AI talent war heats up in Europe
3 min read The competition for technical talent in Europe's AI industry is heating up as startups like OpenAI, Cohere, and Anthropic vie for the same pool of talent as Google DeepMind. The influx of foreign AI firms and rising salaries have intensified the battle for the region's best minds. March 11, 2024 10:56
An influx of artificial intelligence (AI) startups is heating up the battle for technical talent in Europe, leaving companies like Google DeepMind to choose between paying big or losing out on the region's best minds.
The runaway success of OpenAI's ChatGPT has energised investors, who have been pouring money into promising AI startups, eager to uncover the next overnight success.
Riding the investment wave, a crop of foreign AI firms - including Canada's Cohere and U.S.-based Anthropic and OpenAI - opened offices in Europe last year, adding to pressure on tech companies already trying to attract and retain talent in the region.
Founded in 2010 and acquired by Google in 2014, London-based DeepMind made its name applying AI to everything from board games to structural biology. Now the firm faces a host of well-funded rivals flooding its territory, while a growing number of its employees have quit to launch their own ventures.
Recent high-profile exits include co-founder Mustafa Suleyman, who left to set up California-based Inflection AI alongside LinkedIn billionaire Reid Hoffman, and research scientist Arthur Mensch, now CEO of Mistral AI. Both companies have received multi-billion dollar valuations in the short time they have been active.
According to executive search firm Avery Fairbank, there has been an "exponential increase" in pay for C-suite staff at AI companies in Britain over the last year.
"The entrance of foreign AI giants such as Anthropic and Cohere into London's market will further escalate the competition for AI talent," said Charlie Fairbank, the firm's managing director.
Executives on base salaries of around 350,000 pounds have seen pay packets jump between 50,000 and 100,000 pounds, he said.
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