Another packed newsletter for you. Let’s get into it.

* 🎧 Podcast with Dan Bowyer & Mads Jensen on AI Startups' Revenue, EU Startup Passport Launch, German Government Collapse, and Google's AI Coding Surge

* 📝 The Agrifoodtech Effect 🍽️ - Transforming Gastronomy with Cutting-Edge Technology

We’ve got some standout submissions on the community insights platform to share, plus upcoming workshops in the EUVC community you won’t want to miss.

* 📝 Living a new life and playing the long game: A conversation with Lomax Ward

* 📝 Making fashion sustainable with a specialized fund, interview w. Michael Kleindl (Collateral Good)

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AI Startups' Revenue, EU Startup Passport Launch, German Government Collapse, and Google's AI Coding Surge – with Dan Bowyer

Welcome to a new episode of the EUVC podcast, where we’ll cover recent news and movements in the European tech landscape with Dan Bowyer and Mads Jensen from SuperSeed.

Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.

✍️ Show Notes

AI Startups Making Real Money

AI startups are gaining traction faster than ever, with the average time to hit $1M in revenue being 11 months—significantly faster than SaaS at 15 months. Highlighting this success is Cursor's impressive leap from $4M ARR to $4M MRR in under a year. Dan and Mads discuss how OpenAI's soaring revenue, nearly reaching $4 billion, is further proof that AI is generating tangible financial value and not just hype.

* Faster Revenue Milestones: AI startups are reaching $1 million in revenue within an average of 11 months, significantly faster than SaaS companies, which take around 15 months.

* OpenAI’s Growth: OpenAI has notably achieved $4 billion in revenue, showcasing the impressive financial potential of AI technology.

* Increased Automation: AI now writes over 25% of Google's code, reflecting a broader trend towards automation in software development, which is reshaping the industry's landscape.

COP29 - none of the big wigs are there

The climate conference COP 29 turned out to be underwhelming this year with major leaders absent, including Xi Jinping, Joe Biden, and Putin. Mads reflects on the consequences, emphasizing that Europe can’t rely on these big global events alone for change. Instead, European nations must take a lead role in climate action.

* Lack of High-Level Participation: The absence of leaders from key countries like the US, China, and Russia has weakened the perceived legitimacy of COP 29, with many dismissing it as a symbolic event rather than a platform for concrete action.

* UK’s Aggressive Emission Targets: In contrast, the UK, under Starmer, has set ambitious emission reduction targets—aiming for an 81% cut by 2035. This demonstrates that local leadership may be crucial in spearheading climate initiatives when global cooperation falls short.

* Questions of Effectiveness: With fewer influential leaders involved, the effectiveness of COP 29 in fostering meaningful change is in doubt, emphasizing the need for regional and national leaders to take more decisive actions.

The new EU Startup passport

Ursula von der Leyen has announced the EU Startup Passport, also called the 28th regime, which aims to simplify regulations for startups across the EU, creating a unified regulatory framework. The key motivations and anticipated impacts are:

* Regulatory Simplification: Startups often face difficulty in navigating the varying laws across the 27 EU member states. The 28th regime aims to create a single, standardized set of rules, providing startups with a consistent framework regardless of location.

* Increased Competitiveness: By reducing bureaucratic hurdles, startups can focus more on growth and innovation, ultimately making the European market more attractive compared to other regions such as the US, which has a more unified commercial environment.

* Support for Smaller Startups: Unlike large corporations that have teams to navigate complex legislative differences, smaller startups struggle to expand across borders due to resource limitations. The EU Startup Passport aims to level the playing field, allowing smaller entities to benefit from easier access to all member states.

* Next Step for the Single Market: This initiative is seen as a crucial evolution of the EU's single market, promoting growth, fostering innovation, and encouraging startups to take advantage of the European ecosystem in a way that has previously been difficult due to fragmented regulations.

German Government has collapsed

The collapse of the German coalition government due to disagreements over Ukraine and domestic reforms has led to significant political instability. The key issues and potential impacts are:

* Political Instability: The collapse has introduced uncertainty, which may create short-term challenges for governance and policy-making in Germany.

* Opportunities for European Reforms: This turmoil could pave the way for broader European reforms, potentially creating momentum for improving energy, trade, and economic policies.

* Implications for EU Leadership: Germany, as a major EU power, plays a critical role in driving the bloc's initiatives. A more reform-minded government could potentially lead to significant positive changes for Europe.

AI Now Writes Over 25% of Code at Google

AI Now Writes Over 25% of Code at Google. Google's use of AI to write code marks a significant shift towards automation in the tech industry. The key insights and potential impacts are:

* Automation in Software Development: Over 25% of Google's code is now written by AI, which is reshaping the role of software engineers and how code is developed in large tech companies.

* Increased Productivity: The use of AI for coding is enhancing productivity, allowing developers to focus on more complex tasks while AI handles repetitive or foundational code work.

* Future of Engineering Roles: This trend could lead to a shift in software engineering roles, with a greater emphasis on creative problem-solving and system-level design as AI handles more of the routine coding tasks.

Google Confirms Jarvis AI Is Real by Accidentally Leaking It

Google Confirms Jarvis AI Is Real: Google accidentally confirmed the existence of Jarvis AI through a leak, raising questions about the capabilities of this previously unknown project. The key insights and potential impacts are:

* Confirmation of Jarvis AI: The accidental leak reveals that Google is working on a powerful AI known as Jarvis, suggesting advancements in AI development that were not previously public.

* Implications for AI Capabilities: The existence of Jarvis could point towards highly sophisticated AI capabilities that may significantly enhance productivity and integration across Google's services.

* Future AI Applications: This leak indicates that Google may be preparing for the launch of new AI-driven products or services, potentially setting new benchmarks for what AI can accomplish in the tech industry.

Artificial Intelligence, Scientific Discovery, and Product Innovation

Artificial Intelligence, Scientific Discovery, and Product Innovation: The report by Aidan Toner-Rodgers at MIT explores how AI is transforming scientific research and innovation. The key insights and potential impacts are:

* AI-Powered Idea Generation: AI automates 57% of idea-generation tasks, freeing scientists to focus on evaluating AI-suggested compounds rather than repetitive exploration.

* Reduction of Low-Value Research: By minimizing the pursuit of low-...

This Week in European Tech with Dan Bowyer, The Agrifoodtech Effect, and more