10xDNA – Mindset for a thriving Future. Frank Thelen

      Foreword

      While writing my first book Startup-DNA, I initially became aware of the era of exponential progress we’re entering. Not only one, but several disruptive technologies will soon bring profound changes to our personal lives as well as all industries. My first book was a rags-to-riches tale of how I went from being a drop-out at school and a down and out failure in the business world to becoming a leading startup entrepreneur and seed-capital investor. My initial aim in writing about new technologies was solely to describe how they work and cite a few compelling illustrative examples. But then one day I realized that if my observations in the book were accurate, they could potentially have far-reaching effects: notably European technology companies being reduced to the status of mere data suppliers for the US and China.

      When Startup-DNA was published in late 2018, it was already clear to all attentive that Europe had long since become at best a second-rate player when it came to the internet and cloud computing. In contrast to the US and China with their countless IT mega-corporations, in my own country, Germany, no IT company of any importance had emerged since the founding of SAP back in 1972. And yet, no one seemed to be too concerned about it when I wrote that this was only the beginning of a highly significant trend. For as it turns out, the next wave of new technologies, which are part of my 10x Technology Kit, are bound to take on even greater importance. Even nowadays, the vast majority of our industry leaders and politicians are acutely unaware of disruptive technologies' immense power and exponential progress. The figures speak for themselves. In January 2020, Tesla’s market capitalization amounted to $100 billion and, for the first time, exceeded that of Germany’s leading automaker. Only a month later, the gap was so large that the combined market capitalization of VW and BMW was lower than that of Tesla. In September 2020, the market cap of Tesla reached $400 billion. Thus, not only had Germany’s IT sector missed the boat when it came to utilizing advanced technologies such as the internet, cloud computing and smartphones – but also, for the first time, the country’s flagship industry’s leading position was being taken over by an “upstart” disruptive player.

      As a German who loves his country, and cheers for the European Union, I strongly feel that the world needs at least three great powerful voices to come up with fair and equitable solutions for the tremendous challenges humankind is facing today. If the world continues to be a place where the discourse on fighting climate change and regulatory measures for artificial intelligence are left solely to two great powers – the US and China – I fear that the responses to these existential matters will often be shortsighted. We need a strong and united Europe to have a say in these critical discussions and rulings. But Europe runs a serious risk of relinquishing this status within the next decade.

      I have decided to do what is possible, within my limited power, to change this situation. My venture capital firm Freigeist only invests in Startups, which have the potential to support Europe in regaining and maintaining its position as a major economic force – every Startup must tackle a major challenge and work on a scalable and meaningful solution. My aim and passion in life is to contribute to the development of an urgently needed thriving European Technology