Europe’s Innovation Ecosystem Can Make It the New Palo Alto

A cluster of European cities within a five-hour train ride of London could become a unicorn factory to rival Silicon Valley, argues tech investor Saul Klein.

For over a decade, the tech industry has been chasing unicorns—those elusive startups valued at over $1 billion. The obsession began in 2013, when Aileen Lee—a Palo Alto–based VC—coined the term that captured the imaginations first of founders and investors, and then prime ministers and presidents. But these mythical beasts are also rare: only 1 percent of VC-backed startups ever reach this status.

Seven of Europe's ten most valuable tech companies founded after 1990 have emerged from New Palo Alto: Booking.com and Adyen from Amsterdam; Wise, Revolut, and Monzo from London; ASML from Eindhoven; and Arm from Cambridge. All are products of this interconnected ecosystem. Yet, for all its promise, New Palo Alto remains an underinvested region.

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