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

Jan de Vries · 2026-07-29

Tom Wehmeier, Partner and Head of Intelligence at Atomico, has spent years studying the European tech ecosystem. In a recent interview, he shared his unique perspective on where the continent stands and what needs to change. ### From Telecoms to Venture Capital Wehmeier didn't take a straight path into VC. He started in telecommunications, watching the rise of 3G and internet-based calling. That experience taught him something crucial: hype cycles come and go, but real change takes time. "I learned to recognize hype cycles and adopt a patient, long-term view," he says. It also showed him why big companies often fail to respond to disruption. They're too focused on protecting what they already have. ### Why Breakthroughs Are Underestimated Wehmeier points out that truly transformative technologies are almost always underestimated at first. Early forecasts predicted only about one million mobile phones would ever be sold. We all know how that turned out. "That's why it's so important to recognize innovations that can fundamentally change behavior," he explains. The lesson for investors and founders? Don't dismiss something just because it seems small today. ### The Birth of 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 initiative covering investment, talent, liquidity, regulation, and entrepreneurship. Wehmeier says the report was created to fill a gap. "There wasn't a shared, evidence-based view of Europe's technology ecosystem," he notes. The goal was to give everyone the same facts and let them draw their own conclusions. ### What's Coming in the Next Report The next edition will dig into several key themes: - Progress in funding innovation - Reducing regulatory friction - Empowering talent - Encouraging greater risk tolerance - Technological sovereignty and resilience across energy, computing, and defense ### The 'Commitment Gap' Holding Europe Back Wehmeier argues that Europe suffers from what he calls a "commitment gap." Policymakers and industry leaders say they support initiatives like EU Inc. and more institutional investment in tech. But implementation often gets bogged down by political deadlock. "Progress requires decisive leadership at both national and European levels," he says. Without it, good intentions don't translate into real change. ### How the Report Serves Different Audiences One of the report's strengths is its flexibility. Investors focus on funding and liquidity data. Policymakers care more about regulation and ecosystem sentiment. By making the data downloadable, Atomico lets journalists, founders, and researchers develop their own interpretations. ### A Year-Round Effort The report isn't a one-off project. It's 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 Q&A features, and video content. ### Looking Back at 20 Years When Atomico was founded, the idea that Europe could produce globally significant tech companies wasn't obvious. Venture capital as a major asset class was still unproven here. Wehmeier believes the ecosystem has since exceeded expectations. "Atomico has helped place European entrepreneurship on the global map," he says. But there's still work to do. ### Key Takeaways - Wehmeier's telecom background shaped his long-term view of disruption. - 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 real implementation. - Atomico's bet on European tech has paid off, but the journey isn't over.