“I have been told countless times in my life, ‘Nicola, you’re probably making the worst decision of your life’,” she shared.
To foster more success stories like these, both Hill and Ebmeyer agree that Europe needs to be more willing to take risks and place bigger bets on its young entrepreneurs.
At the TNW Conference, investors and CEOs emphasized the need for stronger support for entrepreneurial spirits, fearing that Europe’s most promising ideas and talented individuals might seek opportunities elsewhere.
Nicola Ebmeyer, the co-founder and CEO of Gain.pro, a private market intelligence platform based in Amsterdam and among Europe’s fastest-growing startups, echoed Hill’s sentiments. She faced initial skepticism regarding her ambitions in Europe, even though Gain.pro’s success is apparent, highlighting a broader cultural issue.
The goal is to retain talented and ambitious entrepreneurs within Europe by providing them with the necessary support and opportunities to thrive.
Industry leaders are underscoring the importance of Europe taking more significant risks on young entrepreneurs to cultivate the tech giants of the future.
Kieran Hill, a General Partner at 20VC, a venture capital firm founded by podcast host Harry Stebbings, is urging institutions in the continent to be more daring in taking risks. He stressed, “We must change how we encourage ambition.”
Ebmeyer believes her journey mirrors a widespread challenge in Europe, underscoring the importance of having role models and mentors on the entrepreneurial path. Coming from a stable career at McKinsey, she faced criticisms for her decision to venture into entrepreneurship and was often cautioned about the involved risks.
Despite the criticisms, Hill also highlighted some positive advancements within the industry. He noted that some of the fastest-growing startups, such as Mistral, Synthesia, and Loveable, are emerging from Europe.
He encourages other investors to take a cue from Project Europe, criticizing the current wave of VCs in Europe for being too focused on business models and not giving adequate attention to founder passion. “This is a prevalent issue in Europe,” he pointed out. “While it’s not my approach, it’s true for 95% of VCs. The appetite for risk is incredibly low.”
In the European entrepreneurship landscape, Hill emphasizes the pressing need for stronger support systems for young founders. He points out that these promising innovators share the same ambitions as their counterparts in the US but often face challenges due to a lack of substantial financial backing. “The current support mechanisms in Europe are quite hesitant to take risks on the youth,” he observed.
“As entrepreneurs reach a certain stage in Europe, they often consider relocating to Silicon Valley or New York, where they believe the best opportunities lie,” he explained.
According to Hill, shifting this mindset is essential for shaping the future business leaders of Europe. He warned that many talented founders are looking towards the US for inspiration, as it is a nation renowned for celebrating entrepreneurial achievements.
Hill has his own strategy for nurturing future leaders. In March, 20VC supported Project Europe, a fund dedicated to backing entrepreneurs under 25. Over 120 European founders, including those from companies like Klarna, Mistral AI, and Shopify, have joined forces to offer investment and guidance through the project.
