At the EUVC Summit 2025, Tom Wilson took the stage to highlight something we often overlook when talking about Europe’s breakout tech stories:

“The real engine of growth isn’t just the unicorns. It’s what happens after.”

Tom opened with a striking stat:

“Over 2,000 startups have been founded by alumni of just 250 European unicorns.”

This ripple effect—beautifully documented in the Atomico State of European Tech report—is the unsung compounding force in our ecosystem. Each breakout company doesn’t just create returns—it creates founders. And each founder then builds the next set of teams, products, and outcomes.

“Tech is right at the heart of Europe’s growth story. It’s what drives jobs, resilience, and momentum.”

While the flywheel is turning, one spoke is still weak: liquidity.

“The recycling of capital is still too thin across the ecosystem.”

Without steady exits—IPOs, large acquisitions, secondary markets—we limit:

Angel reinvestment
Emerging manager formation
Operator talent flowing back into early-stage companies

Tom called for more policy, infrastructure, and cultural support to celebrate exits—not just fundraises—and to empower alumni to give back as investors, advisors, or future founders.

Tom also made a powerful point about non-linear outcomes.

“Not every startup becomes a unicorn. But the people who build them still carry value—and often show up in the next big story.”

He cited examples of founders who, after shutdowns, joined early teams at Revoo, Vizier, and other category leaders—and played crucial roles in their success.

This isn’t just resilience. It’s how ecosystems mature.

“We need to do more to recognize and encourage the second act: the angels, the early hires, the operators who cycle back in.”

Because Europe’s breakout companies aren’t just wins.
They’re launchpads for the next generation.
And every reinvested euro—and recycled founder—keeps the flywheel spinning faster.

2,000 Startups Later: The Alumni EffectWhat’s Still Missing? Liquidity.Failures That Feed the FutureFinal Message: Celebrate the Cycle

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