It is no coincidence that the Finnish AI hope Silo AI was bought by the American company AMD. There are few natural exit routes for startups and their investors in Europe other than being sold to the US or listed (preferably in the US). Do you even remember Peltarion, which was the first Swedish “AI company” to get hyped? They were bought by King, the company that makes Candy Crush. That’s a bit of the level we have to work with here.
I have met my fair share of enthusiastic entrepreneurs over the years and although many are truly passionate about their product and their companies, I would say that the common thread is that they want to build, grow, and make money. Preferably a lot of money. There is nothing strange about that, but if that development journey is not really offered in the local market, it’s clear that you secure yourself somewhere else, and the US has been the first choice.
For example, look at two Swedes who are reaping success in the US right now, Ali Ghodsi whose Databricks is now valued at over US$62 billion, and Arvid Lunnemark whose Cursor has now reportedly reached a valuation of US$10 billion in a short time. What would have made these gentlemen stay and build their successful companies in Europe instead? Would it have been impossible?
