The newly chosen leadership of the European Union (EU) must reform and deepen the EU and project its influence around the world. The state of innovation in Europe should be at the very top of their priority list. The digital economy is producing a G2 world, with the United States and China in the lead and Europe at a distant third. There is not one European firm among the world’s largest internet companies. Additionally, most technology unicorns are outside of the EU. Places like Shenzhen or Silicon Valley transfer significantly more technology to the market than their European counterparts. Allowing these trends to continue will be detrimental to Europe’s future generations for a number of reasons. The EU should establish a radically ambitious innovation and technology agenda.