Future Economy Report

Ways toward a more sustainable, inclusive, and resilient European economy.

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About this study

The Future Economy Study aims to provide a nuanced view of how Europe-based young changemakers envision and contribute to a sustainable and inclusive economic future. By capturing their perspectives, practices, and challenges, the study offers insight into emerging pathways for economic transformation. It also serves as a foundation for convening key ecosystem stakeholders across Europe and as a data-driven impulse to foster dialogue, collaboration, and collective action toward a shared vision for Europe’s future economy.

This report is a collaborative effort of The Possibilists, Bertelsmann Stiftung, the European Investment Bank Institute and the Center for Social Entrepreneurship and Social Innovation at Vienna University of Economics and Business (WU Wien).

Executive Summary 1/2

Pessimistic in the Present, Optimistic for the Future.

Changemakers express widespread concern about the current state and near-term trajectory of the European economy, yet articulate a strikingly hopeful vision for 2040. Their perspectives suggest that while today’s challenges feel acute, there is strong belief in Europe’s capacity for systemic transformation, driven by sustainability, inclusion, and new definitions of economic success … as long as we all take collective action.

Key Insights

48% of the respondents think Europe’s near-term economic development will be rather bad or very bad, 39% expect it to be rather good or very good.

Looking ahead to the next 10 to 15 years, changemakers express predominantly cautious expectations for the European economy. Nearly 48% assess future development as rather bad (37.2%) or very bad (10.3%), compared to 39.1% who expect it to be rather good (31.4%) or very good (7.7%).

Despite their concern for the next years, the entrepreneurs are able to express a very positive and actionable vision for the future.

When asked to imagine the European Economy of 2040 and the areas where they envision the most positive developments, the most frequently cited positive outcome areas include sustainability (52.1%), alternative measures of economic success beyond GDP (46.6%), and strengthened solidarity and inclusion (41.8%). Together, these three pillars reflect a shift toward a more holistic understanding of economic progress.

Nearly 60% see shared decision-making, better governance and organisational culture as the most promising levers for creating a better future economy. Overall, the findings suggest that social entrepreneurs envision positive change to come primarily through internal organisational transformation rather than product- and service-level interventions.

Overall, the findings suggest that entrepreneurs are approaching impact primarily through organisational transformation rather than product- and service-level interventions. A clear majority report experimenting with shared decision-making and governance (58.9%), alongside substantial engagement in business model innovation (37.4%), HR and organisational culture (32.7%), and public influence (32.7%).

By contrast, comparatively few initiatives report changes in supply and purchasing (4.7%) or end-of-use considerations (2.8%).

This pattern indicates that respondents largely view internal structures, such as governance, decision-making, and value creation, as foundational levers for long-term impact, with operational or lifecycle interventions playing a more limited role at this stage.

Young entrepreneurs across Europe align strongly with the European Investment Bank’s priorities; particularly around the need for more Climate Action and Environmental Sustainability, Social and Inclusive Investments, Innovation and Digitalisation. They should be seen as allies in building a better future economy.

The entrepreneurs surveyed for this study report strong alignment with several of the European Investment Bank’s (EIB) priority areas, particularly Climate Action and Environmental Sustainability (52.5%), Social and Inclusive Investment (47.5%), and Innovation and Digitalisation (43.3%).

They’re ready to contribute, but 55.8% say the lack of suitable funding is their greatest hurdle. Also, 31.7% have a high risk of burnout due to the many simultaneous responsibilities they carry.

When asked to identify the single greatest hurdle to their success, the most commonly reported difficulties were:
Lack of suitable funding opportunities for organisations (55.8%)
Juggling multiple responsibilities such as work, family, or studies (37.5%)
High risk of burnout due to accumulated responsibilities (31.7%)
Lack of personal financial stability (31.7%)

Francielly Monteiro
Benthos.AI, Germany | Brazil
Evoléna de Wilde d’Estmael
Faircado, Germany
Ibrahem Ashraf Ahmad
beVisoneers, Germany
Johanna Kühner
Laureen van Breen
Wikirate, Germany
Melanie Schichan
Vyld, Germany
Simon Köhl
Future Maps, Germany
Executive Summary 2/2:

A Holistic Vision for a Future Economy in 2040

Introducing: The European Future Economy Compass

Entrepreneurs and changemakers across Europe express a clear and compelling vision. Based on their insights we developed the Future Economy Compass to show what they think are the most critical building blocks of a better Future Economy. It also includes concrete policy ideas, innovations, and systemic changes they suggest to get there.

This model is the result of a deeper analysis of the qualitative answers of the respondents from the Future Economy Study. We tried to explore thematic clusters but since many respondents had at least partrially overlapping visions we propose a visual that transports this high level of convergence in utopic thinking. Our notion was reinforced by some explorative correlations, which indicate that many topics where reported together. The middle of the visual represents this convergence, the next layer decribes a summary of some of the most frequently mentioned topics, and the outer layer shows some concrete examples that people mentioned.

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Introduction

Europe is undergoing a profound transformation as it moves toward a greener and more digital economy, supported by initiatives such as the European Commission’s action plan for the social economy. At the same time, this transition is unfolding amid growing turbulence and polarisation around issues including security, migration, and the rise of right-wing populism. In this context, ensuring a just transition to a future economy is critical for strengthening regional cohesion and reducing economic disparities both within and across European countries.

We hope this report can provide us all with a vision and practical steps for how to move forward.

Methodology and Sample

For this report we surveyed 417 young entrepreneurs and changemakers from 29 countries across Europe between February 13 and March 26, 2025, through a mix of quantitative and qualitative questions. Of those, the 156 most complete data sets and cases build the core of this study. The average age of respondents is 33.6 years, 59% are female, 37.8% are male, 1.9% identify as non-binary or preferred to not disclose their gender. The report also includes insights from nearly 20 qualitative interviews, case studies and videos. For more demographic details, please see here:

Human-Centred SDGs Lead Respondents’ Work

To put the insights from this report into context, we asked the changemakers to share more about their work and ventures. The data shows that they align most strongly with social and human-centred Sustainable Development Goals, reflecting a focus on wellbeing, inclusion, and long-term societal resilience. The most frequently selected SDGs were Quality Education (SDG 4, 27.5%), Good Health and Wellbeing (SDG 3, 26.7%), and Reduced Inequalities (SDG 10, 26.7%), underscoring a shared commitment to strengthening human capabilities and addressing structural disparities across Europe.

