We have always had world class technology and invention in the region but it does feel like we are in a golden age for Europe now: the quality of talent, the level of ambition and availability of capital are at a completely different scale. European startups are building globally-defining consumer and enterprise businesses with great success. Spotify, UiPath, Adeyn are all strong examples. I think these and other role models have been decisive in inspiring a new and accomplished generation of founders, who are now choosing entrepreneurship as their career path.
Europe's greatest challenges: despite the recent and highly welcome capital inflow, we need even more capital, especially in later and growth phases to grow really big European companies of global importance. And we need to produce more IPOs to include the wider public in the economic benefits of startup investing. And we still lack the large number of serial entrepreneurs like the US has coming out of these scale-ups and the IPOs who recycle their capital and talent into the tech ecosystem. Europe's greatest strengths are clearly our education system, our cultural diversity and the vast quantity and high quality of our tech founders. This is paired with lower entry valuations compared with the US and Asia, resulting in very capital efficient investment opportunities.
There is still a large capital gap regarding the US and China situations, but we can see very encouraging recent signals: the €100 billion EU Commission future fund and the €5 billion investment announcement from President Macron in France, for instance. We are on an overall good wave: more capital, more startups from seed to large, late rounds, more exits. We should all keep up the good work to position Europe as the key place for technology!