欧洲的登月时刻：为科技生态系统注入规模化动力

June 2025 About this report This report is a collaborative publicationby McKinsey and Boardwave and is basedon qualitative and quantitative researchconducted from September 25, 2024 toApril 25, 2025. Table of contentsTable of contents About the authors.............................................................................1Sounding board...............................................................................2Executive summary........................................................................3 Introduction:Turning Europe’s tech momentum into global scale............5 Reigniting Europe’s innovation engine.................................11Identifying areas for improvement......................................................15 Mobilizing the vision and resources......................................20 Key strategies for founders and CEOs..............................................23Key strategies for institutions, investors,and other industry players....................................................................29 Conclusion.......................................................................................37 Endnotes.........................................................................................38 About the authors Nick PadgettPartner Aamanh SehdevPartnerMcKinsey & Company Julien GagnonPartnerMcKinsey & Company McKinsey & Company Imogen SinclairConsultantMcKinsey & Company Phill RobinsonFounder, CEOBoardwave Ruben SchaubroeckSenior PartnerMcKinsey & Company The authors wish to thank Christian Behrends, Guglielmo Panizza, Ido Leonov, Joanna Wright,and Tunde Olanrewaju for their contributions to this report. The authors also wish to thank the more than 30 European tech founders, CEOs, investors,and ecosystem leaders who shared their insights, as well as members of the sounding board,acknowledged on the next page. Sounding board McKinsey and Boardwave wish to thank the following individuals for their contributions to shaping the research, whichincludes insights from more than 30 European tech founders, CEOs, investors, and ecosystem leaders, as well as Boardwave’sannual member survey. Léo ApothekerLéo Apotheker, the former CEO of HP and SAP, led HP’s strategic split and helped SAP become a global leader in enterprise software. Over two decades at SAP, he transformed it into a multi-solution, global company. Sinceretiring from executive roles, he has focused on value creation in private tech firms, leading successful exitswith KMD, Unit4, Signavio, and Appway. He currently serves as chairman of BSI Software, Eudonet, Harvest,and Syncron and as a member of the board of Nice. Jean-Philippe CourtoisJean-Philippe Courtois shaped Microsoft’s global strategy from 1984 until his retirement in 2024. As executive vice president and president of global sales, marketing, and operations, he accelerated Microsoft’s cloud and AIgrowth, leading 124 subsidiaries worldwide. Later, he led National Transformation Partnerships, driving digital,sustainable, and inclusive growth. A champion of impact entrepreneurship, his global initiative supported over2,500 start-ups in 100 countries. Courtois hosts thePositive Leadershippodcast and cofounded Live for Good,an organization fostering youth entrepreneurship. Chano FernandezChano Fernandez is currently CEO at Eightfold.ai, a native talent intelligence gen AI platform. He was most recently co-CEO at Workday, responsible for the entire customer relationship, which spans acquisition,services, customer success, and customer support. He was also a member of Workday’s board of directors.Previously, Chano served as co-president, and before that, served as executive vice president of global fieldoperations, and as president of EMEA and APJ. Prior to joining Workday in 2014, he was senior vice presidentand head of innovation sales at SAP EMEA, held senior roles at Infor, and was a founding partner at Blue C.Chano was a senior consultant for McKinsey. Chano also serves as non-executive director at Klaviyo. Stephane KurganStephane Kurgan has been venture partner at Index since 2020, focusing on supporting entrepreneurs with a strong belief in purpose-driven leadership. Prior to joining Index, he was COO of King Digital Entertainment,maker of Candy Crush Saga. He was part of the team that oversaw its $7 billion IPO—one of the largest for aEuropean tech company at the time—and subsequent acquisition by Activision Blizzard. Vin Murria Vin Murria is a software entrepreneur and investor with over 30 years’ experience. She founded and ledAdvanced Computer Software (acquired by Vista) and Computer Software Group (acquired by Hellman &Friedman) and was COO at Kewill Systems (acquired by Francisco Partners and now known as Bluejay).She sits on the boards of Softcat and Bunzl and chairs ADVT while advising HG Capital and Rothschild ontechnology, media, and telecommunications. A former non-executive director at Sophos, Zoopla, SVB UK,and ot