Beyond these leading priorities, many respondents also situate their work within systemic and enabling conditions for impact, including Sustainable Cities and Communities (SDG 11, 20.8%), Decent Work and Economic Growth (SDG 8, 17.5%), Responsible Consumption and Production (SDG 12, 17.5%), Climate Action (SDG 13, 17.5%), and Partnerships for the Goals (SDG 17, 17.5%). The breadth of SDGs selected, often in combination, suggests that respondents view impact as inherently interconnected, requiring coordinated action across social, economic, environmental, and institutional domains rather than siloed interventions.

SDG 4

Quality education

27.5%
SDG 3

Good health and wellbeing

26.7%
SDG 10

Reduced Inequalities

26.7%

Distribution across SDGs

Distribution across SDGs

The respondents’ Work Aligns with the Europen Investment Bank's Climate, Innovation, and Social Priorities

The entrepreneurs surveyed for this study report strong alignment with several of the European Investment Bank’s (EIB) priority areas, particularly Climate Action and Environmental Sustainability (52.5%), Social and Inclusive Investment (47.5%), and Innovation and Digitalisation (43.3%).

Notably, Climate Action emerges as the most frequently selected EIB area, even though only 17.5% of respondents identified Climate Action (SDG 13) as one of their primary SDGs. This apparent discrepancy is likely explained by the broader framing of the EIB category, which encompasses a wide range of activities, such as sustainable supply chains, emissions reduction embedded in production processes, or ecosystem protection, that may not be explicitly labelled as “climate action” within respondents’ SDG framing.

Case Studies

Findings

Concern Today. Conviction for
Tomorrow.

Despite pessimism and uncertainty about the present and near-term economic outlook, respondents articulate an ambitious and hopeful vision for Europe in 2040. They express strong belief that deep, systemic change, rather than incremental reform, can enable a more sustainable, inclusive, and resilient European economy.

Economic Pessimism in the Near Term

Looking ahead to the next 10 to 15 years, changemakers express predominantly cautious expectations for the European economy. Nearly 48% assess future development as rather bad (37.2%) or very bad (10.3%), compared to 39.1% who expect it to be rather good (31.4%) or very good (7.7%).

At the same time, a notable share of respondents (13.5%) did not provide an assessment, pointing to uncertainty alongside pessimism. Overall, the findings suggest that negative expectations slightly outweigh positive ones in the near to medium term, an outlook that contrasts sharply with the highly optimistic long-term visions respondents articulate for Europe’s economy in 2040.

Expectations for the European Economy in the next 10-15 years

37.2% Rather Bad
31.4% Rather Good
Case Study

Innovating Within Europe’s Current Economic Reality

melanie-schichan
Germany

Location

Germany

Initiative

Vyld

Vyld is a profit-for-purpose biotech company creating radically sustainable, ocean-friendly and healthy absorbent products from seaweed. Their first product, the Kelpon, is the world’s first tampon made from seaweed, leveraging its beneficial properties: its biodegradable and designed to be microbiome-friendly, highly absorbent, and gentle, while shifting supply chains away from land- and chemical-intensive materials like cotton and viscose. It operates as a steward-owned company to ensure that impact, not extraction, guides every decision.

Europe has made real progress on regulation and public awareness, from the Green Deal to stronger product safety and transparency frameworks.

“There is a growing ecosystem of mission-aligned investors and founders who are serious about decarbonisation, circularity, and equity. At the same time, extractive incentives persist: cheap externalities still outperform regenerative practices, and care work remains undervalued and unevenly borne. Supply chains are optimised for legacy materials and path-dependent infrastructure, which slows adoption of new biomaterials. We need stronger pricing of externalities, public procurement that rewards true sustainability, and social policies that treat period health as basic infrastructure rather than a private burden.

However, we’re innovating in a sector that historically underinvested in R&D and is dominated by supply chains built around viscose and cotton. That creates technical and commercial friction: our fiber must integrate seamlessly into conventional tampon machinery and meet stringent performance and safety expectations. We address this through deep R&D, close collaboration with a German contract manufacturer, and iterative user testing. Societally, menstruation is still stigmatised, which suppresses candid feedback and slows policy progress. We counter this by normalising the conversation, publishing clear science, and partnering with educators and employers. As a steward-owned company, fundraising can be harder because some investors expect control or uncapped returns. We navigate that by being transparent about our structure, finding values-aligned capital, and demonstrating traction and defensible IP.”

sabina
Romania

Location

Romania

Initiative

The Energy Policy Group

The Energy Policy Group (EPG) is an independent, non-profit think tank focused on energy and climate policy in Romania and across the European Union. EPG is committed to an evidence-based and socially just transition to climate neutrality, producing research that balances decarbonisation, economic competitiveness, social fairness, and respect for planetary boundaries. Through its work, EPG seeks to advance public understanding of energy and climate solutions while supporting sustainable, long-term policy pathways aligned with the EU’s climate goals.

From my perspective, Europe is moving in the right direction on fairness, inclusion, and sustainability, but progress remains uneven.

“Strong policy frameworks are in place, such as just transition plans, anti-poverty measures, and social protections, and these have produced measurable improvements. The main challenge, however, lies in implementation, which varies widely across countries and even between regions within them. This fragmentation creates gaps, leaving communities and countries with fewer resources or weaker institutions at risk of being left behind. The greatest need for improvement is in making policies more consistent and people-centred, so that positive impacts reach the local level rather than remaining confined to strategic documents.”

