欧洲科技状况报告(10周年纪念版)

Europe’s definitive tech reportProudly supported byAnniversary Edition The definitive take onEuropean techOur PartnersExecutive summaryInvestment levelsThemesTalentInvestorsOutcomes042347102143184217 Our PartnersThe State of European Tech could not happen without thecontributions of our valued partners. Here’s what they have to sayabout the past decade of growth in European tech.OurPartners 5|Our PartnersAtomico is the founder-built European venture capital firm. We partner with the mostambitious entrepreneurs using technology to rewire the world, better.Skype co-founder Niklas Zennström launched Atomico in 2006 with the belief thatentrepreneurs are the ultimate gamechangers for positive transformation acrossthe most critical aspects of our society and economy. Starting in Europe, the firm’smission is to further their global progress, with a platform offering unmatchedsupport from the early stage to scale.155 of Europe’s most ambitious founders have partnered with Atomico, includingAiven, Bird (formerly MessageBird), DeepL, Hinge Health, Jobandtalent, Klarna,Pipedrive, Stripe, Supercell and Wellhub. Atomico’s team of investors and operationalleaders are drawn from some of the most successful technology companies in theworld, including Skype, Google, Twitter and Wise.About Atomico The last decade has been transformational for our ecosystem - the developments are vast. Yet, despite thisprogress, the mood in 2024 has been flat. A year of political and regulatory turmoil with concerns over the EU’s AIAct, the challenges identified by Mario Draghi’s report and Europe’s ability to support breakthrough companies tocommercialisation.It’s easy to lose sight of the whole picture. We saw an opportunity with our tenth report to look further than the lasttwelve months, and instead to bring a longer-term perspective, from which we can learn to navigate the challengeswe face.Over the decade, Europe’s ability to attract and grow talent, unlock capital and raise our ambition level has beentransformed. There’s been a 10x increase in the pool of capital available, we’ve built a world class talent pool inwhich to invest, and, crucially, we’ve seen our first major shift in mindset. There is a greater public understandingof entrepreneurship, the attractiveness of the start-up career path, and more ambition.We’re seeing more start-ups, more ambitious ideas, built to solve harder problems. The overall universe ofcompanies has grown 4.7x in the last decade, with as many early stage companies as any other region and an 8xincrease in growth stage firms.The tenth anniversary of the State of EuropeanTech presents us with a paradoxCumulatively, we’ve seen close to $1 trillion in realised value from IPOs and M&A over the past ten years.Europe is building a differentiated position, not just in nurturing world leading talent from its many universities,but in then allocating its resources to solve the needs of future generations. We demonstrate a focus on solvingthe hardest problems from renewable energy to carbon removal and preventive care. And we’re showing leadershipin a number of clusters from AI to fintech to SaaS and chipmaking.Yet despite this incredible progress over the decade, we have to acknowledge there’s real concern across theecosystem about the way forward today.Our survey records frustrations about the continued challenges we all face. We’ve organised these barriers tosuccess under ‘six keys’ to unlock the future European tech deserves. These span from unlocking capital at scale,to liquidity, to customers, to regulatory dynamism, global talent competitiveness and commercialising R&D.This has given Europe world class returnsand - over the long-term - a growing trackrecord of exits. We must support those who are finding new ways to tackle old problems. An example is the ‘28th Regime’or EU Inc, as it’s sensibly been rebranded, an EU legal framework that would allow businesses to operate ina single market. This would scale back bureaucracy and scale up ease of doing business across EuropeanThere are fears that these challenges could erode the future success the ecosystem has set itself up for.Bold, positive action is needed. And, to make that action stick, confidence is essential. We must supportthose who are finding new ways to tackle old problems. An example is the ‘28th Regime’ or EU Inc, as it’ssensibly been rebranded, an EU legal framework that would allow businesses to operate in a single market.None of these individually are insurmountable,but bold, positive action is neededThe next step for Europe now is to develop its growth-stageecosystem. To do this, we need more pension fund andgovernment LPs, so that European later-stage companies canbuild a better world.Sarah GuemouriPrincipal at Atomico, Co-Author of the reportThis lookback should encourage everyone inthe ecosystem as to how far we’ve come andhow much further we can go.Over the past decade, Europe underfunded its growth companies to the tune of $375 billion