Upside #35 - Spring Non-Statement, Project EurHope, Power of Brand

🎙️ Upside: The Real Stories Behind European Venture

🎧 In This Episode

Join Dan, Lomax, and Mads, with special guest Alex Macdonald (founder of Sequel and investor), for an opinion-packed episode exploring:

🔦 Project Europe: Can It Save European Founders?

• Alex shares his insider take as an LP in Project Europe — why he committed in 11 minutes, what makes it different, and how it's supporting founders before they become credentialed.
• A passionate discussion around access, age, credentials, and whether early-stage capital is the bottleneck (spoiler: it isn’t).
• Addressing the diversity backlash: Is it fair or misguided?
• The million-euro question: How do we keep the next Revolut or Stripe in Europe?

💊 23andMe’s Collapse: The Business Model That Wasn’t

• What went wrong with one of the most high-potential datasets in history?
• Can health tech ever monetize patient data responsibly — and is “collecting data” a real strategy?

🧬 Data, DNA & Deletion Regret

• Dan and Alex reflect on being early 23andMe users, deleting their data, and what happens when personal info is hacked.
• Plus: A warning for startups assuming data is always monetisable.

📉 Spring Statement Reactions: A Missed Moment for Growth?

• Rachel Reeves delivers... not much.
• The group unpacks why cutting towards breakeven might not be the answer, and why we need fiscal stimulus, not fiddling.
• Why “holding patterns” in policy could hurt more than they help.

🤖 AI Corner: DeepSeek vs. Gemini vs. Reve

• OpenAI’s rumoured $40B raise (led by SoftBank)
• DeepSeek’s new V3: small model, big results
• Gemini finally feels usable — is Google back in the race?
• Reve: The MidJourney killer?
• Plus: The growing copyright vs. innovation battle in training data.

🚨 Startup Scandals & Fraud Watch

• Builder.ai’s CEO steps down amid audit concerns
• 11X under fire: Churn, fake logos, inflated ARR — or just messy scaling?
• Where’s the line between "founder storytelling" and straight-up Theranos?
• Dan dubs it: “The Orange Jumpsuit List” (aka Forbes 30 Under 30)

🇺🇸 US Brand Damage: Does It Matter in Europe?

• From Trump to Tesla, has America’s “brand” hit long-term trouble?
• Emotional vs. structural consequences
• What defence tech buyers and governments are really worried about
• Should Europe decouple — and can it?

💥 Deal of the Week

• Marvel Fusion (Germany) raises €112M Series B/C for nuclear fusion tech
• A rare bright spot for European deep tech growth capital

📌 Highlights

• “Europe doesn't lack founders. It lacks belief.” — Alex Macdonald
• “23andMe had 15 million people's DNA and still couldn’t build a business.” — Lomax
• “Rachel Reeves is doing the startup equivalent of multiple shallow layoffs.” — Dan
• “Failure is a feature, not a bug. Let a thousand flowers bloom.” — Mads
• “Consumers might forget. Governments won’t.” — Lomax on US brand damage
• “Where is the money? Still a good question.” — All

02:04 – Europe’s Biggest Company Is… SAP?
03:25 – 23andMe Files for Bankruptcy
07:33 – Project Europe Deep Dive
25:08 – Spring Statement Reactions
34:29 – AI Corner - deep seek, Gemini and Reve
42:15 – Startup Scandals
48:52 – Brand Damage
58:52 – Deal of the Week