The State of European Tech 2015

The State of European Tech
November 2015
November 2015SLUSH & ATOMICO | The State of European Tech1 #whatsnext4eutech

The State of European Tech
1. Introduction
2. Entrepreneurial Mindset
3. Tech Community
4. Talent
5. Capital Flows
6. Europe’s Success Stories
7. The Future
8. Appendix
November 2015SLUSH & ATOMICO | The State of European Tech2 #whatsnext4eutech

1. Introduction
November 2015#whatsnext4eutech

Achievement unlocked. But not mission accomplished.
4 SLUSH & ATOMICO | The State of European Tech November 2015
Like successful companies, successful ecosystems go through
distinct stages – and 2015 has been a breakthrough year for Europe.
5 years ago, major questions remained. Could Europe give birth to
companies with real scale? Could it produce enough talent and
overcome the cultural barriers to entrepreneurship? Could it
attract significant VC funding - and would the IPOs ever come?
Based on one of the most comprehensive studies ever
undertaken into European tech, 2015 has conclusively answered
these questions with a series of milestones:
•  10 European software companies reaching billion-dollar
valuations (making a total of 35 since 2003)
•  on track for more than $10B invested in European tech
startups
•  over 5,000 active angel investors
•  1.6m professional developers
•  ...and over 100 tech IPOs in the last five years
Achievement unlocked. But not mission accomplished.
The next stage will bring its own challenges. How do we produce
companies valued in the tens or hundreds of billions? How do
we bridge the late stage funding gap?
How do we unlock our potential by bringing our hubs closer
together, and overcoming an alarming gender imbalance? By
addressing these challenges, can Europe create an ecosystem
self-sustaining enough to weather any future economic
shocks? By setting out where we are today in an
unprecedented level of detail, we hope this study also helps to
show the way to what’s next.
Niklas Zennstöm
Founder and CEO
Atomico
Riku Mäkelä
CEO
Slush
Source: Atomico, CrunchBase, Angel List, Stack Overflow Developer Insights, CapitalIQ
#whatsnext4eutech

Atomico and Slush
5 SLUSH & ATOMICO | The State of European Tech
Atomico is an international investment ﬁrm,
focused on helping the world’s most disruptive
technology companies scale and become global
leaders. Founded in 2006 by Niklas Zennström,
a co-founder of Skype, Atomico has made over
50 investments across four continents.
Slush is a not-for-proﬁt technology and startup
event, organized annually in Finland, Japan and
China. In 2015, the Slush event in Helsinki drew
together 15,000 entrepreneurs, investors and
journalists from close to 100 countries. The mission
of Slush is to encourage the next generation of
brilliant minds to become entrepreneurs, and to
catalyze tech communities across the globe.

Our data partners
SLUSH & ATOMICO | The State of European Tech6
Stack Overflow is one of the smartest and most helpful corners of the Internet. It’s
the place where millions of developers go to learn, share their knowledge, and
advance their careers. With nearly 30 million monthly visitors and 10.2 million
programming questions, Stack Overflow has unparalleled insights into how
developers think, what matters to them and what gets them excited. Stack
Overflow's Developer Insights team works with employers around the world to
help them understand regional and localised distribution of technical talent and
provides consultancy services around attracting and engaging with programmers.
CrunchBase is the leading platform used by millions of entrepreneurs, investors,
and analysts looking to discover innovative companies and the people behind
them. Founded in 2007 by Mike Arrington, it began as a simple database to track
startups covered on TechCrunch. Today, CrunchBase delivers market insights to
millions of users and businesses around the world. The CrunchBase Dataset is
constantly expanding through contributions from its community of users,
investment firms, and network of global partners. CrunchBase accelerates
innovation by bringing together data on companies and the people behind them.
For more information, please visit www.crunchbase.com.
Meetup is a global network of local communities, built by ordinary people around
the things they care about the most. Using the Meetup app or website, you can
find people in your town who are into the same things you are, and build a real
community around that interest. There are currently 24 million members in over
200,000 Meetups in over 180 countries. Meetup believes that people can change
their personal world, or the whole world, by organizing themselves into groups
that are powerful enough to make a difference.
Glassdoor is the most transparent jobs and recruiting marketplace that is
changing how people search for jobs and how companies recruit top talent.
Glassdoor combines free and anonymous reviews, ratings and salary content with
job listings to help job seekers find the best jobs and address critical questions
that come up during the job search, application, interview and negotiation phases
of employment. For employers, Glassdoor offers recruiting and employer branding
solutions to help attract high-quality candidates at a fraction of the cost of other
channels. Glassdoor, which has over 10m reviews, salaries and other types of
content across more than 190 countries, operates one of the most popular job
apps on iOS and Android. The company launched in 2008 and has raised
approximately $160 million from Google Capital, Tiger Global, Benchmark, Battery
Ventures, Sutter Hill Ventures, DAG Ventures, Dragoneer Investment Group, and
others.

Survey and opinion formers
When it comes to the state of European tech, facts and figures can only get you so far. They can help
you identify how much is being raised and where the investments are going but they cannot help you
analyse how people are feeling, how confident they are and whether their mindsets have changed.
These are all important questions and so we decided to supplement our fact-finding analysis with a
survey of entrepreneurs, investors and other tech stakeholders. In October 2015, we sent out the
survey to people in our European network and received over 800 responses from people with a direct
interest in European tech. We have incorporated the findings into this report. See Appendix for more
details.
To provide additional context we also interviewed some of Europe’s leading entrepreneurs and
investors and you will find their insights throughout.

2. Entrepreneurial Mindset
November 2015
Achievement unlocked: culturally acceptable in Europe to be a tech entrepreneur
What’s next: investors need to keep pace with scale of ambition
#whatsnext4eutech

Europeans embrace entrepreneurship as a culturally acceptable
career choice as it ﬁnally passes the “parent test”
Statement: It is culturally acceptable in Europe to be an entrepreneur
Founders and investors agree…* …as do employees of startups and other businesses*
The future looks bright for students… …and for young people in general
Strongly agreeStongly
disagree
I don’t know
49%
Disagree
5%
0%
Agree
14%
33% 27%
35-44
18%
41%
14%
18-2445-54 25-34
34%
55+
13%
I don’t knowDisagree
17%
10% 10%
80%
70%
Agree
Founders
Investors
8%
80%
Agree
75%
9%
I don’t know
14%11%11%
78%
Disagree
14%
Public sector
Startup employees
Corporate employees
“I strongly agree”, by age group
* Note: Strongly disagree and disagree, and strongly agree and agree have been added together
Source: Slush & Atomico Survey
Student respondents only