Respondents Anticipate Heightened Risk Across Key Economic Scenarios

Across a range of contrasting scenarios, changemakers express predominantly cautious expectations for the European economy over the next 10 to 15 years. Concerns are particularly pronounced with regard to inflation stability, where 49.4% assess scenarios closer to hyperinflation as more likely, compared to 31.4% who expect stable and low inflation. Similarly, expectations around AI and employment lean pessimistic, with 53.2% anticipating job losses rather than job creation, while 34.6% hold a more optimistic view.

Expectations are most unevenly distributed when it comes to business ownership, where nearly two-thirds of respondents (62.2%) believe ownership will remain unequally distributed, compared to just 20.5% who consider a more broadly shared ownership model likely. This highlights persistent concerns about inequality and concentration of economic power in Europe’s future economy.

By contrast, views on Europe’s global competitiveness are far more divided. Respondents are almost evenly split between pessimistic (42.3%) and optimistic (43.6%) assessments of whether Europe will remain a strong global economic competitor, reflecting considerable uncertainty rather than a dominant expectation.

Perceptions of military conflict emerge as a critical cross-cutting factor. While a majority of respondents (57.1%) expect no major military conflicts involving many European countries, a substantial minority (37.2%) consider such conflicts likely. Exploratory analyses further indicate that more optimistic views regarding peace, specifically the expectation that major military conflicts will not occur, are strongly associated with more positive assessments of Europe’s overall economic development in the coming decade.

Expectations for Key European Economic Scenarios (next 10-15 years)

No answer
Overall pessimistic
Overall optimistic
No answer
Overall pessimistic
Overall optimistic
Case Study

Rethinking Business Ownership

Pictaure1
Germany

Location

Germany

Initiative

#GenoDigital

#GenoDigital is a network of around 1.000 founders, board or advisory board members of cooperatives and associated organisations or consultants. We strengthen cooperatives by political work, community building and access to free knowledge to build an economy placing the wellbeing of people at its centre.

The current economic system incentivises businesses to maximise shareholder value, often at the expense of other stakeholders such as society and the environment. Social and environmental costs remain hidden, leading to a situation where businesses externalize their risks but privatise their profits. As a result, wealth inequality deepens: those with most power and capital gain disproportionately, while the many shoulder the costs.

Moreover, the use of technology and cheap data processing has led to the rise of the platform economy and a new landscape of businesses. Global players dominate markets for online retail, holiday booking, social networks or transportation services and their market power is facilitated by network effects. While the emergence of these digital services provide cheap and convenient solutions for customers, they also come with societal challenges: social networks were sued for abusing private data and delivery platforms for violating labour laws. 

Therefore, a big lever for improvement and a more inclusive and green economy lies in new forms of business ownership. Alternative forms of ownership, such as cooperatives, support to address and include a broader range of affected stakeholders and, thereby, distribute power and profits more equally. 

With over 22 million members, cooperative membership shares are the most widespread form of public participation in the productive capital of the German economy. In comparison: 12.3 million citizens in Germany own public shares of corporations. Especially in the Nordic countries as well as in France, Spain, Italy and Switzerland, cooperatives play an even bigger role in the economy. In Italy, cooperatives contribute 3 % of their profits to a fund that supports cooperative innovations as well as educational work and studies which is a striking example of cooperatives supporting each other as an alternative form of organising business.

Melanie Schichan
Vyld, Germany
Ibrahem Ashraf Ahmad
beVisoneers, Germany
Francielly Monteiro
Benthos.AI, Germany | Brazil
Simon Köhl
Future Maps, Germany
Evoléna de Wilde d'Estmael
Faircado, Germany
Laureen van Breen
Wikirate, Germany
Johanna Kühner

A Sharp Contrast: Optimism for Europe in 2040

Despite short-term pessimism, respondents hold an overwhelmingly positive long-term vision for Europe. These optimistic and hopeful visions reflect confidence that meaningful economic transformation is both necessary and achievable.

Sustainability New measures of economic success Solidarity and inclusion %

The Three Core Pillars of a Future European Economy

When asked to imagine the European Economy of 2040 and the areas where they envision the most positive developments, the most frequently cited positive outcome areas include sustainability (52.1%), alternative measures of economic success beyond GDP (46.6%), and strengthened solidarity and inclusion (41.8%). Together, these three pillars reflect a shift toward a more holistic understanding of economic progress.

However, many respondents addressed multiple topics simultaneously, indicating a belief that Europe’s future economy requires systemic change. Their visions emphasise the involvement of diverse stakeholders and coordinated action across policy, markets, institutions, and society.

Sustainability New measures of economic success Solidarity and inclusion %

Change Is Seen as Systemic, Not Incremental

Changemakers envision comprehensive transformation rather than isolated reforms.

Many respondents addressed multiple topics simultaneously, indicating a belief that Europe’s future economy requires systemic change. Their visions emphasise the involvement of diverse stakeholders and coordinated action across policy, markets, institutions, and society.

Beyond these core pillars, respondents also emphasise the importance of collaboration across borders (23.3%), financial fairness and equality (18.5%), and innovation, including artificial intelligence (17–18%), suggesting that technological and institutional change are seen as enablers of this future economy rather than ends in themselves.

Notably, only a small minority mention peace (1.4%) or envision an unchanged Europe (1.4%), reinforcing the idea that respondents largely assume stability as a given while expecting, and hoping for, substantial transformation. In the scenario-based questions, expectations of no major military conflicts were associated with significantly more optimistic views on Europe’s overall economic development in the next 10 to 15 years. Taken together, these results indicate that peace is largely taken for granted in respondents’ positive visions, operating as a precondition for sustainability, inclusion, and economic transformation, rather than as a standalone goal.

A Holistic Vision for a Future Economy in 2040

Through an in-depth analysis of hundreds of qualitative answers we were able to derive a clear vision for a Future Economy in Europe, and distill 8 key areas for development the respondents think are critical. The following section of the report highlights each of these areas, including actions to take, as well as insights from various entrepreneurs from across the continent.

