Shouldn't cheaper dev talent mean that it's easier to start a Google etc. competitor? Many of those smart IT graduates also stay in the EU for various reasons,

Shouldn't cheaper dev talent mean that it's easier to start a Google etc. competitor? Many of those smart IT graduates also stay in the EU for various reasons, and accept the lower pay. The point about the market I agree, the EU market is way too fragmented still, but it's slowly getting there.