Entrepreneurship is now attracting the brightest minds from
corporate careers and education
Q: What were you doing immediately before you founded your company? (founders only)
18%
47%
6%
28%
Working for a company that wasn’t a startup Studying
Working for another startup Other
“I think what has happened is that
the brightest of the brightest are
no longer choosing banking or
consulting as their default
profession. Being an
entrepreneur is now up there as a
preferred choice.”
Brent Hoberman, Founders Forum
“What we have seen, is that
people tend to go from working at
a safe company like Ericsson, to
actually trying to experience the
life of working for a startup. But
this wasn’t the case 5 years ago –
back then you were insane if you
joined a startup. That has
deﬁnitely changed.”
Alan Mamedi, Truecaller

Europe’s founder base is now stacked with repeat entrepreneurs
Q: Is your current company the first company you started? (founders only)
38%
first-time founders
62%
repeat founders
“There is an increasing number of serial entrepreneurs and for example we have three cases
in which we have already invested in an entrepreneur’s first and second company. There is
an increasing amount of ambitious entrepreneurs who already master startup
fundamentals.”
Petteri Koponen, Lifeline Ventures

Statement: I would rather take risks and fail than choose the safe option
European founders are not afraid of failure…
8%
16%
4%3%
Disagree Agree
76%
89%
76%
16%
20%
75%
I don’t know
8% 9%
Startup employeesFounders
AllInvestors
Note: Strongly disagree and disagree, and strongly agree and agree have been added together
“Being an entrepreneur is now a viable career choice. People are ready to
take risks and are just going oﬀ and starting companies.”
Christian Hernandez, White Star Capital

… and although most think big and long-term, there is still some
short-term orientation
Q: What are your goals for your startup?
Most founders are thinking really big and long-term… …but some are still focused on Europe or the next milestone
158
responses
“world
domination”
“grow and
conquer the
world”
“change an industry
and create
mindblowing things”
“become a global
leader, a defining
company for our
sector”
“become a monopoly in our
field”
“building a sustainable company that
takes an entire industry upside down
empowered by technology”
73
responses
“50 employees and 5M€ revenue by
end 2017, present physically in 5
countries”
“build a successful
internet firm
employing 5-10
people or exit in a
year's time”
“getting funding”
“grow bootstrapped, then exit after
we've grown to the right size”
“make €1m this
year”
“raise capital and
visibility”
“selling it in the
next 2 years”

European founders have global ambitions, but many focus on their
domestic market first before thinking of international expansion
43%
"Entrepreneurs mostly
think and act with a
domestic mindset"
46%
9%
"Entrepreneurs
always think and act
with a global mindset"
36%
44%
"Entrepreneurs
mostly think and act
with a global mindset"
3%
"Entrepreneurs think
and act domestically,
but have some
international ambitions"
"Entrepreneurs only
think and act with a
domestic mindset”
10%
1%
8%
0%
Investors
Founders
•  Many European founders will
focus on their domestic market
and nearby markets first,
before thinking about going
global
•  While almost no founders or
investors believe European
entrepreneurs think only
domestically, there is still room
to improve the global mindset
of Europe’s entrepreneurs
Q: How would you describe the international mindset of European entrepreneurs?
“I think today every industry is thinking
more and more global. Just in the past five
years there’s been a huge perception shift.
The advice I would give to the next
generation of entrepreneurs is to think big,
think global. You should have goals set
immediately, even though reaching them
could take a long time. Let’s put it this way:
if you have your goals set on a level that
makes you slightly uncomfortable, you’ve
probably set them right.”
Petri Järvilehto, Seriously

International expansion is key to achieving billion-dollar success…
It’s incredibly rare to build a domestic $B ﬁrm in Europe… …so startups from small markets must internationalise faster
96%
19%
77%
81%
23%
4%
USAsiaEurope
•  International expansion is faster when you come from a small market
- averaging just 1.4 years for companies with a domestic population of
less than 50m, less than half the time of companies from countries
with a population of over 50m people
•  This is critical to success - every company from a country with less
than 50m population went international before hitting a billion-dollar
valuation
InternationalDomestic only
% of $B+ companies that scaled internationally to reach $B+ valuation Time to international expansion in years, by home market population
3.3
2.9
1.4
150m+50-150mUnder 50m
Source: Atomico
"We’re seeing that no matter where companies start out, the
great ones can scale internationally faster than before and
disrupt established players anywhere in the world. Every
company from a country with less than 50m people went
international before reaching a billion-dollar valuation."
Carolina Brochado, Atomico

Share of non-native employees in founders’ companies
…fortunately, most European startups are born with a native
international mindset and an inherent competitive advantage
Many European startups start with an international blend… ...and become even more internationally diverse as they grow
0-25%
15%
58%
26-50%
12%
50-75% 76-100%
15%
56%
NativeNon-native
44%
Q: What percentage (%) of your employees are not native to the country where your
company is based?
“Today we have a very diverse team - about 40 nationalities. And we have kept this strategy as it’s been
helpful for scaling the company around the world - it’s been much faster because we have the in-house
knowledge of these markets. For example, when we scaled into India, Alan and I had never been there,
and the same goes for Lebanon. And these have now become key markets for our growth - so it’s really
helpful to have an international employee base.”
Alan Mamedi & Nami Zarringhalam, Truecaller

“European entrepreneurs instinctively know that their domestic
markets are too small so they take it internationally from much
earlier on. As a result, Europeans often have to deal with
multidimensional complexity much earlier on than American
entrepreneurs.”
In their own words
Brynne Herbert, MOVE Guides
“The decision to start MOVE Guides in London has always been
about 3 things: time zone, connectivity, and talent. On talent,
London gives me and MOVE Guides a diversity of perspective.
London is a natural melting pot of people from across Europe
and from other countries. We feel very strongly that it brings
unique perspective into the company and fosters innovation. It
provides diversity in teams, which gives a lot of different benefits
to the organization. At MOVE Guides, we have about 30 different
nationalities on our team today, and it's absolutely contributed to
many of the pieces of innovation that we've fostered, and also, is
a big part of our culture.”
Daniel Ek, Spotify
“I just had this itch, I wanted to fix a problem. And because this
was something that people in all countries face, I had to take a
global approach in order to fix it.”
Source: Atomico & Slush Interviews

Achievement unlocked: large and highly-engaged tech communities
What’s next: build closer links between our disparate hubs
3. Tech Community
Source:

Source: * 2015 is YTD to October 2015
Europe’s leading hubs host large and active tech communities
Top 20 hubs with tech-related Meetup communities, 2015, ranked by # of attendees at Meetup events
25.7
Paris
46.4
Berlin
London
62.6
Hamburg
12.5
Barcelona
Brussels
10.0
Zurich
10.5 6.9 6.28.4
Copenhagen
Oslo
16.818.0 16.0 15.9
Budapest
Stockholm
Munich
Madrid
13.5
Dublin
Amsterdam
14.4
160.5
167.6
Other
5.1 4.9
Moscow
Istanbul
Manchester
Vienna
6.1 5.3
Bristol
,000 of tech
Meetups
3912 1519 1543 872 609 571 384 480 549 475 398 530 296 222 336 213 168 11504549 541 172
More than 630k people have attended one of 25k
tech-related Meetups in Europe in 2015*

