A group of prominent European tech founders have joined forces to launch a new €10 million ($10.9 million) fund called Project Europe. The initiative aims to support young entrepreneurs aged 18-25 by funding €200,000 (about $218,000) to help them build tech startups. The project is led by London-based venture capitalist Harry Stebbings, who believes Europe has been wrongly perceived as lacking innovation.
He stated, “There is a doom loop around Europe, and we need to change that. The brain drain to the U.S. is very real, and it will really damage Europe’s future unless something changes.”
Project Europe is one of several efforts to boost entrepreneurship in Europe amid concerns that the region’s startups are losing ground to the U.S. and China, especially in artificial intelligence (AI). The project has attracted support from over 125 tech founders from the region who will act as mentors, including notable figures such as Tobias Lutke, Sebastian Siemiatkowski, and Niklas Östberg from Delivery Hero.
Siemiatkowski told the Financial Times, “Bringing together more than 100 of Europe’s top founders under one mission highlights Project Europe’s power and impact in shaping the next generation.
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Despite the recent growth in tech investment in Europe, concerns about over-regulation hinder the industry’s development.
U.S. Vice President JD Vance warned at the AI Summit in Paris last month that “excessive regulation of the AI sector could kill a transformative industry.”
The region also faces increasing tech-related tensions with the U.S., with European regulators accused of unfairly targeting American tech giants. EU lawmakers have written to U.S. officials, stating that these claims are unfounded and emphasizing the importance of aligning efforts to address the challenges posed by dominant digital platforms. Project Europe’s CEO, Kitty Mayo, outlined key tips and pitch deck dos and don’ts for prospective applicants.
The initiative seeks “hyper-ambitious” founders under 25 with strong technical skills and contrarian ideas. Mayo advised applicants to share their exceptional ideas, provide examples of their work, and keep their pitch decks short and concise. The project has partnered with over 140 European tech founders to offer mentorship and masterclasses to the incoming cohort of founders.
The goal is to create a collegial environment where founders can work together across the continent, fostering a supportive network instead of isolated success stories.
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