How US VCs Actually Think (If You’re a European Founder)

In this episode of Scaling Stateside, David Rose and Matt Oxley sit down with Luke Pappas, Partner at NEA, to unpack how US venture capital really thinks and what European founders often get wrong when expanding to the US.Luke shares his journey from California to London and breaks down the real frameworks US VCs use to evaluate founders, scale, and timing. From seed-stage investing to expansion strategy, this conversation offers a practical, insider view on what actually matters when building a global company from Europe.If you are a venture-backed founder, CEO, or part of a leadership team considering US expansion, this episode will help you avoid costly mistakes and think like a US VC before making the move.(00:00) - Introduction to the Scaling Stateside Podcast (03:11) - Luke Pappas: Journey from California to London (05:50) - Early Career and the Transition to Venture Capital (11:27) - Cultural Insights: US vs. European Entrepreneurial Mindsets (22:37) - The Evolving European Startup Landscape (25:59) - Cultural Differences in Business Practices (28:30) - Investment Thesis and Founder Profiles (32:04) - Sector Focus and Investment Strategy (34:18) - Sourcing Deals and Building Relationships (39:17) - Navigating the Transition from US to UK (46:30) - Advice for European Founders Entering the US Market ABOUT LUKE PAPPASLuke Pappas is a Partner at NEA, one of the world’s most established venture capital firms with nearly 50 years of investing history. He has invested across multiple generations of technology companies and played a key role in building NEA’s European presence.Before NEA, Luke founded a product used across Stanford University, studied computer science and management science, and worked in technology investment banking on landmark IPOs.🔗 CONNECT WITH Luke PappasLinkedIn ⮕ https://www.linkedin.com/in/luke-pappas-78ba5699/NEA ⮕ https://www.linkedin.com/company/new-enterprise-associates/QueueStatus ⮕ http://queuestatus.com 🔗 CONNECT WITH David RoseLinkedIn ⮕ https://www.linkedin.com/in/davidbrose/🔗 CONNECT WITH Matt OxleyLinkedIn ⮕ https://www.linkedin.com/in/mdoxley/ 🏢 POWERED BY WILSON SONSINIThis episode is powered by Wilson Sonsini, the leading law firm for technology and growth companies. Wilson Sonsini helps European founders navigate US expansion — from entity formation and regulatory compliance to VC fundraising and M&A. Their deep cross-border expertise ensures you structure it right from day one.US Expansion Partners ⮕ https://www.usxp.co/ 🔔 Subscribe for more conversations on scaling to the US the right way.