There has been signiﬁcant growth in the levels of tech community
engagement across all established tech hubs in Europe…
Tech-related Meetups and event attendees (RSVPs) in selected European tech hubs
London Berlin
Stockholm Helsinki
1,265
5,216
0
2,000
4,000
6,000
0
50
200
150
100
2015*
4,400
20142013
3,281
20122011
2,214
Meetups
RSVPsMeetups ,000 RSVPs
45
0
500
1,000
1,500
2,000
2,500
40
50
10
20
30
0
801
2,057
2014
210
2012 2015*
1,495
20132011
RSVPs
Meetups
Meetups ,000 RSVPs
732
620
44
0
200
400
600
800
0
10
5
20
15
2013
531
2012 2014
194
2011 2015*
RSVPs
Meetups
Meetups ,000 RSVPs
178.7
132.0
0
100
200 4
1
2
3
0
2011
25.0
57.0
2012
19.0
2015*20142013
Meetups
RSVPsMeetups ,000 RSVPs
Source: * 2015 YTD extrapolated for rest of year from September

…and there are also dozens of hubs with fast-growing tech
communities emerging across the continent
Top 15 fastest-growing hubs by number of tech-related Meetup communities*
Annual
growth
+125% +108% +106% +97% +89% +78% +76% +72% +72% +71% +70% +65% +65%+93% +74%
3642
1712
23
5963
1213121717131217
98
115
49
35
68
175
191
374143
6366
5552
86
Lisbon
Hamburg
Copenhagen
Istanbul
Lyon
Bucharest
Prague
Zagreb
Munich
Madrid
Moscow
Ljubljana
Cologne
Stuttgart
Frankfurt
2013
2015 YTD
# of tech-related Meetup groups by city
Source: * Based on all hubs that had at least 10 active tech-related Meetup groups in 2013. YTD up to October 2015.
“We are already seeing a change in attitudes and it is pretty amazing. We are seeing that people don’t
just want to work in a start-up, but want to create a start-up. In 2012 this was unheard of, so this has
all happened in just three years in Lisbon. It’s crazy exponential change for the better in Portugal”
Anthony Douglas, Hole19

Europe is building a strong base of mentors and every success story
is helping create a new pool of role models for the next generation
Statement: I am able to turn to supportive mentors to help me when I face a challenge in growing my
business
24%
20%
15%
5%
36%
Strongly agreeAgree
30%
11%
14%
41%
23%
28%
I don’t know
20%
Disagree
22%
Strong disagree
6%
4%
All founders
Repeat founders
First-time founders
“In my first five years I got really poor advice, and I just hate
the fact that there may be talented people out there with the
opportunity to grow a global business, receiving poor advice
too. That is why I am more than happy to give advice to others.
It feels like the right thing, and of course it gives me energy as
well. I get a lot of energy from meeting these people that are
ten years younger than me and are doing something really cool
and new and fresh and they're not suffering from the
challenges you have as a larger company.”
Sebastian Siemiatkowski, Klarna

Earlier European success stories have already created a pool of
stars that have remained as active participants in local ecosystems
European tech “mafias”
Selected associated companies”Mafia” Selected members
Ahti Heinla, Asko Oja, Jaan Tallinn, James
Bilefield, Janus Friis, Jonathan Christensen,
Niklas Zennström, Taavet Hinrikus, Sten
Tamkivi,
Daniel Ek, Jacob de Geer, Martin Lorentzon,
Rene Rechtman
Adam Valkin, Alex Chesterman, Mark
Livingstone, Mike Blakemore, Saul Klein,
Simon Calver
Source: CrunchBase, LinkedIn
Benoit Portoleau, Franck le Quay, Frédéric
Clement, Greg Coleman, Julien Simon, Maxime
Agostini, Pascal Gauthier, Tom Triscari, Tristan
Croiset

Founders now believe they can build their companies from Europe
Q: If you were to start over, where would you choose to found and build your company?
7%
17%A different European city
I would choose to stay where we are now 62%
A different US city
2%Elsewhere
12%Bay Area/Silicon Valley
“I declined an offer from a US investor, because it came
with the caveat of "move to the US and we’ll invest". I said
"ok then we’re done". It doesn’t make sense for us to move
to the US because we’ve proven we can build something
out of Lisbon. It's unnecessary to pay 5 or 10x, to
significantly increase my burn to do the same thing
somewhere else when we have the talent and know-how to
build product locally. We may need some biz dev here and
there, but we can think global and act local out of Lisbon.”

Startups enjoy major benefits from being located in Europe’s leading
hubs, but there is still little interconnectivity between them
11%
70%
20%
69%
No real differenceDisadvantages
outweigh advantages
22%
71%
Advantages outweigh
disadvantages
9%
18%
8%
41%
54%
37%
46%
Emerging links
8%
Weak links
57%
46%
Strong links
4%
7%
AllFoundersInvestorsAllFoundersInvestors
Importance of tech hubs and interconnectivity
Q: Do you think it is important for a company's HQ to be
located in a major European tech hub?
Q: How would you describe the degree of interconnectivity
between Europe's different tech hubs?
“Apart from personal relationships that founders have with friends, there's no exchange going on at all. For example,
people from London are not systematically coming to Berlin or Stockholm or wherever to exchange knowledge. At
best they may pop in for a coffee when they happen to pass through but there is no structure. It is a huge
responsibility that falls back to the VCs and the people that fund companies across the region because they have
the key network and they are the link between the companies.”
Florian Meissner, EyeEm

