Bloomberg has an article
on startups in Europe not reaching the levels of US and Chinese startups pointing to the number of companies to reach valuations above $1bn.
It talks about the successes that have happened and also the numbers that sold early to mostly US companies in order to gain access to greater funding.
It is an interesting read and shows the huge change that is increasingly helping startups succeed across Europe but largely makes the often American mistake of treating Europe as a single country.
Yes we have the European Union that allows us to trade across the borders but culturally and linguistically it is different.
Even ignoring the different national laws that exist, expanding across Europe is often much more expensive than expanding into the US even if you only account for the cultural requirement to support the local languages.
The culture amongst startups in the UK does seem to have shifted however. Over a decade ago, I saw much fewer startups in the UK espousing the desire to build a global company. Today, many look globally even if they are focusing locally to begin with.
That alone should change the landscape overtime.
Most do look to the US as a next step and at least for UK startups, post Brexit that looks more likely than less. There also seems to be greater access to knowledge today on how to expand into the US as well and less of a requirement when you take funding from US VCs to relocate headquarters to the US.