European startups, when they are successful, will eventually end up being bought by Oracle or move to USA. Such is life.
The European digital scene isn't a pipeline problem; it's an institutional 'safe harbor' problem. We have world-class publicly funded research and education, and the talent, just look at the startup floor at Vivatech or WebSummit, but European Private Equity and late-stage capital remain structurally locked into 'Old Economy' models.
In Europe, valuation is still largely tied to tangible assets and steady EBITDA. This creates a massive 'Patient Capital' gap. While US investors have evolved to price the long-term unit economics of digital scaling, where high initial burn is the cost of building a global moat, European private equity remains culturally risk-averse. They prefer the predictable, incremental returns of a specialized factory over the 'winner-takes-most' volatility of digital platforms. By prioritizing collateral over code, our domestic capital is effectively subsidizing the past rather than financing the future. That's our problem.