“Today, if you’re really talented and you reach out, you could instantly get
quite good backing from mentoring and advice on money and so forth - and
this did not exist ten years ago. That has definitely changed. It’s still harder
if you’re in Poland; it’s easier if you’re in Berlin or in Stockholm.”
In their own words
Christian Hernandez, White Star Capital
“There are a whole set of European companies today that actually will
produce significant wealth, which can then permeate back into the
ecosystem as role models the people will aspire to follow. We will then see
the kind of momentum that leads LPs to want to bet more actively in Europe
and provide more supply and capital at the later stages where we’re still
lacking.”
“Lisbon’s changed, I’m considered one of the “old school” guys as I started
before people even knew what the word start-up was in Lisbon in
2011/2012. Then Startup Lisboa brought the first wave of entrepreneurs
together into one place. Two or three years later and Web Summit is coming
to Lisbon, we’ve got Portuguese startups like Codacy actually winning the
Web Summit, we’ve got companies like Talkdesk & Uniplaces raising huge
rounds, etc. A lot of young people are actually seeking out advice from
some of the "older" guys. We’re giving advice to the younger entrepreneurs,
and even the older ones who are quitting their jobs to start their own
companies - they’re not making the same mistakes that we made. I pride
myself on that, as I made every single mistake, and giving some of this
knowledge back to the community is really important for the ecosystem to
thrive.”
Florian Meissner, EyeEm
“When I started I was completely wet behind my ears, and I dived into a very
early stage of Berlin start-up. There simply weren’t a lot of people back then
who you could look up to or ask for advice. That started to change shortly
after I came back. There were a couple of people starting companies at the
same time. Some failed, and some of us survived, but now there is a tight-
knit community of founders that have emerged from that field and we're
now very close friends. Some of us started investing on our own, and some
of us actually still run companies but most of us are acting as mentors to
others. This is not unique to Berlin. I think a number of cities in Europe have
their own cohort”

4. Talent
November 2015
Source:
Achievement unlocked: 1.6m professional developers in Europe
What’s next: address alarming gender imbalance
#whatsnext4eutech

European talent exists, you just have to know where to ﬁnd it
50%
Q: How would you rate the general
availability of European engineering talent?
Q: How would you rate the general
quality of European engineering talent?
39%
20%
Good pool
of talent
40%
18%
10%
Very good
pool of talent
40%
Severe lack
of talent
0%1%
16%
18%
1%
15%
26%
31%
25%
Lack of talent Adequate
pool of talent
Founders Investors All
10%
40%
11%
Higher
quality than
other regions
42%
39%
7%
Much higher
quality than
other regions
1%
Much lower
quality than
other regions
0% 0%
4%
Lower quality
than other
regions
4%
On a par with
other regions
3%
43%
46%
50%
Investors AllFounders
Availability and quality of talent in Europe
•  57% of all respondents think there is good or very good
availability of European engineering talent
•  Founders are most positive, with 60% believing there is at
least a good pool of talent
•  The quality of talent that is available in Europe is perceived
to be at least on a par with other regions and many believe
it to be better
•  Only 4% of all respondents think the European talent pool is
lower quality than other regions

Europe’s key hubs are building a critical mass of developers…
# of professional developers per hub and density of professional full-stack developers per country –
data from Stack Overﬂow Developer Insights
3.50.2
Full-stack developers per ,000 people
38,194
Moscow
22,944
Istanbul
9,990
Lisbon
27,333
Madrid
71,497
London
40,538
Paris
15,915
Berlin
11,346
Stockholm9,586
Oslo
Source:
London, Europe’s largest
developer hub, has 71,497
professional developers
compared to 83,262 in
San Francisco
According to Stack Overﬂow
Developer Insights, there are
1.6M professional developers
in Europe today

…and, importantly, a large pool of mobile developers
# of professional mobile developers per country – data from Stack Overflow Developer Insights
Source:
“There is a huge opportunity for entrepreneurs focusing on mobile technology. Europe's
population of mobile developers is now larger than that of the USA - in fact, European startups
have access to more than 50,000 mobile specialists than their American counterparts”
Dimitar Stanimiroff, Stack Overflow Developer Insights
•  The UK has the largest
professional mobile developer
pool, but there are growing hubs
of talent emerging across the
whole region, including in places
such as Poland and Turkey.
•  The Nordic region is an emerging
hub for mobile development
within Europe, and is home to 9%
of the region's mobile developers.
Sweden has over 7,000 mobile
developers; almost half of whom
reside in Stockholm.
4,0474,1964,7395,2187,6257,7158,75210,40210,87914,49214,89817,74018,488
31,25132,525
Russia
Spain
Poland
Turkey
UnitedKingdom
Europe
UnitedStates
Germany
Italy
France
237,437
186,602
Netherlands
Ukraine
Switzerland
Austria
Romania
Belgium
Sweden
Professional mobile developers

Europe is also nurturing a strong talent pipeline for the future
+600.000 / y
US
0.5m
1.1m
Europe Europe
9.7m
US
4.5m
+5.2m
Europe produces 2x more STEM grads per year than the US… …and the cumulative diﬀerence over 10 years is >5m grads
STEM grads per year STEM grads over past ten years
STEM = Science, Technology, Engineering, Mathematics
Source: Eurostat
“You’ve got some of the top universities in the world in Europe. You no longer have to go to Stanford
or Harvard or MIT to get great engineering talent. You can now go to Imperial, Cambridge in the UK
or ETH in Zurich or the Max Planck Institutes in Germany or École Polytechnique in France.”

But tech entrepreneurship still has an alarming gender imbalance
11% 89%
Q: What is your gender? (founders only)
“We’ve seen the share of female attendees at
Slush grow from 5% to 25% in just a few years, but
amongst founders the change is painfully slow.”
Riku Mäkelä, Slush

Median annual base salary in US$ thousands
There is a clear cost advantage to building a team from Europe
33
Sr SW Engineer x 2
SW Engineer x 3
UX Designer x 1
Data Analyst x 1
OperationsProduct
376
118121
1,078
334
Sales & MarketingFinance
85
Engineering
474
17 member team
752
110
1,477
10877
LondonSan Francisco
SLUSH & ATOMICO | The State of European Tech
Note: The roles chosen are designed to represent the hypothetical team of an early-stage SaaS company, excluding an assumed technical founding team
Source:
Product Manager x 1 Operations Manager x 1
Oﬃce Manager x 1
Finance Manager x 1 Sales Director x 1
BusDev Manager x 1
Sales Associate x 1
Marketing Manager x 1
Customer Service x 2
The total base salary cost of
a 17 member team is ~1.5x
higher in San Francisco than
in London, according to
salary data from Glassdoor

Building a world-class leadership team in Europe is viable…
50%
37%
Disagree I don’t know Strongly agree
6%
4%
Agree
2%
Strongly disagree
36%
6%
1%
12%
44%
13%
7%
41%
2%
37%
Investors
All respondents
Founders
•  Of all respondents, 80% agree that it
is possible to build a world-class
leadership team in Europe
•  Over a third of respondents strongly
agree with the statement, with an
even response rate from both
founders and investors
Statement: It is possible to ﬁnd talent to build a world-class startup leadership team in Europe

…but it involves competing in a global war for top executive talent
Sebastian Siemiatkowski,
Klarna
“The problem is I now need senior executives that have
experience of working in a company that has grown
from a couple of hundred million dollars in revenue to a
couple of billion dollars in revenue. These types of
people are rare in Sweden. It is hard to find senior
executives to help grow from a small to a medium sized
and then to a really huge international company and to
encourage the talent to move here. I’m competing with
PayPal now. I need to be able to hire the same people
they hire.”
Florian Meissner,
EyeEm
“The signs are there that the top global executive talent
is ready to join European tech companies but it is not
easy; it really takes a huge effort. If you are only looking
at Berlin or London for the right people you are not
thinking big enough. You have to think of the biggest
fish in the world and then you need to try and poach
them. That is the mindset you have to have. You should
not be aiming to hire from the small business round the
corner but the global leader in your field.”

