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Spotify Founder Daniel Ek Shifts Focus from Music to European Tech “Moonshots”

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When Daniel Ek launched Spotify in 2006, the music world was in turmoil — piracy was rampant, CD sales were collapsing, and even Apple’s iTunes was struggling to convince listeners to pay per song. Ek, a 23-year-old coder from Stockholm, bet on a radical idea: that streaming, not downloading, would save the industry. Nearly two decades later, Spotify is used by almost 750 million people worldwide, valued at $140 billion, and credited with reshaping how the world listens to music.

Now, Ek says it’s time for his next act. The entrepreneur, who will step down as Spotify’s CEO in 2026, told Reuters that he wants to devote himself to deep technology, AI, and health innovation — sectors he believes can redefine Europe’s role in global tech.

“Big challenges often appear impossible until someone decides to tackle them,” Ek said. “At Spotify, we started with what felt like an impossible idea. Nearly 20 years later, what once looked unreasonable is now obvious.”

Ek plans to focus on early-stage European startups through his investment firm Prima Materia, pledging €1 billion ($1.18 billion) of his personal wealth to fund what he calls “moonshot projects” — companies tackling major problems like climate change, healthcare, and artificial intelligence.

TECH ENTREPRENEUR TURNED HEALTH AND DEFENCE INVESTOR

Ek already has a foothold in those areas. In 2018, he co-founded Neko Health, a preventive health-tech firm focused on early detection through AI scanning systems. The company has raised $325 million to date.

He has also invested in Helsing, Europe’s largest defence startup, valued at $12 billion after securing over $1 billion in funding to develop AI-controlled military systems. Helsing says its technology is used for defence purposes in Ukraine and Europe, not for offensive warfare.

The Helsing investment has stirred controversy in the music world. Bands such as Massive Attack and King Gizzard & the Lizard Wizard have removed their music from Spotify, saying Ek’s involvement in war technology undermines the platform’s artistic mission.

“Music and weapons are not a good mix,” said Simon Dyson, analyst at Omdia, adding that the backlash could become “a distraction” for Spotify’s brand.

Spotify declined to comment directly on Ek’s defence investments.

FROM CODER TO INDUSTRY DISRUPTOR

Raised in a Stockholm suburb, Ek began coding in his teens and built several startups before teaming up with Martin Lorentzon to found Spotify. His model — a mix of paid subscriptions and ad-supported streaming — lured users away from piracy and reshaped the global music economy.

Under Ek’s leadership, Spotify became not just a streaming service but a cultural platform: algorithmic playlists created overnight stars, podcasts expanded the company’s reach, and its subscription model became a blueprint for digital media worldwide.

Ek’s influence extends beyond business. Supporters hail him as the visionary who saved the music industry; critics argue that Spotify’s economics still favor major labels over independent artists. But few dispute his impact.

LOOKING BEYOND SPOTIFY

Ek, now 42, says he will remain executive chair of Spotify, guiding strategy while pursuing his new ventures.

“My co-founder likes to say that the value of a company is the sum of all problems solved,” he said. “Progress often comes from those willing to go against conventional wisdom.”

For the man who turned music into a utility, the next challenge is to turn Europe into a hub for world-changing technology — and perhaps create another “impossible idea” that becomes obvious in hindsight.

How I Built a $2 Billion Super App: The Journey of Grab’s Anthony Tan and ’20-Hour’ Workdays

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Anthony Tan didn’t need to build a business to become wealthy, having grown up in one of Malaysia’s richest families. But his ambition to make a societal impact led him to co-found Grab, now a dominant super app in Southeast Asia, generating over $2 billion in annual revenue by 2023. From humble beginnings, Grab now offers services ranging from ride-hailing to food delivery, financial services, and beyond, transforming daily life for millions across the region.

From Elite to Entrepreneur

Born into one of Malaysia’s wealthiest families, Anthony Tan’s father, Tan Heng Chew, is the president of Tan Chong Motor, an automotive giant in Malaysia. Despite the easy path laid out for him in the family business, Tan was driven by a different mission. “I was on a mission to create something that could be a force for good,” Tan recalled. That mission would eventually lead to the founding of Grab, a platform that now serves over 35 million customers and provides gig jobs to 13 million workers across eight countries in Southeast Asia.

A Harvard Idea Born from a Problem

The idea for Grab was sparked while Tan was studying at Harvard Business School in 2009, where he met his co-founder Hooi Ling Tan. The two bonded over their shared Malaysian roots and a common frustration with the unsafe taxi system in Malaysia, particularly for women. They saw an opportunity to tackle this issue and began working on a business plan.

In 2011, their business plan won first runner-up at a startup contest, netting them $25,000 in seed money, which they used to launch what would later become Grab, initially called MyTeksi.

Overcoming Resistance

Despite his vision, Tan faced resistance from his family. When he pitched his idea to his father, it was rejected. “My father said, ‘I don’t think it’s going to work out, so please don’t disturb me about this anymore,’” Tan shared. However, with perseverance, he refined his pitch and took it to his mother, who became his first individual investor. Tan also invested all of his savings to officially launch MyTeksi in 2012.

Early Struggles and ’20-Hour’ Workdays

The first few years of running the business were far from glamorous. The company’s first office, located in Kuala Lumpur, lacked basic amenities like air conditioning, ventilation, and WiFi. “We had to tether from our mobile phones,” Tan recalled.

