The Transatlantic Innovation Gap Visualized
The chart above shows a striking difference between publicly listed companies in the US and the EU that meet three strict criteria:
- Founded as an entirely new company (so no mergers, acquisitions, or spin-offs),
- Less than 50 years old,
- Valued at over $10 billion at the end of 2024.
Each bubble in the chart represents a company, with the size indicating its market value. Green means high-tech, blue is everything else.
On the American side, you see a true galaxy of stars, full of green clusters: Apple, Google, Amazon, Microsoft, Nvidia. In total, the US has no fewer than 241 of these companies, together accounting for nearly $30 trillion in market value.
If you look at Europe, you see only 14 companies in a small, compact cluster. Their combined market value? About $430 billion, a fraction compared to the American ecosystem. This raises an important question: why is Europe falling so far behind in building the next generation of tech giants?
On the American side, you see a true galaxy of stars, full of green clusters: Apple, Google, Amazon, Microsoft, Nvidia. In total, the US has no fewer than 241 of these companies, together accounting for nearly $30 trillion in market value.
If you look at Europe, you see only 14 companies in a small, compact cluster. Their combined market value? About $430 billion, a fraction compared to the American ecosystem. This raises an important question: why is Europe falling so far behind in building the next generation of tech giants?
Europe’s Elite:
The 14 “from-scratch” publicly listed companies by country
Although the number is small, each of these European companies is a success story in its own right. Here’s an overview of these “from-scratch” companies:
| Company | Country |
|---|---|
| Spotify | Sweden |
| Adyen | Netherlands |
| Cellnex Telecom | Spain |
| Infineon Technologies | Germany |
| Inditex | Spain |
| BioNTech | Germany |
| Genmab | Denmark |
| Northvolt | Sweden |
| Vestas Wind Systems | Denmark |
| Klarna | Sweden |
| Delivery Hero | Germany |
| Wise | United Kingdom |
| Flutter Entertainment | Ireland |
| Allegro | Poland |
What stands out? Germany and Sweden are strongly represented, especially in tech and life sciences. The Netherlands proudly makes the list with Adyen—a true testament to Dutch tech potential. Spain, Denmark, and other countries complete the European innovation landscape.
If you want to become big, start in the USA.
That’s where the real growth opportunities are.
What does this mean for Europe?
These figures force us to reflect: what is needed to close the innovation gap with the US?
The US benefits from deep venture capital markets, an open digital market, a bold regulatory climate, and a culture that encourages growth and risk-taking. Europe has plenty of technical talent and creativity, but still needs to take steps to turn fresh ideas into global leaders.
Still, companies like Spotify, Adyen, and BioNTech show that it is possible. The challenge is to make these exceptions the norm across Europe.
The US benefits from deep venture capital markets, an open digital market, a bold regulatory climate, and a culture that encourages growth and risk-taking. Europe has plenty of technical talent and creativity, but still needs to take steps to turn fresh ideas into global leaders.
Still, companies like Spotify, Adyen, and BioNTech show that it is possible. The challenge is to make these exceptions the norm across Europe.
Seize the opportunity – together with Van Holland Group
Do you want to help build the next European tech success story? Or invest in companies with global growth potential? Van Holland Group supports European entrepreneurs with international ambitions—from strategy to market entry, from capital to innovation.
Get in touch today and discover how we can turn your innovative power into tangible, worldwide success.
Together, we’ll build the future of European and Dutch tech.
Get in touch today and discover how we can turn your innovative power into tangible, worldwide success.
Together, we’ll build the future of European and Dutch tech.
Contact the Van Holland Group
Would you like to know more about opportunities for European tech companies, or discuss your growth plans directly? Feel free to contact Van Holland Group for a confidential conversation about your growth opportunities in this dynamic ecosystem.
- Plan a TEAMS video call at your convenience
- Contact us by phone at (+1) 786 233 6384
- Or email us at: info@vanhollandgroup.com