European countries are introducing programmes to attract overseas
talent, but more can always be done to turn a trickle into a ﬂow
Country Name of Programme
Year
Introduced
Guidelines
UK
UK Tier 1
Entrepeneurship Visa
2008
3-Year Residency Permit (except for Prospective which is 6
months), Requirement of Maintenance varies
Ireland
Start-up Entrepeneur
Programme
2010
2-Year Residency Permit, Renewable for 3 additional years,
Requirement of €75,000
Italy Startup Law 2012 1-Year Residency Permit, Requirement of €50,000
Spain
Ley de Emprendedores
(Entrepeneur's Act)
2013
Denmark Start-up Denmark 2015
Netherlands
Ambitious
Entrepreneurship
2015 1-Year Residency Permit
France French Tech Ticket 2015
Prize Money of €12,500 (Renewable at end of 6-month program),
Residency Permit Fast-Track, Residency Permit of 6 years
Source: Government websites, Tech.eu
"I think in general, there are a lot of non-native founders in the UK. There are a lot of people who found companies and grow them
and have particular risk tolerance who are also immigrants and I think there is a correlation. I think the immigration system in the
UK has - up until now - been a competitive advantage. Eileen Burbridge, Sherry Coutu and Sean Park are all immigrants who have
been welcomed and have driven innovation. Listening to the current immigration debate I worry that these beneﬁts are at risk“
Brynne Herbert, MOVE Guides

In their own words
“About half of our development team in Helsinki is from outside
of Finland. It’s quite easy to recruit from within Europe, and
especially in gaming there’s been a shift where you have
people from other industries hopping over to gaming. It used to
be the other way around: game developers had dreams of
making movies one day, but today you have Oscar winners in
gaming companies.”
“One of the reasons why Lisbon is great is that we have access
to great talent, particularly in design and development; we also
have really talented engineers from the major technical
universities, like the Superior Technical Institute here in
Lisbon. We usually hire graduates straight out of the Institute,
we work closely with those guys.”
Ilkka Paananen, Supercell
“With regards to talent, there’s still a bit of friction but even
that is slowly getting better. In the gaming industry, many
talented developers are a little older which means they have
families. In this sense, Finland has a few big advantages such
as the world’s best elementary school system that has gotten a
lot of praise in global PISA studies in recent years. Many
people want to raise their kids here because of that.”
Dimitar Stanimiroff, Stack Overflow Developer Insights
“For years it's been said that 'the European startup scene is up
and coming'. Our technology has identified over 1.6m
professional developers in the region, proving that startups
now have access to a pool of technical talent that's even larger
than the US. Forget up and coming, it's all happening now.”

5. Capital Flows
November 2015
Source:
Achievement unlocked: on track for $10B invested capital in 2015
What’s next: bridging the late-stage funding gap with European capital
#whatsnext4eutech

Capital is flooding into Europe
Total # of rounds up 2.5x in three years…
•  Total deal volume has more than doubled in Europe in the
past five years
•  2014 saw the record year for deal volume, but 2015 has
seen a slowdown so far this year
…and $ value growing rapidly
•  Since 2014, Europe has seen increased late-stage funding
contributing to significant $ amount growth in invested
capital
•  A large share of capital has been invested by non-European
funds that have increasingly recognised Europe’s potential
Deal volume and value across Europe*
1,976
3,011
2,601
1,785
1,274
20132012 2015 YTD2011 2014
+33.2%
2015 YTD2012 2014
4.6
7.1
2013
4.8
+23.5%
9.4
3.8
2011
Source: CrunchBase, *Technology investments only. Excludes Israel. 2015 YTD based on 9M to September 2015
US$B invested# of deals

An explosion in seed rounds and strong capital ﬂow into later stages
Seed stage round counts exceed growth at other stages… …but $ amount growth in Series B and later
Deal volume and value across Europe by stage*
377 422 441
623
377
641
1,047
1,782
1,962
1,209
158
189
243
252
237
107
87
30
9
16
11
25
81
42
1,976
42
3,011
2014 2015 YTD2013
2,601
2012
1,785
39
1,274
2011
71
35
76
16
0.9
2.0
0.8
0.9
1.1
2012
0.4
4.6
7.1
0.7
1.4
0.5
3.8
1.0
0.7
2011
1.0
2.5
2014 2015 YTD
2.6
2013
9.4
1.8
4.8
0.6
1.0
0.3
0.7
1.8
0.6
0.6
0.6
1.8
0.6
0.3
0.6
0.2
0.2
1.2
Series C
Series A
Seed
OtherSeries B
Series D+

UK draws largest share of rounds and total capital deployed
UK sees largest overall deal ﬂow… …as well as largest share of invested capital
Deal volume and value in Top 5 countries in Europe*
180
158
277
408
832
638
510
764799
118
107107
164
125
131
192
207
135
154
570
2012
1.274
1.976
73
1.785
2015 YTD
3.011
2013 2014
2.601
2011
1.255
1.068
42
1.283
64
96
48
91
51
2013
4.8
2012
4.6
2015 YTD2014
7.1
9.4
2011
3.8
1.3
0.3
0.3 0.5
1.0
1.0
0.1
1.4
0.9
0.1
2.9
1.4
2.0
1.6 1.7
1.7
0.7
0.3
0.4
0.3
3.8
2.1
0.40.4
0.5
0.4
0.1
0.6
0.2
1.4
Note: Top 5 countries based on European countries with the largest sum of total invested capital in 2015 YTD
United Kingdom Rest of EuropeFranceGermany NetherlandsSweden

Europe’s top hubs grab growing share of invested capital
SLUSH & ATOMICO | State of Technology in Europe42
Top 5 European hubs versus overall capital invested in Europe*
•  Top 5 hubs represent an all-time-high
share of total European funding at ~47%
•  Both Top 5 investment hubs and rest of
Europe growing annually in $ value
invested
•  Signs that a winner-takes-most dynamic
is emerging at the geographic level, where
the leading hubs capture a growing share
of overall capital invested in the region
Capital invested as % of total in Europe in period
Note: Top 5 hubs based on European cities with the largest sum of total invested capital in 2015 YTD
30.2%
46.8%
69.8%
53.2%
2015 YTD2011
Rest of Europe London + Stockholm + Berlin + Paris + Moscow

