
The United States and China lead the global start-up scene. Together, they make up about 70% of the world’s high-value venture capital deals.
Europe, on the other hand, falls behind and has trouble turning strong research and talent into global companies. One big reason is fragmentation. With 27 different company law systems, it is difficult for startups to grow and expand across borders. Bureaucracy and tax delays also slow down scale-ups, discourage investment, and make it hard to attract and keep talent.