Atomico and Orrick recently published The State of European Tech 2018 Report, which paints a comprehensive data-driven story of European technology today.
Based on the numbers alone, 2018 is definitely a good year. Over the past 15 years, tech (software) has grown to hit 194% of its relative value in 2002. Investment in European tech also reached $23 billion, with European founders having created a total of 17 billion-dollar companies.
Europe’s tech industry is the best hope for growth for a stalling European economy, as the industry is growing 5x faster than the rest of the European economy in terms of Gross Value Added, a level that has accelerated in recent years. (Source: Eurostat)
What seems to be the driver of this continued success: high-performing tech ecosystems. In order to thrive, they need three key elements: inspired entrepreneurs, talented teams to support them & investors covering their funding needs.
Needless to say, even if the European tech industry is on a roll, there is still some work to do. The report calls on Europe to fix its diversity & inclusion problem, as 93% of all funds raised by European VC-backed companies went to all-male founding teams in 2018. 46% of women also reported in The State of European Tech Survey said that they have experienced discrimination in the European tech sector.
Especially if we want to keep up to speed, we will have to switch to the next gear.