Silicon Valley often dismisses the European startup landscape as too small or too slow, but the mood on the ground is very different. This year’s Slush conference in Helsinki revealed a market buzzing with confidence and ready for major transformation, including the belief that Europe may soon produce its first trillion-dollar company.
Founders, investors, and policymakers openly acknowledged the barriers that have held Europe back in the past: limited local customers, shallow funding pools, and the long-running trend of founders relocating to the U.S. to scale. Many European startups also exited earlier than needed because the ecosystem lacked the capital and support to grow globally.
While firms like OMERs Ventures and Coatue once rushed to open London offices post-pandemic but later pulled back, investors at Slush say the bigger picture is far more optimistic. Multiple VCs noted that U.S. capital in Europe has increased significantly compared to five years ago, and high-profile moves by IVP and Andreessen Horowitz into London underscore this shift.
More European startups are also pushing back against pressure to move to Silicon Valley. Lovable CEO Anton Osika highlighted the company’s rapid rise, hitting $200 million in annual recurring revenue just one year post-launch, as proof that staying in Europe while attracting global talent can be a winning strategy.
Plural partner Taavet Hinrikus, known as Skype’s first hire, said Europe may still be about a decade behind the U.S., but startups have now entered the mainstream in ways unimaginable ten years ago. Investors added that startups now account for a meaningful and growing share of Europe’s GDP, a major structural change.
Success stories like Spotify and Klarna have strengthened Europe’s identity as a startup hub, giving founders confidence to scale instead of selling early. They’ve also created talent pools of experienced operators with the financial runway to build new companies.
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Regulators are helping, too. The EU plans to introduce rules next year that would allow startups to register across all EU countries at once, simplifying expansion. The approach has challenges but represents significant progress.
Europe still faces hurdles, particularly slower enterprise adoption of new tech compared to the U.S., but the energy at Slush was overwhelmingly optimistic. Many believe the continent has finally hit its inflection point. Or, as Slush’s welcome banner boldly declared: “Still doubting Europe? Go to Hel.”