2040 Vision

Sustainability

Changemakers imagine a future European economy in which sustainability is the defining principle, with economic activity fully embedded within society and nature rather than operating apart from them. In this vision, the EU plays a pioneering global role in building a regenerative and inclusive economy, where fossil fuels are relegated to the past, renewable energy is ubiquitous, and sustainable mobility and infrastructure are accessible to all. Resources are shared more equitably across countries and between rural and urban areas, resilience strengthens Europe’s geopolitical position, and economic success is measured by the capacity of people and ecosystems to thrive together within planetary boundaries.

julie-murat
Global
I envision something like a social floor that guarantees decent food, healthcare, housing, education and more basics for all, and an environmental ceiling that keeps us within planetary boundaries. Work has meaning, healthcare is free, childcare is supported, food is nutritious, landscapes are preserved, travel is non-destructive, people are more connected and tolerant of each other’s differences... It’s an economy that balances human and Nature’s wellbeing.

Actions to take:

Reduce material production in favor of sharing-based and service-oriented models

Mainstream green technologies across industries and public infrastructure

Influence other regions through role modeling and the demonstration of best practices

Strengthen sustainable policies, such as expanding car-free zones and low-emission areas

Improve travel and mobility by expanding affordable rail services and ensuring easy access to essential public services within close proximity

2040 Vision

Different Measures of Economic Success

Changemakers envision a European economy that moves beyond GDP as the primary measure of success, adopting multidimensional indicators that prioritise planetary health, collective wellbeing, biodiversity, and social cohesion. In this future, businesses are understood as vehicles for meeting societal needs rather than profit-maximising entities, with access to ethical, low-interest financing and expectations that all organisations integrate social and environmental impact into their strategies. Economic activity is oriented toward the common good, with concepts such as Doughnut Economics and universal basic services embedded across Europe, profitability no longer the sole driver of decision-making, and wealth circulation replacing accumulation as the dominant economic norm.

Actions to take:

Move beyond GDP as the primary measure of economic success

Prioritise economic resilience and long-term value over profit maximisation

Integrate planetary boundaries as core indicators of economic performance

Implement Doughnut Economics as a guiding framework for policy and practice

Reduce the disproportionate influence of large corporations on economic outcomes

2040 Vision

Solidarity & Inclusion

Changemakers envision a European economy rooted in solidarity and inclusion, where the ability to meet essential needs such as housing, healthcare, education, and nutrition is guaranteed regardless of income. In this future, economic activity prioritises social and ecological wellbeing over material accumulation, with greater emphasis on sharing, services, care, and locally rooted, responsible production. Inequality and historical injustice are actively addressed through fair distribution of power, wealth, and resources, meaningful participation of young people in economic decision-making, and equitable global partnerships that recognise the positive role of migration and repair past harms. Together, these elements describe an economy designed to enable dignity, participation, and collective flourishing for all.

Pictaure1
Germany
“A future-oriented economy places people’s wellbeing at its centre. This is reflected in how businesses are owned and governed. When companies exist to serve the needs of their members (whether employees, customers, or both) they have a strong incentive to prioritise social and environmental sustainability, long-term thinking and inclusion. Power and wealth is distributed more equally and democratically which leads to a higher level of satisfaction in society, strong social cohesion and gives no ground for extremist, right-wing parties and populism.

Actions to take:

Ensure parental leave is equitably shared among caregivers and provides sufficient time for care

Strengthen the meaningful involvement of young people in decision-making processes

Recognise, value, and empower people from marginalised communities across economic and social systems

Guarantee universal basic income so that everyone’s essential needs are met

2040 Vision

Cross-Border Collaboration

Changemakers envision a European economy built on deep cross-border collaboration, where countries, cities, businesses, and citizens work together within a digitally integrated and fair single market. In this future, efforts are coordinated across sectors and scales, with policymakers, industry, and civil society aligning around shared goals, transparent data, and mutual trust. Rather than competing for limited resources, actors collaborate through open digital networks, pooling knowledge, materials, and innovation to drive collective growth, sustainability, and social progress across Europe.

Location

Slovenia

Initiative

Institute for Economic Democracy

With clear policy direction, accessible capital, and harmonised legal frameworks, initiatives like ours could scale far more effectively, and Europe would be better positioned to anchor economic value in its communities while reducing inequality and strengthening democratic participation in the economy.

“I would start by redesigning the financial and institutional frameworks that shape and incentivize the transfers of business ownership. At the moment, there is no coherent European-level policy that recognizes employee ownership as a strategic tool for succession, economic resilience, and broad-based wealth building. As a result, changemakers who work on democratizing ownership often have to push against fragmented regulations, limited financing options, and a lack of institutional understanding.”

antoine-rondelet
Global
“I would make it dramatically easier to start and grow a business in Europe. Changemakers already take huge risks by leaving stable jobs to build something mission-driven, adding layers of legal complexity, fragmented regulations, and admin across 27 countries makes that even harder. A single EU-wide business entity (e.g. “EU Inc.”) and simpler, more founder-friendly processes would remove a lot of friction. If Europe wants more people building the solutions we need, it must create an environment where entrepreneurship is encouraged, not discouraged by bureaucracy.

Actions to take:

Expand European cooperation by welcoming new member states and strengthening ties with neighboring countries, including the potential rejoining of the United Kingdom

Prioritise collective impact and shared growth over competition between smaller or less-resourced economies

Foster collaboration beyond Europe, particularly through equitable partnerships with countries in the Global South

Invest in digital platforms and transparent networks that enable cross-border collaboration, knowledge sharing, and trust

2040 Vision

Financial Equality

Changemakers envision a European economy in which financial equality is strengthened by narrowing the gap between rich and poor and ensuring fair integration of disadvantaged groups into the labour market. In this future, access to investment, growth opportunities, and economic participation is more evenly distributed across countries and communities. Large concentrations of economic power are reduced through models such as worker-owned cooperatives and de-commodified business ownership, anchoring value creation to the people actively engaged in enterprises. Overall, progress is understood as a shared achievement, ensuring that economic transformation benefits everyone.

