In Europe’s tech landscape, there’s a growing belief that the region needs its own version of tech giants like Google or Microsoft to foster resilience and independence. To support this goal, a new initiative called Project Europe has been launched, featuring a fund aimed at helping founders tackle complex problems with innovative technical solutions. The fund has initially raised $10 million from 128 founders and tech executives, including notable names from startups like Klarna, Mistral, and SoundCloud. Successful applicants can receive €200,000 (approximately $200,000) to develop their ideas.
While companies created with this funding must be established in Europe, there are no restrictions on relocating them later, and founders can apply even if their startups are not fully formed. However, applicants must be 25 years old or younger, reflecting an intention to support younger entrepreneurs. This age-specific requirement echoes the Thiel Fellowship in the U.S., which provides funding to college dropouts, although Project Europe does not have a similar dropout criterion.
The initiative comes against a backdrop of ongoing discussions about Europe’s struggle to create mega tech firms similar to those in the U.S. and Asia. Some attribute this to a lack of growth-stage funding, which drives founders to relocate or sell their companies prematurely, while others, like investor Ian Hogarth, argue that promising companies often exit too early, leaving the impact of funding gaps uncertain.
If Project Europe successfully opens opportunities for a broader range of young entrepreneurs, it could help democratize the startup landscape in Europe. The fund takes a 6.66% equity stake in businesses it leads the investment for, and participants receive one-on-one mentorship from nine partners, including Victor Riparbelli from Synthesia and Rina Onur Sirinoglu from Spyke Games. Additionally, participants gain access to a network of 119 other fund members for support and advice. Harry Stebbings, a prominent podcaster and investor, is among the creators of Project Europe and offers access to his extensive media resources as part of the initiative.