Europe is witnessing the rise of entrepreneur-led investing
Founder-funder angel investment transactions per year1 # of startups funded by entrepreneur-led VCs per year2
Founder-funder transactions per year and # of European startups funded by entrepreneur-led VCs*
Note 1: Unique investments into European companies by European angel investors that have previously founded and built their own
European technology company. One round per investor per company included only. Excludes founders that have founded institutional VCs.
Note 2: Number of European technology companies funded by entrepreneur-led European institutional VC funds. Includes any fund where
at least one of the Founding Partners of the fund has previously founded and built a European technology company.
173174
150
88
145
48
193
2014 2015 YTD201320122011
Projection
for 2015
142
113
88
80
111
37
Projection
for 2015
2013 2014
148
2015 YTD20122011
“It's easier to start a company than ever, but scaling to become a global winner is still very hard. We know
what that feels like as an entrepreneur, and we learned a lot of lessons from scaling Skype about what to
do and what not to do. Rather than trying to create one more successful company, we thought we could
have more impact by helping an entire generation of European founders build the Skypes of tomorrow.”
Niklas Zennström, Atomico
# of startups# of deals

Europe’s leading hubs are building strong pools of angel investors
Active angel investors per city
5456748892
124130147153161168
196
250
270
325
383
420
Oslo
Brussels
Hamburg
Copenhagen
Munich
Madrid
Vienna
Zurich
Dublin
Stockholm
Berlin
Barcelona
London
2.125
Moscow
Amsterdam
Helsinki
Paris
Istanbul
Angels per
’000 people
0,25 0,19 0,11 0,54 0,02 0,02 0,25 0,10 0,05 0,19 0,11 0,34 0,24 0,16 0,05 0,04 0,32 0,09
Source: Angel List, FiBAN
Europe now has over 5,000
active angel investors
resident in the region’s top
hubs, according to Angel List
“Successful entrepreneurs are now taking the time, sitting down with startups,
mentoring them and many are acting as business angels. There's a whole shift of
mentality amongst entrepreneurs with people thinking globally and wanting to
create huge businesses. And now the angel money is deﬁnitely there to support
them and there are a number of good mentors that can give proper advice, as well
as seed capital. This just didn’t exist when we started Klarna ten years ago”

A new breed of institutional VC funds is rising in Europe
New institutional tech VC funds launched in Europe since 2011 with a minimum fund size of US$40m
40
6669
110120
140
166
200
385
Passion Capital SpeedInvest Hoxton Ventures83North Project A VenturesGlobal Founders
Capital
Lakestar Mosaic Ventures Felix Capital
Year
founded
Location
2013
Luxembourg
2014
UK
2013
Germany
2015
UK
2015
UK
2012
Germany
2011
UK
2013
UK
2011
Austria
Most recent fund size, US$m
Source: Dow Jones VentureSource, Press releases

European and international corporates are increasingly active in Europe
Selected corporate investors with dedicated European tech VC focus
Source: Company press releases
Salesforce Ventures
Announced: 2015
Fund size: $100M / year
"There is so much incredible innovation
happening in Europe today. Our $100 million
commitment strengthens our mission to help
startups grow and give back to their
communities.”
Google Ventures
Announced : 2014
Fund size: $125M / year
“We believe Europe’s startup scene has enormous
potential. We’ve seen compelling new companies
emerge from places like London, Paris, Berlin, the
Nordic region and beyond —SoundCloud, Spotify,
Supercell and many others.”
IrisNext
Announced : 2015
Fund size: $329M
“The goal of this new fund, named IrisNext, is to
become one of Europe’s leading venture capital
funds through funding from major international
groups of French, German and international
origins, as well as from institutional investors”
Deutsche Telekom (DTCP)
Announced : 2014
Fund size: $275M
“DTCP will support Deutsche Telekom’s strategy
as an external innovation engine through
investments in venture capital, with a special
focus on Germany’s exciting and growing start-up
scene.”
Non-European European
Supported by Iris
Capital & Capnamic
“The corporates are waking up to the idea of digital disruption and entrepreneurship in
general. The corporates we talk to through Founders Intelligence want their employees
to be more entrepreneurial and to work much more closely with entrepreneurs”

Capital is more readily available in Europe…
18%
8%
"It is hard to
raise capital"
18%
9%
58%
8%
"It is the best time
ever to raise capital"
47%
20%
"Capital is more
readily available
today"
53%
22%
"The capital
environment
is unchanged"
"It is harder than
ever to raise capital"
22%
3%
12%
2%1%
Investors
All
Founders •  55% of entrepreneurs and 80% of
investors believe that there’s more
capital available than a few years
ago
•  Investors are noticeably more
positive on the current situation of
capital availability
•  51% of founders that have previously
started a company think capital is
now more readily available versus
40% of ﬁrst-time founders,
suggesting repeat entrepreneurs
may ﬁnd it easier to raise rounds
Q: How has the experience of raising capital in Europe changed?

…but Europe still lacks capital relative to the opportunity
VC funds in the US raised 5.4 times more capital than their European counterparts
82
28
2.9x
USEurope
76.1
14.0
5.4x
USEurope
The US produces 2.9x more $B+ companies than Europe… …but US VCs raised 5.4x more capital than European VCs
Companies surpassing $B+ milestone by geography, Q1/13-Q2/15 Funds raised by VCs by region, US$B, Q1/13-Q2/15
Source: Atomico, DowJones VentureSource

This lack of capital is most prominent at Series B & beyond…
VC funds raised in Europe and US, by investment stage
Funds raised by VCs, 2010-2014, US$B
~5x
13.0
Multi-stage
46.8
10.0
Later-stage (Series B+)
42.3
1.8
24.3
~14x
~3x
Early-stage (Seed/Series A)
USEurope
•  The US produces 3x as many $B+ companies
as Europe, but raises 5x as much capital
•  The relative availability of capital varies
significantly by stage. At the Series B stage and
beyond there is a significant difference in
terms of available capital (14x US vs Europe)
relative to the number of companies reaching
$B+ valuations
•  As a result, there are relatively fewer local
firms able to fund the increasing number of
European winners on their path to global
category leadership
Source: Dow Jones VentureSource

…so leading US VCs are active in Europe and ﬁlling the funding gap
“While we don’t have an oﬃce in Europe we do have fourteen portfolio companies
and every USV partner has at least two European portfolio companies. So we all
travel to Europe regularly and we look at new investments.”
Fred Wilson, Union Square Ventures
VC Selected investments in Europe
(SWE) (UK)(SWE)
(GER) (UK)(GER)
(SWE)(UK) (UK)
(SWE) (GER)(SWE)
Source: CrunchBase, avc.com
(UK)(GER) (GER)

In their own words
“It’s definitely a lot easier to build a global tech company than it
was 6 or 7 years ago. Funding is the first thing that is just
completely different to some years back. In Finland alone, you
have several sources of pre-VC funding that enable you to get
going, and then raising venture capital has become a lot more
efficient as well.”
Petteri Koponen, Lifeline Ventures
“It absolutely has become easier to raise funds as an investor
over the past five years. A good track record is crucial for a VC
investor when she is fundraising; we can see a huge difference
between now and four years ago when we were raising our first
VC fund. Overall, there are more European VCs with a solid track
record so it’s easier to raise funds.”
Riccardo Zacconi, King
“I think the investment landscape in Europe is dramatically
different. There is much more money in the market than a few
years ago, but also much more competition.”
“I’d say that today it’s easier to raise capital. Mostly because all
top-tier investors have already done at least their first
investment into Northern Europe. So they’ve gone over that
entry barrier, and it’s much easier after that.”

