Why Atomico's Tom Wehmeier Says Europe's Tech Future Hinges on a 'Commitment Gap'

Jan de Vries · 2026-07-29

Tom Wehmeier, Partner and Head of Intelligence at Atomico, has spent years studying Europe's tech ecosystem. In a recent interview, he shared insights from his unconventional path into venture capital and what the next State of European Tech report might reveal. ### From Telecoms to Venture Capital Before joining Atomico, Wehmeier worked in telecommunications. He watched 3G emerge and saw internet-based calling disrupt traditional phone services. That experience taught him something valuable: hype cycles are real, and the key is patience. "Breakthrough technologies are almost always underestimated," Wehmeier says. He points to early forecasts that predicted a market of only about one million mobile phones. Today, billions of people carry them. The lesson? Innovations that seem small can fundamentally change how we live and work. ### The State of European Tech Report Atomico's State of European Tech report started as a simple PowerPoint presentation. Now it's a major annual platform covering investment, talent, liquidity, regulation, and entrepreneurship. The goal was simple: create a shared, evidence-based view of Europe's technology ecosystem. "There was a lack of reliable data about European tech," Wehmeier explains. "We wanted to fill that gap." The report isn't just for investors. Journalists, founders, policymakers, and researchers all use it. Atomico makes the data downloadable so anyone can develop their own interpretations. ### What's Coming in the Next Report The next edition will explore several themes: - Progress in funding innovation - Reducing regulatory friction - Empowering talent - Encouraging greater risk tolerance - Technological sovereignty and resilience across energy, computing, and defence Wehmeier says Europe faces a "commitment gap." Policymakers and industry leaders support initiatives like EU Inc. and greater institutional investment in technology. But implementation often gets stuck in political deadlock. "Progress requires decisive leadership at national and European levels," he argues. ### How the Report Serves Different Audiences Investors tend to focus on funding and liquidity data. Policymakers care more about regulation and ecosystem sentiment. By keeping the data open, Atomico lets each group draw their own conclusions. The report has grown into a year-round initiative. It now involves research partnerships, newsletters, roundtables, and wider industry engagement. Atomico experiments with new formats too, including synthetic audience tools, interactive Q&A features, and video content. ### Two Decades of European Tech When Atomico was founded 20 years ago, the idea that Europe could produce globally significant technology companies was far from certain. Venture capital wasn't a major asset class in the region. Wehmeier believes the ecosystem has since exceeded expectations. Atomico has helped put European entrepreneurship on the global map. The firm's faith in the region's potential has been validated by its growth. ### Key Takeaways - Wehmeier's telecom background shaped his long-term, analytical approach to venture capital. - Breakthrough innovations are often underestimated before mass adoption. - The State of European Tech report provides a shared, evidence-based view of the ecosystem. - Europe must close the gap between political commitments and implementation. - Atomico's belief in European tech has been proven right by the ecosystem's growth. This interview offers a clear look at where European tech stands today and where it's heading. For anyone following EU Inc news or the EU Inc proposal, Wehmeier's insights on the commitment gap are especially relevant. The next report will likely spark important conversations about how to turn political support into real progress.