In 2020 and 2021, Europe produced more than 80 new unicorns and speedy delivery startup Gorillas reached a billion-dollar valuation in just 13 months. But as we approach the summer holidays in 2023, the tech sector remains in the depths of the European tech winter.
Despite the government’s calls to create a Unicorn Kingdom, the reality is that venture capital investment is down by 25%, tech unicorns are struggling to raise the mega-rounds they need to stay afloat, and layoffs have affected more than 40,000 people in Europe.
But, if you look beyond the headlines, the founder ecosystem is as strong and robust as ever. In fact, the tech downturn is creating conditions that indicate there may never have been a better time to become a tech founder....