The venture capital part of that is the problem. You can have public money fund startups and you tend to get the best results.

https://digital-strategy.ec.europa.eu/en/library/european-commission-launches-new-system-identifying-public-funded-innovations-disruptive-potential

https://ecorner.stanford.edu/articles/is-government-funding-good-for-your-startup/

https://www.wbur.org/onpoint/2020/02/12/economists-slow-economic-growth

https://www.inc.com/minda-zetlin/an-unusually-candid-vc-explains-why-vcs-are-a-bad-idea.html

Well, it doesn't say, but it sounded kinda similar to Gaia-X to me. If it is, that involved a lot of large companies that had been around for a long time, so I'd be inclined to guess not.

https://en.wikipedia.org/wiki/Gaia-X

The founding members on the German side[10] included:

• Beckhoff Automation
• BMW
• Bosch
• DE-CIX
• Deutsche Telekom
• German Edge Cloud
• PlusServer
• SAP
• Siemens

The Fraunhofer Gesellschaft, the International Data Spaces Association, and the European cloud provider association CISPE were co-founders of the Gaia-X Association.

On the French side, founding members included:

• Amadeus
• Atos
• Docaposte
• Électricité de France (EDF)
• Institut Mines-Télécom (IMT)
• Orange
• Outscale
• OVHcloud
• Safran
• Scaleway

At least some of the above Gaia-X member companies are listed in the article as also being part of this new cloud project:

The research, development, and deployment phases are expected to run from 2023 to 2031, and 19 companies are involved, including SAP and Orange in the Cloud-Edge Capabilities workstream and Deutsche Telecom in the Cloud-Edge Continuum Infrastructure workstream.