Is Europe the next Silicon Valley?

We’ve all heard about the Silicon Valley of the US, however, new technology centers are developing in Europe as well.

The United States has long been the champion of the tech industry, being the home to the most and largest tech companies, start-ups, tech communities and so on. The Silicon Valley area generates a very large part of the country’s GDP and attracts millions of highly qualified IT specialists from all around the world. There, companies can receive state and private funding, making it a great place to start one.

Recently, however, the European economy has grown a lot in that same area of work. The information technology industry employs a large percentage of the workforce in many European countries. Since the EU allows for the free passage of people and goods through its country members, finding skilled employees and establishing international companies in the EU has become easier than before.

Many countries in Europe have traditions in technology and are turning their cities into tech hubs. Not only London, but Berlin, Dublin, Amsterdam and many other cities have their own tech communities, filled with tech companies and start-ups, as well as plenty of well-educated software engineers, developers, designers, and testers. A large difference between the tech industry in the US and in the EU is that companies in the US seem to gather in one place, while the EU has many smaller hubs, which, if put together, may soon pose a challenge to Silicon Valley.

BPO and software development outsourcing centers are close in Eastern Europe, so most big companies can outsource there and save money. Being closer to big companies’ HQs in terms of flight time, time zones, working hours and culture, make Eastern European countries a much better place for outsourcing than others that are far eastern.

Overall, the United States’ Silicon Valley is still supreme in comparison to the many tech hubs in the EU, however, some businesses in Europe have just come around to the idea of operating in the IT industry. Silicon Valley may soon face a challenger that can change the way we think about IT.

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