WHY EUROPE STAGNATES
Last week I visited an island and stood among a crowd of puffins. If I turned my head I could see the lighthouse. If I looked up, the arctic terns were above my head. Yet I never left my living room. How come? I was wearing a virtual-reality mask.
I have tried this “Oculus” technology once before, when visiting Facebook in California (which owns Oculus) and it is truly extraordinary to have an all-round, up-and-down view of the world depending on how you turn your head. All it involves is a special (Samsung) smartphone jammed into a pair of goggles.
Is it the next wave of tech? I have no idea. Apart from games, virtual visits to inaccessible nature reserves and maybe estate agents, it may not have many practical applications. But I may be wrong. Does the next wave lie in big data? Or robotics? Or the internet of things? Or something else entirely?
Nobody knows. The one thing that the history of technology shows above all else is our complete inability to see what comes next.
Yet something will come next, of that we can be confident. By 2025 there will be a vast new firm, valued at an astronomical sum and run by people who look like teenagers from a futuristic building in . . . well, where will it be? Can you imagine it being in Europe? Me neither. Here’s why.


