Keen On America Who Needs Goliaths? Don't Write Off Europe's Army of Davids
Jan 26, 2026
John Thornhill, FT innovations editor and Sifted founder, maps a resilient and diffuse European tech scene. He highlights rising hubs from Stockholm to Lisbon. He explores deep tech, harmonized regulation as a scaling advantage, and the continent’s struggle with late-stage capital. He argues Europe may carve a unique path beyond chasing Silicon Valley giants.
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Europe’s Diffuse Startup Strength
- Europe has developed a vibrant, diffuse early-stage tech ecosystem across many cities rather than a single concentrated hub.
- That diffusion makes Europe appear weaker than it is, but it produces many interesting startups and funding momentum.
Don’t Judge By Old Market Caps
- Critiques that Europe lacks massive tech champions rely on backward-looking metrics like market cap comparisons.
- Emerging European companies could become globally relevant in specific areas despite past underperformance.
Regulation Can Backfire On Innovation
- Europe hopes regulation will build trust and attract data, but consumer behavior often contradicts that theory.
- Overly burdensome rules can slow local innovation and protect incumbents rather than challengers.