Actions to take:

Ensure small and medium-sized enterprises have fair and equal access to markets, finance, and opportunities

Strengthen regulation to curb excessive market concentration and reduce the disproportionate power of large corporations

Promote greater equality of opportunity across the economy, including measures that limit the intergenerational concentration of wealth

2040 Vision

Artificial Intelligence

Respondents envision an economy in which artificial intelligence supports human wellbeing rather than replacing it. In this future, AI takes over routine and administrative tasks, freeing up time for care work, creativity, community engagement, and democratic participation. Decision-making is collaborative and informed by data-driven simulations, AI-supported forecasting, and citizen input, while resource efficiency is optimised through advanced recycling systems and AI-managed logistics that minimise waste. By redistributing productivity gains through mechanisms such as a universal basic dividend, AI enables a more balanced, creative, and socially resilient European economy.

AI plays a major role by taking over administrative and routine tasks, allowing people more time for leisure and community life. As AI replaces labour in other areas, more people are able to work in care-related roles, helping to address labour shortages and strengthen the care sector.

Actions to take:

Reduce overall data consumption and energy intensity associated with digital and AI systems

Establish and enforce strong, Europe-wide AI regulations that address ethical, social, and environmental concerns as a standard

Invest in innovation within the health economy, using AI to improve care quality, access, and efficiency

Increase efficiency through AI-enabled systems such as logistics optimisation, waste reduction, and resource management

Eliminate highly repetitive and low-value labour by responsibly automating routine tasks

Ensure AI functions as a public good, with open, accessible systems rather than being controlled as proprietary products by a small number of companies

2040 Vision

Innovation

Changemakers envision Europe as a global leader in innovation, drawing strength from its cultural and geographic diversity to develop the most advanced and sustainable business practices. In this future, Europe is a powerhouse of clean energy and technological innovation, where renewable energy systems such as hydrogen, solar, and wind are deeply integrated into urban and industrial landscapes, and thriving startup ecosystems drive continuous experimentation and growth. Innovation is supported by strategic, long-term EU policymaking that strengthens competitiveness in the development and production of complex goods, positioning Europe as a resilient and forward-looking economic powerhouse.

melanie-schichan
Germany
“If we keep coupling material innovation with fair ownership and open learning, a better economy isn’t just possible, it’s practical.”

“I’m hopeful because demand and capability are converging. Consumers want healthier, planet-positive options; scientists and operators can deliver them; and a new wave of investors and policymakers is ready to support systemic shifts. Changemakers are the translators and bridge-builders in this moment, we turn deep tech into daily life, shift narratives from stigma to dignity, and prototype governance that matches our ecological reality.

I would hardwire true-cost accounting into regulation and public procurement. If carbon, biodiversity loss, toxin exposure, and social costs were priced and reflected in tenders, regenerative materials and models would win on merit, not just on ethics. Pair that with standardised legal pathways and incentives for steward ownership, and you unlock aligned capital and scale for mission-driven companies without forcing them into extractive governance.”

Actions to take:

Harness biotechnology, nanotechnology, artificial intelligence, and cryptocurrencies to drive social innovation

Incentivise and finance fast-growing, innovative startups that deliver social and environmental impact

Leverage spillover effects from public investment, including dual-use technologies emerging from military and security spending, for civilian and societal benefit

2040 Vision

Circularity

Changemakers envision a European economy where circularity is the norm rather than the exception. Products are designed for full life-cycle responsibility, with repair, upgrading, and reuse mainstreamed across industries, fossil fuels phased out of production, and emissions kept low. In this future, the EU leads globally on circular economy principles, decarbonisation, and climate adaptation, with the Green Deal and the social economy fully embedded across all member states, and planet-positive business models forming the baseline for economic participation.

antoine-rondelet
Global

Location

Global

Initiative

Ganddee

Hope comes from demand: people actively want to shop second-hand, support local businesses, and reduce waste. The behaviour is already there, it just needs better infrastructure. We don’t have to invent the circular economy, we just have to catalyse it.

“If I could redesign one part of Europe’s economic system, I would make it dramatically easier to start and grow a business in Europe. Changemakers already take huge risks by leaving stable jobs to build something mission-driven, adding layers of legal complexity, fragmented regulations, and admin across 27 countries makes that even harder. A single EU-wide business entity (e.g. “EU Inc.”) and simpler, more founder-friendly processes would remove a lot of friction. If Europe wants more people building the solutions we need, including in sustainability and the circular economy, it must create an environment where entrepreneurship is encouraged, not discouraged by bureaucracy. Empowering founders is the fastest way to accelerate systemic change.

Actions to take:

Drive systemic change away from today’s linear, consumer-driven economic model

Enforce transparent and traceable value chains across sectors

Design products for long-term use, repairability, and reuse

Johanna Kühner
Laureen van Breen
Wikirate, Germany
Francielly Monteiro
Benthos.AI, Germany | Brazil
Melanie Schichan
Vyld, Germany
Simon Köhl
Future Maps, Germany
Evoléna de Wilde d'Estmael
Faircado, Germany
Ibrahem Ashraf Ahmad
beVisoneers, Germany

From Vision to Practice

While changemakers articulate ambitious and coherent visions for a future European economy, putting these ideas into practice remains challenging. Funding gaps and personal strain emerge as the most significant barriers, limiting the ability of initiatives to sustain momentum, invest in long-term innovation, or scale their impact. The lack of suitable funding opportunities, combined with financial instability and competing responsibilities, places considerable pressure on individuals and organisations working to drive systemic change.

