- Poland-based Ragnarson, a technology consultancy and software development for startups, unveiled its latest report, “2023 Startup Insights: European Startup Trends in Emerging Technologies”.
- The study examines the strategies, challenges, and aspirations of European startups as they navigate the complexities of emerging technologies.
- According to the research, 76.3% of startups are interested in AI technologies and 74.2% intend to implement AI in the future.
The report represents an effort to map the dynamic innovation landscape in Europe and how startups use emerging tech such as artificial intelligence. With startups at the helm of technological disruption, Ragnarson’s research offers a valuable lens into their strategic adoption of new technologies, industry preferences, and future aspirations.
Pawel Poltorak, CMO at Ragnarson, says the report stands as a testament to the collaborative spirit of the European startup community and hopes that it will inspire discussions, drive actions, and foster a more innovative future.
The study was based on a structured survey designed to explore the adoption and perceptions of emerging technologies in Europe.
How startups use emerging tech
Strategic Technology Adoption: 75.7% of surveyed startups view emerging technologies as “very important” or “critical” to their success. This goes to show that emerging technologies go beyond a buzzword status and are now integral to the strategic vision of startups in Europe.
Technologies in Focus: Artificial Intelligence (AI), Machine Learning (ML), and Big Data Analytics are top interests, catching the attention of 76.3%, 48.7%, and 42.8% of startups, respectively.
Implementation Plans: Startups are keen to deploy AI (74.2%) and ML (47.4%) to enhance products, improve operational efficiency, and elevate customer experiences. Moreover, 67.1% plan to incorporate new technologies within the next year. This alignment between interest and action underscores the strategic focus of European startups.
Benefits vs. Hurdles: Technology adoption promises competitive advantages (68.4%) and higher productivity (67.8%), as well as cost savings and resource optimization (61.8%). On the other hand, there is a price to innovation: founders cite lack of technical expertise or talent (46.7%), high implementation costs (42.8%), and integration with existing systems/ technologies (34.2%) as the major challenges.
Regulatory Concerns: About 19.7% of startups have faced regulatory or legal issues when implementing emerging technologies.These challenges range from data privacy and GDPR compliance, to navigating the evolving regulatory landscape surrounding AI and digital assets.
Community Learning: When it comes to staying up to date with emerging tech trends and best practices, the professional tech community in Europe top-voted reading industry publications, engaging with thought leaders on social media, attending conferences and meetups, and collaborating with consultants.
Emerging Trends: Finally, the report identifies a spectrum of technological trends, from quantum computing, to the convergence of AI and augmented reality, personalized medicine, and climate tech solutions.
Stay tuned for The Recursive CEE AI Report unveiling key challenges and opportunities for AI innovation in our region, coming out at the beginning of November. Register to receive it here.