[dsalzman]

> Or take fragmented markets. Same question: how could US startups successfully conquer these fragmented EU markets when European startups can't?

I think this assumption is wrong. By the time a “startup” in the US expands into Europe they are really not a “startup” anymore. They have a proven business model in the US and have raised 100Ms. So succeeding in Europe is not a fair comparison. When Airbnb expanded into Europe in 2011 they had raised 120m and acquired a company in Germany to kickstart the expansion.