In response, entrepreneurs are translating their visions into action primarily through changes in how their organisations operate internally. Rather than waiting for external conditions to shift, many focus on transforming decision-making, governance, and organisational culture as immediate and controllable levers for impact. Shared decision-making and governance has emerged as the most frequently implemented practice, signaling a deliberate effort to align daily operations with values of inclusion, fairness, and long-term sustainability

Case Study

Barriers to Impact

tej-gonza

Two main challenges stand out: cultural and financial.

Slovenia was part of the Socialist Federal Republic of Yugoslavia, which pursued a “third way” economic model between Western capitalism and Eastern socialism. It relied on self-management, combining social ownership of the means of production with stakeholder governance. Without going into detail, this system had both positive and negative aspects, but the memory of Yugoslavia remains strong. When we launched the Institute, any discussion of democratised business ownership was quickly associated with a return to socialism – particularly among the business community, political actors, and the financial sector, which collectively hold the most influence over legislation dealing with business ownership.

We spent years reframing employee ownership as a forward-looking initiative grounded in inclusive capitalism rather than state socialism, consistently referencing US and UK examples and best practices from Western Europe.

This was a very intentional long-term PR strategy, which included careful consideration of how we should develop our brand, socials, and the language to talk about these topics.

The second challenge is funding. While the work can be deeply rewarding, especially when major milestones are reached, it has also required personal sacrifice from me and other team members. The long hours, the commitment to the mission, and the frequent periods of unpaid work are also partially the consequence of the fact that employee ownership is positioned awkwardly between the social economy and mainstream business.

As a result, we often struggled to access stable funding streams, creating financial precarity and making team coordination difficult. Not everyone can afford to work without a guaranteed income. I was fortunate to have my position at the University of Ljubljana (now as an assistant professor), but that still meant juggling two full-time workloads. Many people have come and gone, though a few key individuals have remained since the beginning, and we now have an eager, young team that is ready for challenges ahead. We always aimed to secure funding for everyone’s involvement, but this was not always possible.

We remain hopeful that this will change and that we will secure more stable funding to fully focus on the work we do well.

When you think about Europe’s future economy, what gives you hope?

I think there is now a broad recognition – even among mainstream institutional actors – that our current economic institutions are socially unsustainable. They fail to provide citizens with either material security or a meaningful voice in decision-making, and instead continue to perpetuate economic and political inequalities.

What challenges do you believe we need to address in order to build a fairer, greener, and more inclusive economy?

My fear is that socialwashing initiatives will abduct the broad realization on how unsustainable our economic system is and how urgently the change is needed, which will take the oxygen from the real alternatives and further strengthen the status quo.

I think decision-makers at EU and national levels are too often satisfied with simple answers to complex questions, and that the increasingly divisive approach to politics is preventing a reflected dialogue about real, structural economic problems that is currently needed.

How does your work contribute to reimagining and reshaping Europe’s future economy?

Our work is changing economic and power patterns by sharing wealth and decision-making to a broader stakeholder group. We think that the question of business ownership in the private economies offers a significant and underexplored approach towards a more inclusive, participatory, and democratic economies. It is a pre-distributive approach (rather than re-distributive approach), where democratic ownership of businesses creates market conditions that yield a more just distribution patterns of income and wealth even before the government steps in with redistributive tax policies.

Structural and Personal Capacity Constraints Are the Primary Barriers to Impact Work

When asked to identify the single greatest hurdle to their success, the most commonly reported difficulties were:

Lack of suitable funding opportunities for organisations (55.8%)

Juggling multiple responsibilities such as work, family, or studies (37.5%)

High risk of burnout due to accumulated responsibilities (31.7%)

Lack of personal financial stability (31.7%)

These findings suggest that impactful work comes with significant strain and the limits changemakers face are less about motivation or capability and more about sustained capacity and long-term viability. These constraints also limit the pace and scale of impact.

In addition to these structural pressures, leaders also report personal and relational challenges, including insufficient time and energy for their mission (25.0%), lack of access to influential networks (25.8%), and self-doubt, including imposter syndrome (15.8%). These challenges point to the emotional and relational labour involved in impact-driven work, particularly in contexts where resources are scarce and expectations are high.
Exploratory analyses further reveal an important dynamic: juggling multiple responsibilities is positively associated with shared decision-making processes, regardless of team size. This suggests that innovative governance practices designed to balance diverse interests may inadvertently intensify personal strain, as leaders navigate increased coordination demands and accountability across stakeholders. While shared decision-making is widely viewed as an impactful organisational practice, these findings highlight a potential trade-off between participatory governance and individual capacity that warrants further attention.

Respondents Prioritise Internal Organisational Change as a Pathway to Impact

Shared decision-making and governance (58.9%) emerged as the most frequently implemented organisational practice. It is often combined with initiatives focused on organisational culture and HR, sustainable supply chains, service delivery, and public or sectoral influence.
Changemakers appear to be reimagining organisations themselves as vehicles for impact, treating governance, ownership, and culture as foundational tools for systemic change rather than secondary operational concerns.

Overall, the findings suggest that entrepreneurs are approaching impact primarily through organizational transformation rather than product- and service-level interventions. A clear majority report experimenting with shared decision-making and governance (58.9%), alongside substantial engagement in business model innovation (37.4%), HR and organizational culture (32.7%), and public influence (32.7%).

By contrast, comparatively few initiatives report changes in supply and purchasing (4.7%) or end-of-use considerations (2.8%).

This pattern indicates that respondents largely view internal structures, such as governance, decision-making, and value creation, as foundational levers for long-term impact, with operational or lifecycle interventions playing a more limited role at this stage.

Case Study

Rethinking Governance

nina-poxleitner
Global

Location

Global

Initiative

wirkt

Nina Poxleitner is the co-founder and management partner of wirkt, an impact venture builder based in Vienna. wirkt creates and grows social enterprises that address pressing societal challenges in education, integration, and mental health.

In 2024, the organisation’s six ventures reached more than 1,600 people, demonstrating its growing impact across communities. Nina’s vision is to help make social entrepreneurship a natural and essential way societies solve problems, fostering systems that prioritise meaningful, equitable, and sustainable change.