6. Europe’s Success Stories
November 2015
Achievement unlocked: 10 $B+ companies in 2015, making a total of 35 since 2003
What’s next: companies valued in the tens and hundreds of billions
#whatsnext4eutech

More hugely successful companies are now coming from Europe
# of European $B+ companies founded since 2003, by year ﬁrst surpassed $B+ milestone
2010
2012
2014
4 (+2)
35 (+10)
2015
YTD
1 (+1)
13 (+5)
2013
2 (+1)
2005
2011
25 (+12)
8 (+4)
Source: Atomico, *2015 YTD is to 30 October 2015
Skype was the only $B+
company founded since
2003 from Europe until 2010

Europe’s hall of fame: European $B+ companies founded since 2003
$B+ companies by country
Source: Atomico
UK
2015 (2010)
2011 (2007)
2014 (2007)
2013 (2003)
2015 (2007)
2015 (2010)
2015 (2011)
2015 (2009)
2015 (2009)
2014 (2007)
Sweden
2005 (2003)
2014 (2009)
2011 (2006)
2014 (2003)
Germany
2012 (2007)
2015 (2012)
2014 (2010)
2015 (2011)
2012 (2008)
2014 (2009)
2014 (2007)
2015 (2011)
Russia
2013 (2007)
2012 (2006)
2013 (2005) 2014 (2007)
France
2014 (2006)
2013 (2005)
Netherlands
2014 (2006)
Ireland
2012 (2004)
Finland
2013 (2010)
Denmark
2014 (2007)
Key: Year reached $B+ (founding year)
2015 (2003)
2010 (2003)

European companies are transforming a wide range of sectors
8
2
33
4
7
8
Financial
Services
GamingEnterprise
Apps
Retail Social &
comms
OtherMusic
8
27
EnterpriseConsumer
$B+ companies by sector and customer focus
Retail, financial services have produced most $B+ companies Consumer-focused companies dominate
•  “Other” category consists of six different verticals
•  All retail companies originate from large domestic markets
(UK, GER), and 4 out of 7 are Rocket Internet-backed firms
•  Europe’s $B+ companies are dominated by consumer-
focused businesses, but Europe is also building a growing
portfolio of enterprise success stories
Source: Atomico
$B+ companies by industry sector $B+ companies by primary customer focus

Europe is delivering the end product through exits
Operating status of $B+ companies founded since 2003 and total proceeds raised via IPOs
European $B+ companies exit at same rate as other regions European tech companies outraising US companies at IPO
Source: Atomico, CapitalIQ
49% 46% 42%
51% 54% 58%
Exited
Asia Europe North America
Private
0.5
1.5
4.5
3.6
5.3
19.9
2.4
6.9
3.9
16.0
5.0
2.2
2011 20152012 2013 2014
Facebook IPO
Europe
US
29 18 24 41 24
$B+ companies by operating status IPO proceeds raised in US$bn by tech companies by region
100+ European tech IPOs since 2011,
according to CapitalIQ

Europe’s challenge is to build the next generation of global winners
Share of global $B+ companies and categorization of $B+ companies founded since 2003
The US and China have produced larger companies… …and are home to all $10B+ companies founded since 2003
Source: Atomico
53%
63%
15%
9%
23%
22%
5%10%
Share of market cap
created by $B+ companies
Share of $B+
companies globally
Europe
China
US
Rest of World
94
25 25
19
11
13
8
7
10
7
7
Rest of World
24
4
1
Europe
35
2
China
52
125
US
$3-5B
$5-10B
$10-50B
$50B+
$1-3B
3

7. The Future

Europe has laid the foundations for a bright future
Q: Are you more or less optimistic today about the future of European technology than 12 months ago?
Very positive view shared by all respondent groups… …and the next generation is the most optimistic
8%
6%
39%
8%
32%
Less More
55%
62%
53%
38%
About the same
AllInvestorsFounders
62%
35-44 18-2425-34
55%
75%
51%
45-54
51%
55+
Age group
% of respondents more optimistic about the future than 12 months ago

Europe’s next generation will create even more success stories
European $B+ companies by year founded
8
15
11
1
2015-2017
?
?
2006-2008
?
2012-20142009-20112003-2005
Avg. time to
$B+ (years)
6.3 4.6 3.0 ???
Source: Atomico
8.3
•  Over the past decade, companies
have taken on average 5.7 years
to ﬁrst surpass the $B+ milestone
•  Given this lag, companies founded
since 2011 will only start to reach
their potential in the coming years
•  Europe’s “class” of 2011 onwards
will produce even more global
category leaders
•  In short, the best is yet to come
from the new generation of
startups originating from Europe’s
maturing tech hubs

Europe is already building and investing in the next generation of
potential success stories
Methodology: total funding >$10M, most recent round since 1 Jan 2015, HQ in Europe,
ﬁnancing raised from one of the following: Accel Partners, Atomico, Balderton Capital,
Creandum, Earlybird, Google Ventures, Index, Lakestar, Mosaic Ventures, Northzone
Source: CrunchBase
“Major cities in Europe have emerged as important tech hubs and I’m very excited about what
the future holds. For example, London leads the way in terms of Fintech. In Stockholm, the
success of Skype and Spotify have positively inﬂuenced many Swedish entrepreneurs. Rocket,
in Germany, has become a source of execution-focused talent. And in Helsinki, incumbents like
Nokia fed talent into Supercell and Rovio creating a leading hub for mobile gaming. The virtuous
cycle is increasingly self perpetuating where the combination of top talent, strong exits and
successful entrepreneurs re-investing in the ecosystem generates leading companies."
Carolina Brochado, Atomico

European VCs will need to keep pace with the scale of
entrepreneurial ambition
Christian Hernandez,
White Star Capital
“I think there is a disconnect between the intellectual
output of Europe and the ability of funders to understand
that intellectual output. The UK has one of the largest
outputs of artiﬁcial intelligence and machine learning PhDs
through Edinburgh, Imperial, UCL & Cambridge. And while
we all run around saying that we're looking for AI Machine
Learning startups, how many of us are actually deep
enough to be able to go head-to-head with a CTO on Neural
Networks? I'd say, half a dozen, if that, and that's across all
of Europe. So we rely on our network of contacts and
friends to help educate us, but if we're supposed to be
betting on world-disrupting technology, how do we as
investors become more adept at understanding what world-
disrupting technology is? What a great challenge to have!”
Florian Meissner,
EyeEm
“We don't have that kind of craziness yet. This moonshot
idea of say building the next car, or sending people to the
moon with rockets. But, I think this will evolve, because we
just need a couple of really successful outcomes. People
have got to dream bigger. It's a natural evolution of
ambition levels, which are evolving on a daily basis.”

