through stronger leadership. • Atomico’s belief in European technology has been validated by the ecosystem’s growth and global relevance.