“Instead of finding a singular solution to a problem we need to think about a system-wide solution, healthcare is a great example of this. Perhaps it was this jump in technology Ek was waiting for.Īt the fireside chat, he mentioned that we need a more holistic approach to global problems. That was seven years ago - and technology has advanced since then: one example of this is Crispr-CAS9, the DNA technology that can be used to edit genes. He also mentioned that he spent his spare hours reading up on genetics and DNA sequencing but that the technology wasn’t where it needed to be. Instead of mass-produced medicine, he predicted doctors would use patients’ DNA to personalise care.
Speaking to the FT in 2013, he declared that in the future we would look back at how doctors treated us now as “close to witchcraft”. This is not the first time Ek has shown an interest in areas other than streaming. “There’s lots and lots of really exciting areas where there are tons of scientists and entrepreneurs right now around Europe.” A genuine interest in healthtech Ek mentioned machine learning, biotechnology, materials sciences and energy as some of these areas. In most cases, these startups fall under the deeptech flag. companies working on ambitious, exploratory and ground-breaking solutions with hardly any chance of near-term profitability or financial return. It isn’t any kind of startups that Ek wants to invest in but he is looking at moonshot projects, i.e. “I get really frustrated when I see European entrepreneurs, giving up on their amazing visions by selling very early in the process… We need more super companies to raise the bar and act as an inspiration,” he said. But I think more importantly if we’re going to have any chance to tackle the infinitely complex problems that our societies are dealing with at the moment, we need different stakeholders, including companies, governments, academic institutions, non-profits and investors of all kinds to work together,” Ek said.Įk, who managed to keep Spotify from being acquired before going public in 2018, is upset that so many European founders get the advice to sell their startup. “Europe needs more super companies, both for the ecosystem to develop and thrive.
Prior to expressing his plans to invest €1bn over the next decade, Ek spoke of his desire to make Europe as great as the US when it comes to backing brilliant companies.
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