Moving goal posts, but yeah, Europe lacks a SV with venture capitalists raining money on every crazy idea, with Tony Stark like feudal lords pushing their minions to sleep in office with promises of free drinks and pizza, hoping to capitalize on the startup being sold.
I am curious, is putting up with the occasional self-obsessed ceo not worth it?
For example Tesla has a market value greater than every European carmaker combined, having gone from approximately 0 annual car deliveries to over a million in just a few years while revolutionizing electric travel. Or with space x developing reusable rockets that have utterly transformed the industry. These companies will contribute to economic dynamism and wealth creation for years and decades.
Macron said of American space companies, “Unfortunately they’re not European, but they took a bet”. Perhaps at a certain level you need people with lots of money who are willing to risk it
No. They keep whatever actual wealth they might end up creating - if and when they even manage that - and the only thing that trickles down from them is their ego.
Even though it was founded in Denmark, Unity is a US HQ company now, and Vodafone is basally a body shop now mostly (what's their latest successful product?).
Plus, naming 6 random European tech companies doesn't prove anything. Every country has tech companies. How many exactly doesn't really matter in this comparison, what matters is revenues and market cap.
Consider that the US tech sector is worth significantly more than the tech sectors of EU + UK + Switzerland + Norway combined. It blows the entire EEA out of the water. To put it simply, the US hosts most of the largest tech companies by market cap and revenues.
If you take the top 50 tech companies in the world by market cap[1], the only European companies on the list are ASML, Booking, SAP, Schneider Electric and Dassault Systemes. 6 out of 50 for Europe, while the US has about 40 out of 50, while also claiming the highest six spots at the top.
Ouch! That's not even a competition. It's why American tech workers get paid so much. Not because they don't get government mandated PTO and sick leave, or can get fired more easily, or don't pay more taxes for unemployment and socialized healthcare, as is the common myth, but because the companies they work for are so obscenely rich compared to European ones and a lot more numerous.