The best time in history to be a European technology entrepreneur
36%
43%
Strongly
disagree
I don’t know
17%
10%
Disagree
11%
17%
12%
36%
3%
5%
14%
2% 3%2% 1%
27%
Agree
46%
40%
Strongly
agree
27%
50%Founders
Public sector
Corporate employees
Investors
•  Founders and investors have the
most positive view on the current
situation: 50% of investors and 40%
of founders agree strongly
•  Repeat founders had a noticeably
more positive view than ﬁrst-time
founders
•  Employees of corporations and the
public sector are positive, but not
quite as much
Statement: Now is the best time in history to be a technology entrepreneur in Europe

The state of European technology in one word
SLUSH & ATOMICO | The State of European Tech64 Inspiring
Catchingup
Expanding
Note: includes clear 1-3 word combinations that answer the question, precise synonyms have
been consolidated and typos corrected. Word cloud shows words with a frequency of 2 or more.
Emerging
Growing Promising
Exciting
Booming
Fragmented
Vibrant
DiverseInteresting
Innovative
Changing
Developing
Good
Bubble
Rising
Accelerating
Scattered
Up-and-coming
Challenging
Competitive
Thriving
Adolescent
Amazing
Aspiring
Blossoming
Boring
Complex
Conservative
Enthusiastic
ExplodingGreat
Infancy
OK
Opportunistic
Opportunity
Potential
Vital
Average
Awakening
Awesome
Boiling
Burgeoning
Calm
Challenged
Challenger
Conﬁdent
Copycat
Creative
Digitalization
Dispersed
Disruptive
Driven
Dull
Early
Falling behind
Follower
Heterogenous
Improvable
Improved
International
Intriguing
Lagging
Mature
Nascent
Old
Over-hyped
Possibility
Reborn
Renewing
Runner up
Shy
Startup
Striving
Strong
Struggling
Teenager
Undervalued
Vivid
Wannabe
Q. What one word would you use to describe the state of European technology today?

In their own words
“It is easier to build a global technology company from Europe than six or seven years ago for a
number of reasons: it is easier to raise money, it is cheaper to build and operate products and
services thanks to innovations like cloud platforms and it is easier to get global distribution
thanks to app stores and the Internet. And, very importantly, there are role models these days,
people who have successfully built globally successful companies, who inspire others to do
the same.
“In other words, the importance of geographic location has decreased signiﬁcantly. And
interestingly, we do have an advantage in Europe that has to do with geography. Europe is a
fragmented home base with many languages, cultures, and small domestic markets. Because
of this it seems to be more natural for Europeans to think global from day one. For example, no
startup entrepreneur in Finland would ever build anything just for the local home market
because it is simply so tiny. So we need to, and want to go global from day one. It feels natural
for us. I don’t think it is the same for entrepreneurs who have larger home markets.
“Over the next ten years there will be a lot more successful companies out of Europe. And I
think that people will have stopped wondering about this rise of European tech, as it has
become something of a norm. We won’t have the debates on European versus American
technology entrepreneurship, and people will deﬁnitely have stopped questioning Europe’s
role in global tech. I think people will take it for granted that all technology entrepreneurship is
global by nature, including entrepreneurship in Europe.”

Final thoughts
November 2015
Daniel Ek, Spotify
“Being an entrepreneur is not for the faint-hearted. It’s an insane emotional rollercoaster. Even at this
stage, people say “You’re done, you’ve done the hard years, now you can relax.” That’s not how it works,
there are still days that are incredibly tough. I think that’s life if you’re an entrepreneur and you’re
constantly not satisﬁed with the status quo.”
#whatsnext4eutech

Join the conversation
November 2015
What’s next for European tech?
#whatsnext4eutech
@atomico
@SlushHQ
#whatsnext4eutech

8. Appendix

Survey respondents
n=844
Survey respondents by age Survey respondents by gender
Survey respondents by occupation group Survey respondents by geography
55+
6%
45-54
18%
18-24 25-34
5%
35-44
33%
38%
1%
Female
19%
80%
Male Prefer not to say
5%
Founder
35%
Student
5%
Startup
employee
Investor
16% 15%
OtherCorporate Public
Sector
18%
4%
Rest of EuropeDACH
21.0%
Nordics UK & Ireland
10.3%
15.9%
52.8%

Europe in context
Population: 1,252m
GDP: $1.82 trillion
Internet users: 233m
Smartphone users: 187m
Population: 1,367m
GDP: $9.20 trillion
Population: 506m
GDP: $17.97 trillion
Source: World Bank, ITU, Eurostat, GSMA Intelligence
Population: 321m
GDP: $15.40 trillion

Acknowledgements
•  Niklas Zennström
•  Tom Wehmeier
•  Shari Doherty
•  Maxim Streletzki
•  Sana Fathima
•  Andrea Ringblom
•  Carolina Brochado
•  Riku Mäkelä
•  Marianne Vikkula
•  Andreas Saari
•  Sami Hakkarainen
•  Linn Henrichson
•  Alan Mamedi, Truecaller
•  Anthony Douglas, Hole19
•  Brent Hoberman, Founders Forum
•  Brynne Herbert, MOVE Guides
•  Christian Hernandez, White Star Capital
•  Daniel Ek, Spotify
•  Florian Meissner, EyeEm
•  Ilkka Paananen, Supercell
•  Nami Zarringhalam, Truecaller
•  Petteri Koponen, Lifeline Ventures
•  Petri Järvilehto, Seriously
•  Riccardo Zacconi, King
•  Sebastian Siemiatkowski, Klarna
FOUNDERS & INVESTORS
•  Gené McPherson, CrunchBase
•  Cory Cox, CrunchBase
•  Joe Wiggins, Glassdoor
•  David Pashman, Meetup.com
•  Nan Li, Meetup.com
•  Natalia Radcliffe-Brine, Stack Overflow
•  Dimitar Stanimiroff, Stack Overflow
DATA PARTNERS

The State of European Tech 2015

The State of European Tech 2015

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