As the Stockholm-based “last piece of software” takes off, it’s tempting to treat their speed and scale as the new Nordic blueprint. But not everything should, or can, grow like that. Jonas Åström, asks the harder question: What gets left behind when software wins it all?
Lovable’s rise illustrates that it is absolutely possible to build and scale global software companies from Europe. With the right timing, talent and execution, you can attract world-class teams, plenty of capital and hockey-stick revenue graphs. But that logic doesn’t apply across the board — and definitely not in deeptech.
There is a real risk that success stories like this distort expectations. If investors and entrepreneurs come to see Lovable’s rapid journey as the gold standard, capital and attention could shift disproportionately towards fast-scaling AI and software ventures. This could inadvertently leave critical deeptech innovations — essential to our future prosperity and security — starved of resources and attention.
The concern is not about AI’s potential. It’s about balance.
Unlike software, physical deeptech innovation is inherently complex, costly and slow. Entrepreneurs face extended periods of R&D, patenting, supply chain development and production scaling — challenges rarely found in digital ventures. Yet the atom-based world still depends heavily on tangible, physical technologies.
The concern is not about AI’s potential. It’s about balance. AI alone cannot transition us away from fossil fuels, and uncontrolled AI growth might even increase our carbon footprint. Europe has historically led global sustainability efforts and must continue developing the physical technologies needed for ecological and geopolitical resilience.
And while deeptech is essential, it also has lessons to learn. Rapid iteration, customer-centricity and market relevance must become standard, even in longer product cycles. Too often, deeptech innovations fail because they ignore market signals or lack strong entrepreneurial execution.
So yes, celebrate Lovable. It’s an inspiring success story. But don’t let it become the only story. Europe’s future needs both speed and depth — and the patience to build what truly matters.