Talent is the most fundamental ingredient of any successful tech ecosystem. Across Europe and Israel, there is now a wealth of strong founders and operators who have been on the startup journey before and have the network and knowledge to create the region’s next wave of innovative companies.
According to new data, released today in partnership with Dealroom, the region’s talent flywheel continues to spin as 221 of the region’s 353 VC-backed unicorns have fuelled 1,171 new tech-enabled startups, with former employees becoming founders. More than half (54%) of this new wave of startups were founded in the same city as the unicorn they were spun out of, developing thriving tech hubs in cities where unicorns have been created.
The journey from unicorn employee to startup founder
Looking at the route from unicorn employee to founder, the analysis reveals the following about the founders creating the new wave of startups across Europe and Israel:
- Almost two thirds (63%) had seven or more years of work experience
- They typically spent 28 months at the unicorn
- Most (60%) founded their own startups within a year of leaving
- At least 70% have been through higher education
“The European and Israeli tech ecosystem is experiencing a true coming of age. Over the last two decades, the region has evolved into a dynamic hub of innovation, with a growing number of category-defining companies making a global impact. This transformation has been driven by a combination of factors, including access to top-tier talent, a supportive regulatory environment, and an increasing amount of capital flowing into Europe and Israel. We’re excited to continue partnering with exceptional founders and helping to build the next generation of industry-leading companies out of Europe and Israel."
The full report can be downloaded here.