[yardie]

My impression was that Europe had a lot of old money. A lot of traditional and family banks that were only willing to risk it on "a sure thing." The startups I did work at were the founders did a stint in SV after being recruited from Europe. Came back with the knowledge and culture of startups. Tried to replicate it there and ultimately couldn't climb out the bureaucracy.

The capital is locked up in traditional large multinationals. I've watched them launch one boondoggle after another. And it fail because of endless meetings and fearing to know their customers.