The Battle for AI Talent Heats Up in Europe
The European scene is witnessing a heated battle for AI talent as an influx of startups intensifies the competition among tech giants. This is mainly driven by the success of OpenAI's ChatGPT since its inception. Notably, Google DeepMind now finds itself at a crossroads.
It must choose between substantial financial investments and the risk of losing out on the region's top minds.
A.I. Talent Battle Intensifies in EuropeDeepMind, founded in 2010 and acquired by Google in 2014, now contends with well-funded rivals encroaching on its territory.
The departure of key employees, including co-founder Mustafa Suleyman and research scientist Arthur Mensch, to launch their ventures has added to the competitive challenge for the company.
Also, Inflection AI and Mistral AI, founded by Suleyman and Mensch, respectively, have achieved multi-billion-dollar valuations within a short period.
Moreover, Inflection AI has already started recruiting London-based technical staff, while Mistral is drawing more attention, particularly after raising $415 million in venture funding in December last year.
Investors, sustained by ChatGPT's success, continue to pour funds into promising A.I. startups. This action is now increasing foreign AIfirms establishing European offices.Cohere (Canada), Anthropic, and OpenAI (U.S.) have all contributed to the growing pressure on tech companies striving to attract and retain top-notch talent.
Cohere, for example, specializes in in-house chatbots and tools and strategically hired former DeepMind lead researcher Phil Blunsom as its chief scientist in 2022.
Notably, earlier this year, DeepMind took the unusual step of granting a select group of senior researchers restricted stock access worth millions of dollars.
This happened in its attempt to retain talent and discourage staff from exploring other opportunities. According to Ekaterina Almasque, a general partner at venture capital firm OpenOcean, DeepMind is no longer the undisputed leader in the field.
The intense competition for the same talent pool, coupled with an A.I. skills shortage, has transformed the landscape into a pond rather than an ocean. But despite the challenges, a DeepMind spokesperson remains optimistic about the company's ability to attract and nurture talent.
More Attractive Options for EmployeesAmid the escalating AI talent war in Europe, OpenAI has strategically expanded its reach. The organization initiated its global presence by opening its first international office in London last year, swiftly followed by a second in Dublin.
According to Diane Yoon, OpenAI's Vice President of People, these are just the initial steps, as the company aims to extend its footprint into other countries further. Also, Cohere established its U.K. office last year, with CEO Aidan Gomez now splitting his time between Toronto and London.
The firm is actively planning to double its headcount to 50, emphasizing a strategic approach of going where the talent is abundant, especially in London and across Europe. As the talent war gains momentum, prospective employees find themselves in a favorable position to make demands.
This is particularly due to the enticing offers from most of these firms. For example, ElevenLabs, an AI audio firm based in London, is enticing new hires with stock options, competitive salaries, and the flexibility of fully remote work.
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