> What does the US do right that we do wrong here? Besides paying our devs worse.
The reason there is really no cool tech firms in the EU is because the EU economic policies make them impossible.
Working for a startup is an extremely risky decision. As a top engineer, you get shitty pay, and a really good options package that in most cases ends up being worth nothing because most startups fail.
In the US, however, if your startup cashes out, you end up rich. This is not only a life changing experience, some of these rich top tech engineers end up creating their own startups afterwards with the money they make, which perpetuates the cycle.
In Europe, if as a top engineer your startup cashes out, you only end up marginally better than if you had had an 8-5 job at BigTech (Google, Apple, Microsoft). Almost 50% of your cashout goes away in taxes, and the rest barely compensates the bad paid you got the last 5-10 years of your life, and if you take "worked hours/week" into account, quality of life, and risk taken, the value proposition is just a joke.
Startups already have a very hard time flourishing with top talent. Europe makes it almost impossible for these to attract top talent, so that's why you don't see as many unicorns here as you do in the US.
This doesn't mean there aren't any startups in Europe. There are. There are just much fewer than in the US, have an even lower success rate, and a less qualified and risk-friendlier employee base.
Source: my own personal experience job hunting in Germany, for many US startups operating here, where most of them actually try to offer BigTech salaries without option packages because they know option packages do not make sense here.
Source 2: https://notoptional.eu/
Techcrunch: https://techcrunch.com/2018/11/27/30-european-startup-ceos-c...