2. No entrepreneurial mindset from childhood.
Students in Europe are rarely interested in making companies.
Few role models. Low tolerance for failures. Convention career paths.
The Solution, worldwide:
https://lnkd.in/ecmXWXDH
__________
Andrew Akbashev
Risk aversion in EU is scary?
It’s not a lack of talents. It’s the environment.
Having lived in Europe and the US (and attending events for startups & meeting investors), I have the following thoughts:
1. In EU, risk = disaster, not an opportunity.
EU bureaucracy loves deterministic future.
They DO understand that risk is vital to innovations.
But still there is NO deep appreciation for big risk.
This leads to “regulations over innovations”:
“There are two approaches to handling innovation: It can either be permitted or prohibited. While the U.S. has traditionally fostered an environment of permission, the EU appears committed to the prohibitive approach.” (E.g. Digital Markets Act and Digital Services Act)
2. No entrepreneurial mindset from childhood.
Students in Europe are rarely interested in making companies.
Few role models. Low tolerance for failures. Convention career paths. It all contributes!
3. “We are proudly socialistic. We don’t need crazy capitalists like Musk or Zuckerberg here.”
– maybe I am wrong… But there’s something like this in the air.
While admirable, it also means that people rarely dream big.
In the US, it’s socially acceptable to think big.
Even kids are inspired and encouraged to do so.
In Europe, it’s more like “please stay humble”.
4. No European role models.
When asked, students name American entrepreneurs. Not Europeans.
But to be confident to start, young people need to see success stories in their OWN countries.
Europe has many great examples of entrepreneurs.
But conservatism puts those examples into shadows.
5. At VC events, I often hear ”We love American investors!”
Why? Because big investments are harder to find in Europe. So, an American VC is a great sign for your startup.
BUT because the US market is huge and it’s easier to implement innovations and scale businesses there, such investments often lead to the relocation of successful startups into the US.
Unfortunately.
❗ To Europeans:
There’s a big different between states in the US.
Some produce a huge number of innovative companies. Others – almost none.
For example, California hosts the vast majority of unicorns.
So, there’s something about the ENVIRONMENT that makes it all happen.
📍 My point is:
People are similar in every country.
BUT the environment is different.
In Europe, I see a LOT of talented students. They could do big things. But they need the right environment & resources.
+ Be encouraged to think big.
Then, this map in the picture will look VERY different.
p.s. The US map is from Prof. Ilya Strebulaev. All links are below.
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Michael H Peters
Poverty and standard of living are related to lack of innovation. Of course.
