This piece overlooks a critical defect in EU strategy: decades of overregulation
combined with underinvestment of funding into the relevant categories. If the EU wants their regulated market to compete with the U.S. software companies, the EU needs to spend euros paying organizations with workers to do so; otherwise, capitalism treats regulations as inefficiencies and routes around the EU, and so depending on their free* market for competitiveness will always fail. In the U.S., we do that kind of ‘socialist’ federal investment into competing with established businesses through DARPA. It’s definitely an effective model relative to none at all!
* i.e. at no extra investment cost to the regulating government body