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Seed Funds and Venture Capital
With the internet, why would a startup in Berlin or London today not have the same attitudes to global success and reaching $100 billion in market as their US peers? I think they do increasingly have that attitude. A lot of it also related to the level of expert capital that was available. In Europe, what you often have to do is go to private equity, not late stage venture capital which was problematic. Some of the very, very best US firms are now looking for scouts in Europe because they understand there's really deep technical talent.