​​wirkt. has a unique structure: our ventures act as semi-independent units, each focused on its own impact area, supported by a central team that provides coaching and operational backing. This allows our venture leads to spend most of their time with their target groups instead of managing administration.

Interview

We’re currently exploring ownership models for the next phase, as we prepare to spin out our first ventures, we want to ensure fair ownership that reflects both entrepreneurial responsibility and social purpose.

For our venture leads, wirkt. offers a low-risk way to run a social enterprise, they have the freedom of leadership without the personal financial risk of traditional entrepreneurship.

Lastly, all our leadership roles at wirkt. are shared. We are co-CEOs, and each of our ventures is led by co-leads – sometimes two, sometimes even three people. This model works incredibly well for us. It means there’s always a sparring partner to discuss difficult decisions, two perspectives on important matters, and the freedom to divide responsibilities according to strengths. It also allows people to take real time off, for holidays, parental leave, or also longer breaks, knowing someone equally invested is there to step in. I honestly wouldn’t want to work without a “co” anymore.

What challenges do you believe we need to address in order to build a fairer, greener, and more inclusive economy?

One challenge is financial stability in the social impact sector. Salaries are often low, and planning security is limited. Governments change priorities and funding cycles end.

Another challenge is recognition, many still don’t understand what social businesses are or why they matter. Our ventures generate measurable savings for the public sector, but these are rarely acknowledged or integrated into funding models.

We try to navigate this by diversifying income sources and building strong partnerships with both the public sector and mission-aligned foundations. But for scaling models that work, it is very hard to secure enough financial resources.

There’s a growing awareness that the old systems no longer work. At the same time, we’re still locked in structures that reward power and privilege. Transformation will only succeed if it includes everyone, especially those who feel they have the most to lose.

Recommendations From Changemakers

Through the study, and an additional 10 deep qualitative interviews, changemakers from across Europe shared with us their key recommendations for what we can all do to advance a better future economy. Here are their top 8 suggestions

(Relevant for businesses and policy makers) Embed True-Cost Accounting Into Economic Decision-Making

Integrate social and environmental costs—such as carbon emissions, biodiversity loss, toxic exposure, and social harm—into regulation, taxation, and public procurement. Making these costs visible would realign incentives toward long-term value creation and ensure that regenerative business models compete on merit rather than ethics alone. This shift would fundamentally redefine economic success beyond short-term financial gains.

(Relevant for businesses and policy makers) Enable Democratic and Alternative Ownership Models

Develop a coherent European policy framework that recognises employee ownership, steward ownership, and other non-extractive models as strategic tools for succession, resilience, and shared prosperity. Harmonised legal structures, clear guidance, and dedicated financing would allow initiatives that democratise ownership to scale more effectively while anchoring economic value in communities and strengthening democratic participation.

(Relevant for policy makers and funders) Treat Entrepreneur Support Organisations as Public Infrastructure

Recognise organisations that build and support entrepreneurs as a public good, akin to education or research institutions. Long-term investment in these ecosystem actors would shift funding away from fragmented, short-term projects toward sustained capacity building, enabling more inclusive and resilient entrepreneurial ecosystems.

(Relevant for policy makers and funders) Simplify and Democratise Access to Funding

Streamline Europe’s funding landscape by creating simple, accessible funding mechanisms, including micro-grants with minimal paperwork and faster decision cycles. Decentralised models with advisory councils could support young changemakers, community-led initiatives, and small organisations that are currently excluded by complex procedures and long evaluation processes.

(Relevant for funders) Move From Short-Term Grants to Multi-Year, Capacity-Building Funding

Replace one-year project grants with multi-year funding commitments that allow organisations to develop sustainable business models, hire small teams, and deepen their impact. This funding should be paired with professional support—such as mentorship, legal expertise, and network access—to reduce administrative burden and allow changemakers to focus on building durable solutions.

(Relevant for policy makers) Reduce Bureaucratic Barriers to Entrepreneurship

Make it significantly easier to start and grow mission-driven businesses across Europe by reducing regulatory fragmentation and administrative complexity. A single EU-wide business entity and more founder-friendly processes would lower barriers for changemakers, encourage entrepreneurship, and accelerate innovation in areas such as sustainability and the circular economy.

(Relevant for policy makers) Align Public Incentives With Social and Ecological Outcomes

Reform subsidy systems, public investment, and training programs so that activities benefiting people and planet are also economically rewarded. This includes rethinking agricultural subsidies, investing in local resilience, and expanding education and training pathways for regenerative and care-based work. Without this alignment, transformative initiatives will continue to face structural resistance.

(Relevant for policy makers)Support Digital and Platform-Based Alternatives

With the growth of the platform economy, Europe should actively support digital models that secure data sovereignty and serve users rather than extract value from them. This requires a strong political framework, increased visibility, and targeted support for emerging platform alternatives that prioritise social and ecological goals.

Europe Can Become What It Dares to Build

Despite acknowledging significant economic risks today, respondents imagine a thriving European economy rooted in sustainability, shared prosperity, and new measures of success. Their visions reflect a shared belief that transformation is possible when values, policy, and practice move together.

Now is the moment to move from ideas to opportunity.
The choices made today, by policymakers, funders, businesses, and civil society, will determine whether Europe’s long-term vision becomes reality or remains aspiration.

Join us in translating these visions into action by supporting changemakers to test solutions, scale impact, and strengthen the ecosystems that make transformation possible.

Help build Europe’s future economy for 2040 starting today.

Evoléna de Wilde d'Estmael
Faircado, Germany
Laureen van Breen
Wikirate, Germany
Francielly Monteiro
Benthos.AI, Germany | Brazil
Melanie Schichan
Vyld, Germany
Ibrahem Ashraf Ahmad
beVisoneers, Germany
Simon Köhl
Future Maps, Germany
Johanna Kühner
natalia-kinga
Global
When we work together, not in silos, we can accomplish extraordinary things. We can pressure governments and corporations. We can shift the conversation. People have the power to create change, even when our representatives don't listen. That's where changemakers come in: we build the bridges, create the spaces, and show what's possible.