Convincing taxi drivers to join the platform was a significant challenge, especially with limited funds. To get drivers on board, Tan traveled across Southeast Asia, waking up at 4 a.m. to hand out free coffee to taxi drivers in places like Ho Chi Minh City, Vietnam, and spending time with drivers over cheap beer to understand their challenges. This relentless effort resulted in 20-hour workdays, seven days a week, as Tan flew between two or three cities each week, building the business from the ground up.

Grab’s Dominance and Uber’s Exit

In 2018, Grab cemented its dominance in Southeast Asia by acquiring Uber’s Southeast Asia business in exchange for a 27.5% stake in Grab. This deal not only removed Grab’s biggest competitor in the region but also added Uber’s CEO, Dara Khosrowshahi, to Grab’s board of directors.

However, Grab’s rise has not been without controversy. The company has faced antitrust allegations from regulators who claim Grab’s dominance has led to anti-competitive practices. Despite these challenges, Grab has continued to expand its services and influence.

Impact on Southeast Asia

Grab’s impact extends beyond transportation. It has helped build new economic infrastructure in Southeast Asia, empowering individuals with access to micro-financing programs that enable them to purchase smartphones and become Grab drivers. This initiative has been particularly effective in helping those “at the bottom of the pyramid,” providing new job opportunities and income streams.

During a meeting with former Philippine President Ferdinand Marcos, Tan was reminded of Grab’s broader impact: “[Grab] literally changed the unemployment numbers nationally.” Today, the super app continues to reshape how people across Southeast Asia access essential services, from transportation to digital banking.

A Mission of Service

For Tan, Grab’s success lies in its focus on solving real problems for underserved communities. “It’s all about really helping them, serving them as an ecosystem that nobody else can,” he said. This mission has driven Grab’s transformation from a small startup into a $14 billion company, backed by investors like SoftBank.

Tan’s journey exemplifies the power of perseverance, creativity, and a relentless work ethic, proving that even the wealthiest backgrounds can serve as a foundation for building something far greater—a company that changes lives and drives economic progress across an entire region.

 

Are Immigrants Really Taking Jobs from U.S.-Born Workers? Here’s What Economists Say

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The notion that immigrants are taking jobs from U.S.-born workers is a frequent talking point, especially on the presidential campaign trail. Former President Donald Trump, in particular, has often claimed that immigrants are taking jobs away from Americans. For instance, during a speech in Wilmington, North Carolina, he declared, “They’re taking your jobs.”

For many Republican voters, immigration is a key issue—second only to the economy in importance. According to a recent Pew Research Center survey, 82% of Trump supporters say immigration is a significant factor in their 2024 voting decisions. In contrast, immigration ranks as the lowest-priority issue for Democrats.

However, economists who study the U.S. labor market generally agree that immigrants don’t significantly reduce job opportunities or wages for native-born workers. According to Alexander Arnon, director of business tax and economic analysis at the Penn Wharton Budget Model, “The consensus is very strong that there are not significant costs to U.S.-born workers from immigration, at least the type of immigration we have historically had in the U.S.”

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Why Immigrants Benefit the Economy Economists point out several reasons why immigrants often help rather than harm the economy. First, the labor market is dynamic, not fixed. Immigrants not only take jobs, but they also create new ones by spending within local economies and starting businesses. A study by the National Bureau of Economic Research found that immigrants are 80% more likely to become entrepreneurs compared to native-born workers. Additionally, the Congressional Budget Office (CBO) estimates that a recent surge of immigrants will contribute $8.9 trillion to the U.S. GDP over the next decade.

As Michael Clemens, an economist at George Mason University, puts it, “That’s enormous. It creates jobs, raises pay, and increases the complexity of the U.S. economy.”

Moreover, immigrants and native workers often complement each other in the workforce. For example, in industries such as food service or agriculture, native-born workers might handle customer-facing tasks, while immigrants perform roles that don’t require advanced language skills.

Short-Term Impacts on Wages Some research does suggest that immigrants can have a short-term effect on the wages of less-educated native-born workers, particularly those without high school diplomas. One notable study by Harvard economist George Borjas analyzed the impact of the Mariel boatlift, when over 125,000 Cuban refugees arrived in South Florida in the 1980s. Borjas found that this sudden influx of workers reduced wages for high school dropouts in Miami by 10% to 30%.

However, other economists, such as Nobel laureate David Card, have disputed Borjas’ findings, arguing that the Mariel boatlift didn’t significantly impact wages or unemployment. Card’s research suggests that the influx of workers did not lead to job losses or wage reductions for non-Cuban workers in Miami.

Clemens also disagrees with Borjas’ conclusions, emphasizing that while sudden immigration surges can temporarily impact the job market, immigrants tend to create jobs over time. He asserts, “The job creation effect overwhelms the competition effect, even in the short term.”

Long-Term Economic Benefits Over the long term, immigrants contribute to economic growth by filling labor shortages and helping to “cool” overheated markets. This was particularly true during the pandemic-era economy, when immigrant workers alleviated staffing shortages in industries like leisure and hospitality. Economist Elior Cohen, writing for the Federal Reserve Bank of Kansas City, notes that immigrant labor helped ease inflationary wage pressures in 2021 and 2022.

Additionally, research shows that immigration tends to boost wages for native workers in the long run. For instance, a study by economists Giovanni Peri and Alessandro Caiumi found that between 2000 and 2019, native workers in direct competition with immigrants for jobs often experienced “occupational upgrading,” which ultimately led to higher wages.

In conclusion, while the impact of immigration on the job market may vary depending on the economic environment, the consensus among economists is that immigration benefits the economy more than it harms it. Immigrants are not simply taking jobs—they are creating new opportunities, increasing GDP, and helping stabilize labor markets during times of economic strain.