欧洲创新现状及其重要性

Part 1 of 3The State of EuropeanInnovation and Why It Matters February 2025 FOREWORD The opportunity in Europe right now is unprecedented Capital alone wonʼt deliver long-term returns,though. It needs to be accompanied by apositive, long-term mindset and hightolerance for risk. We once wondered whenthe first billion dollar companies wouldemerge: now we have 350 of them. Then itwas $10bn, then $100bn and weʼve seen Arm,ASML and Spotify break those ceilings.Europeʼs founders will always rise to meetthe next level of ambition, no matter thescepticism or the challenges ahead of them.We need to create the right conditions toallow them to flourish. New founders are building with moreexperience and ambition than ever,supported by a strong pipelineof early-stage capital. If we take bold, positive action in the nextdecade we will realize trillions of dollars ofadditional value and millions more jobs inEuropean tech. We know what our strengthsare and where we need to change to unlockthe regionʼs full potential. The success of this ecosystem-buildingmeans Europeʼs scaleup potential has neverbeen greater. But to take this even further,Europe must address a $375bn growthcapital funding gap which until now has leftEuropean startups half as likely to raisegrowth rounds as their US counterparts.Increased investment from European pensionfunds and major insurers, together with thenext generation of growth investors, couldhelp to address this gap and yield significant,long-term value for the European economy. Europe needs to seize the moment, set theterms and build a world where technologydrives prosperity, trust fuels growth, andambition shapes the future. Iʼm optimistic because there are a fewessential ingredients any ecosystemneeds to thrive - experienced talent,capital and mindset. Tom WehmeierPartner & Head of Intelligence Europe has always had exceptional talentand our early-stage flywheel is spinning. Theregion is home to 35,000 early-stage startups,more than any other globally. This report is the first part of a trilogy Accelerating Europe Tech transfers EU Framework Programmes About the state of European growthand the relationship with innovation,competitiveness, entrepreneurshipand venture capital: challenges andopportunities A data-driven deep dive into the EUʼsFramework Programmes and theirimpact on startups, innovation andvalue creation A deep-dive into the universityspinout ecosystem in Europe Work in Progress Coming late 2025 Coming 3 March 2025 Dealflow.eu is the premier platform connecting EUstartups with investors, corporates, and ecosystemenablers. Backed by the European Commission, itcombines deep expertise in venture capital with amission to empower EU innovations. With morethan 600 investors and 200 corporates in theirnetwork, Dealflow.eu has been facilitating morethan1,000 introductions and has supportedEuropeʼs most promising deep tech startups. Dealroom.co is a global intelligence platform fordiscoveringand tracking the most promisingcompanies, technologies and ecosystems. Clientsinclude many of the worldʼs foremost organizationssuchas Accel,Index Ventures,McKinsey,BCG,Deloitte, Google, AWS, Microsoft, Stripe. Dealroompartners closely with local techecosystem development agencies and enablers, tocreateacomprehensivemulti-dimensionalblueprint of the tech ecosystem, including capital,talent, innovation, entrepreneurship and overalleconomic dynamism. Dealflow.eu has also launched Ventures.eu, a funddedicatedto investing in the best EU-backedfounders. 1Macro picture for Europe2Big Tech and Power Laws3Rise of European venture & innovation4Unlocking growth & investmentAdditional info “America's economy is nearlytwice the size of the eurozone's.They were similar in 2008.” Or so wrote the Wall Street Journal last summer,echoing a broader sentiment – and a discussionthatʼs been going on for a few years now: is Europesliding into a middle-tier economy? Charts like the one on the right were shared widely,along with memes about bottle caps, USB plugs,delayed AI releases in Europe, and complaints aboutrude waiters. EuroDoomerismincreasingly filledmany folkʼs social media timelines in 2024. And yet, economists keeppointing out that this pessimismis way overblown. Exchange rate impact, purchasing power, inflation,demographics, unsustainable fiscal policies andthe US shale boom are distorting the picture. “Instead of worrying about the US, Europe shouldfocus on itself and avoid repeating past mistakes.” Aslak Berg, Research fellow at CER This quote seems like sage advice. Europe doesface real challenges. In September 2024, the Draghireport came out, which did a good job giving arealistic assessment of the situation Europe isfacing and proposing several short term andmedium term reforms. Since 2008, a $11 trillion* nominal GDP gap emerged; that deserves some unpacking Currency exchange ratechanges are most of the story.Since the 2008 GlobalFinancial Crisis, the Euroweakened 34% rela