Which VC-backed startups have achieved exits over $1 billion? Which European countries are leading the pack? And which VCs have reaped the rewards of these successes?
This is the classic debate: should ambitious entrepreneurs launch directly in the U.S., knowing that the competition is fierce? It’s a market where success isn’t guaranteed, and in fact, the odds might be stacked against you.
There’s also the cultural barrier, entering a new country and expecting to dominate the market from day one rarely works. It often requires years of adaptation.
The debate between starting in the U.S. or Europe is complex, and everyone has valid opinions. If you’re building a pure B2B software company and have bold ambitions, heading to the U.S. is tempting. But for other types of ventures, why not focus on Europe and aim to conquer this market first?
What’s certain is that focusing solely on France won’t lead to a truly ambitious company, let alone a VC-backed one. Cracking Europe, however, is another story. To me, the key is embracing a nomadic approach: spending time in each country, learning their nuances, and building connections.
The biggest challenge we face is comfort. Too many entrepreneurs stay in their cities, in their comfort zones. Ambition and comfort simply don’t mix.
Thinking about venture capital and startups in an era of AI hype is a lot more interesting. I find myself honestly wondering how Europe can possibly keep up?
My answer to Europe is simply to share the basic knowledge of the VC game: a minimum of X3 returns on a given portfolio, which requires aiming for billion-dollar exits. Once we achieve this outcome and everyone aligns with the game, regardless of the technology boom, entrepreneurs will find their way forward.
What if we first set aside our ego, our "I-know-it-all" French mindset... I'm curious about the number of unicorns founded by French entrepreneurs abroad.
If you truly understand the system, you either launch your startup in a country so small that you're forced to sell to the U.S., or you head directly to the U.S.
The real challenge with France is its market size — we need to be conscious of this. Scaling in France is nearly impossible with such a limited market, but building an MVP? That’s doable. It’s the classic trap.
This is the classic debate: should ambitious entrepreneurs launch directly in the U.S., knowing that the competition is fierce? It’s a market where success isn’t guaranteed, and in fact, the odds might be stacked against you.
There’s also the cultural barrier, entering a new country and expecting to dominate the market from day one rarely works. It often requires years of adaptation.
The debate between starting in the U.S. or Europe is complex, and everyone has valid opinions. If you’re building a pure B2B software company and have bold ambitions, heading to the U.S. is tempting. But for other types of ventures, why not focus on Europe and aim to conquer this market first?
What’s certain is that focusing solely on France won’t lead to a truly ambitious company, let alone a VC-backed one. Cracking Europe, however, is another story. To me, the key is embracing a nomadic approach: spending time in each country, learning their nuances, and building connections.
The biggest challenge we face is comfort. Too many entrepreneurs stay in their cities, in their comfort zones. Ambition and comfort simply don’t mix.
I loved the country / exits graph!
Glad that it works !
Great job! would love to see the list of Exits by country!!
Here is the list, and thanks for asking Luis (I added up the link in the post) : https://docs.google.com/spreadsheets/d/1bg8LoXAErKK7sV1qhLSrNvr8mZOzKke8S78BtmZXGFE/edit?usp=sharing
Interesting!
Thank you, Guillermo !
Thinking about venture capital and startups in an era of AI hype is a lot more interesting. I find myself honestly wondering how Europe can possibly keep up?
My answer to Europe is simply to share the basic knowledge of the VC game: a minimum of X3 returns on a given portfolio, which requires aiming for billion-dollar exits. Once we achieve this outcome and everyone aligns with the game, regardless of the technology boom, entrepreneurs will find their way forward.
Depressing..
We are not there yet 🥲
What if we first set aside our ego, our "I-know-it-all" French mindset... I'm curious about the number of unicorns founded by French entrepreneurs abroad.
If you truly understand the system, you either launch your startup in a country so small that you're forced to sell to the U.S., or you head directly to the U.S.
The real challenge with France is its market size — we need to be conscious of this. Scaling in France is nearly impossible with such a limited market, but building an MVP? That’s doable. It’s the classic trap.
Finally we’re talking about something important! Thanks Julien 🙏