Raising money in Europe is also quite difficult for an early stage startup. European investors are quite risk adverse; it's uncommon to invest in a company with

Raising money in Europe is also quite difficult for an early stage startup. European investors are quite risk adverse; it's uncommon to invest in a company without existing revenues (even if there is a solid plan for revenue growth in the short term). It ultimately comes down to the perception of failure: if you start a company and fail, in Europe that's pretty much it for you, you've been branded a failure personally. Until that changes, the startup climate in Europe is going to continue to struggle.