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9 commenti
*From Bloomberg News:*
European technology companies with a combined value of €1.2 trillion have debuted on overseas exchanges or ended up in the hands of foreign buyers over the last decade, a study found.
The research illustrates the scale of an issue that’s becoming a hot topic for European policymakers and capital markets experts, as local champions like chipmaker Arm and Spotify turn to the US for deeper pools of capital.
The exodus has economic consequences for Europe in terms of lost job opportunities as companies shift their growth focuses elsewhere, as well as others that are harder to quantify — like the loss of local know-how and future tech founders
Not surprising at all.
A colleague of mine started his company in Italy. Big mistake. As soon as they became slightly successful, he realized how much he’s screwed himself with tons of bureaucracy (meaning high legal and accounting spend), high corporate taxes, difficulty to find qualified hires and extremely high employment costs (E.g to hire a junior professional with €30k net salary would cost the company roughly €80k!!).
And the more senior employees are needed, the worse it gets, higher salaries have even worse employment cost ratio, and it’s impossible to find good and experienced managers if you have a tech startup, you’d have to hire from UK, Ireland, Germany basically.
Edit: for those downvoting me and sending me angry messages, fine, have at it. It doesn’t change the reality that startup founders and investors prefer to avoid the EU if they think strictly about business considerations.
Yet we still have social systems, free education and relatively free healthcare. We do own new cars, we travel across the continent etc etc. We don’t live in caravans as well.
On the other hand we don’t have Elon Musk, Marky Zug and the rest billionaires with 800 billions.
We also do not bankrupt on emergency medical help.
The only goal of this kinda article is to convince, mostly them, that their model of society is better.
I dunno, I work at one of the mentioned “local champions”, and we are actively trying to hire *away from the US and more in the EU and Asia for cost reasons
Lots is made of “ReGulATiOn”, as if the US bullying around antrhorpic for ex wasn’t 1000x worse than anything europe ever did, but what really matters is we keep letting our service companies be bought out or outcompeted through dumping. America and China don’t let that happen in their markets.
And it will only accelerate as fiscal environment gets more and more unstable and fundings, despite marketing, are more and more concentrated in the US.
I’ve been told, EU ambitious entrepreneurs wannabes were told to profit from free EU universities and only then after establish their business in the Valley.
Now they are told, free education isn’t even worth it and opportunity costs and general mood means if you are ambitious in your early 20s, just go straight to the states (coming back in later 20s if you failed)
Every software company I worked for in Europe, that developed trading, finance and business solutions is now in the hands of Americans. Over 25 year period.
Used to be market leaders and they all are shit now.
Oh no, we don’t overfinancialise our economy and it isn’t made up of imaginary startup value.. Anyways.
When the bubble collapses hopefully it won’t take the EU with it, because apparently none of our money is in it.