December 30, 2025
๐๐๐ฟ๐ผ๐ฝ๐ฒ ๐ฑ๐ผ๐ฒ๐ ๐ป๐ผ๐ ๐ต๐ฎ๐๐ฒ ๐ฎ ๐๐๐ฎ๐ฟ๐-๐๐ฝ ๐ฝ๐ฟ๐ผ๐ฏ๐น๐ฒ๐บ ๐ฎ๐ป๐๐บ๐ผ๐ฟ๐ฒ. ๐๐ ๐ต๐ฎ๐ ๐ฎ ๐๐ฐ๐ฎ๐น๐ฒ-๐๐ฝ ๐ฝ๐ฟ๐ผ๐ฏ๐น๐ฒ๐บ.
Despite a 10x increase in venture capital since 2003, Europe still lags the US 1:4 in unicorn creation.
The issue isnโt innovation.Itโs ๐ฎ๐บ๐ฏ๐ถ๐๐ถ๐ผ๐ป, ๐ฒ๐
๐ถ๐๐, ๐ฎ๐ป๐ฑ ๐๐ฐ๐ฎ๐น๐ฒ.
Too many companies aim for small exits.
Too few can secure mega rounds (>$100m) of financing.
Boards often lack the independent Non-Executive Directors (NEDs) firepower needed to steer the company.
Europeโs capital markets remain fragmented and underpowered.
There are, however, encouraging examples.
Take SiPearl โ Europeโs high-performance computing leader:
A first-class team (ex-Marvell, Mediatek, ST, etc.), a strong international board (incl truly yours), and a powerful blend of financial, corporate, and public investors (Cathay Venture, Arm, Atos/Eviden, EIC Fund, EIB, French Tech Souveraineteโฆ) which have invested โฌ130m in the Series A. Work-in-progress but the company has completed its tape-out (61bn transistors, the most complex processor ever designed in Europe). It is now embarking on its Series B which will be around the โฌ300m mark.
It proves that when Europe aligns ๐ฎ๐บ๐ฏ๐ถ๐๐ถ๐ผ๐ป, ๐๐ฎ๐น๐ฒ๐ป๐, ๐ฐ๐ฎ๐ฝ๐ถ๐๐ฎ๐น, ๐ฎ๐ป๐ฑ ๐ด๐ผ๐๐ฒ๐ฟ๐ป๐ฎ๐ป๐ฐ๐ฒ, we can compete globally.
The challenge now is to make this the norm. Not the exception.
๐ Full manifesto here: https://lnkd.in/e-6ky5Pa