Hope isn't passive, it's built through collective action.

Methodology and Sample

In late 2025, we surveyed 417 changemakers from 29 countries across Europe as part of the Future Economy Study 2026. Following data-cleaning procedures, 156 valid cases were retained for analysis. The survey was conducted between February 13 and March 26, 2025, and disseminated through 21 global Possibilists Alliance members, more than 50 regional and local Network Partners, and other aligned changemaker communities.

The study focused on two key areas: a utopian vision for the European economy and impactful organisational practices.

Demographic Details

156

changemakers

29

European countries
Age
Age
Gender
Gender

Professional Identities

The sample is primarily composed of nonprofit employees (22.2%) and students (19.4%), followed by freelancers/consultants and career shifters (each 11.1%), reflecting a strong presence of mission-driven and transitional professional paths. Smaller shares of respondents work in the public sector, academia, corporate roles, or entrepreneurial and creative fields, indicating a diverse but impact-oriented professional profile overall.

Stages of Initiatives

Nearly half of the initiatives (46.7%) were launched within the past three years. The initiatives surveyed employ a total of 955 individuals, with a mean of 8.1 employees per organisation.

Start-up initiative Operations Scaling / Expansion Idea development Other stages

Stage of initiative development

The majority of initiatives are already active, with 30.0% in the start-up phase, 27.5% running regular operations, and 26.7% in a scaling phase.
Only a small share remain at early ideation or later-stage consolidation/closure, indicating a sample that is largely focused on implementation and growth rather than exploration.

The Objective of this study

This new study aims to provide a nuanced view of how Europe-based young changemakers envision and contribute to a sustainable and inclusive economic future. It will also serve as the basis for bringing together key ecosystem stakeholders across Europe, and serve as a data-driven impulse to inspire the group towards collective action.

The Key Elements

future-economy-key-image-1
As part of this initiative we will be running a scientific study, and publish a report on the opinions, ideas and suggestions of young changemaker regarding the future of the economy in Europe.
We aim for the report to become an open source of information for governments, foundations, civil society and anyone willing to work towards a just, green and resilient economy in Europe.
future-economy-key-image-2
Besides the study and report, we will create in-depth profiles and case studies of young changemakers who are leading innovative projects creating the future economy in Europe.
future-economy-key-image-3
We aim to gather critical stakeholders for the transition to a future economy, and, based on insights from the study and case studies, we will co-create ideas how to better support young changemakers working towards it.

The Future Economy Council

The Future Economy Council is a group of leaders from across Europe. They provide feedback, input and guidance to the partners of this project. Through their invaluable contribution, we ensure that our work, surveys and activities are rooted in the lived experience of changemakers. The Council Members will be announced publicly in late August.

Pictaure1
Germany
Johanna is an expert on digital cooperatives and co-ownership. She is the founder of a unique supermarket model, SuperCoop, owned by its customers themselves, promoting community engagement and shared ownership.
Picture1
Slovenia
Tej is the Director at the Institute for Economic Democracy, a Research Fellow at Rutgers University, and an Assistant Professor at the University of Ljubljana, where he focuses on economic democracy, employee ownership, and innovative governance practices in academic and practical contexts.
romain
France
Romain is an expert in policymaking, deep technology, and strategic foresight, and he currently leads research at JEDI, a collaborative European initiative dedicated to advancing innovative breakthrough technologies across various sectors.
sabina
Romania
Sabina is a young economist with a passion for just economic systems. She became intrigued by Romania's post-communism transformation, exploring its journey towards economic reform and social equity.
Darius is a serial founder, co-founding the Young Founders Network, inGemeinschaft, FORA and many more as well as an investor focused on innovative startups, a recognized expert, speaker, and influencer on entrepreneurship and business development.
Simon Gonzalez
Global
Simon is the founder of Sustein, a waste innovation company, and an expert in Circular Economy and waste management, particularly focusing on sustainable practices within the built environment to minimize waste and promote resource efficiency.
Caroline Schober
Austria
Caroline founded Neworn, which helps parents make sustainable choices and offer a platform, where they can sell and buy high-quality children’s clothes and accessories within a trustworthy community, while rewarding them with exclusive discounts from their local and sustainable partner companies.

The partners

The Future Economy is a collective effort of various stakeholders, including:

Bertelsmann Stiftung Logo
The Bertelsmann Stiftung stimulates debate and provides impetus for social change through its projects, studies and events. Guided by the public good and a commitment to sustainable impact, its initiatives generate practical solutions and provide empirically grounded guidance to a broad public. Young people are key to building a more sustainable and innovative economy. We aim to empower young people in Europe to play an active role in sustainable economic development and become partners for change.
EIB Institute
The EIB Institute (EIBI) is part of the European Investment Bank Group. It invests in people and ideas, fostering education, social resilience, foresight and partnerships with foundations to amplify the EIB Group’s impact.
By connecting with universities, youth, foundations and communities, the Institute helps the Bank to anticipate future challenges and contribute to Europe’s resilience, competitiveness and inclusive growth.
The Possibilists
The Possibilists is an Alliance of the world’s largest support networks for youth innovation. Our vision is a global support ecosystem that is aligned by a shared, data-driven understanding of the needs that young changemakers have; creating the best possible conditions for their initiatives and themselves to thrive.
WU Vienna
The Center for Social Entrepreneurship and Social Innovation (SESI) at WU Vienna is an academic center dedicated to research, capacity building, and knowledge exchange in the fields of social entrepreneurship and social innovation. We generate and share empirical evidence on the role of social enterprises and civil society in shaping inclusive and sustainable economies, with a particular focus on Europe and Central and Eastern Europe. Our activities include large-scale capacity building programs (a.o. NGO Academy, MEGA Academy, accredited Master program on social innovation), ecosystem support and a wide range of academic and applied research collaborations.

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