Scaling European Startups: What Works, What Doesn’t, and What’s Changing

Building a startup in Europe presents a unique set of challenges, like fragmented markets, cultural differences in risk-taking, and a VC ecosystem that’s still maturing compared to Silicon Valley. But things are changing fast. For this episode of Fund/Build/Scale, I sat down with Lucile Cornet, partner at Eight Roads, a global VC firm that invests across Europe. We dive into: 🚀 How European founders are breaking away from Silicon Valley’s playbook 📈 The real signals VCs look for when deciding to fund a startup 🌍 Why Europe’s fragmented markets create both challenges and opportunities 💡 The alternative paths to scaling beyond the seed → Series A → Series B treadmill 🤖 How AI is reshaping vertical SaaS, fintech, and legacy industries in Europe Lucile also shares the biggest mistakes founders make when fundraising and scaling, plus the one question she’d ask a CEO before joining an early-stage startup. If you’re building — or thinking about building — a startup in Europe, this episode is for you. RUNTIME 53:08 EPISODE BREAKDOWN (3:22) Building long-term relationships with founders – “We really track to get to know people, entrepreneurs early and track their success.” (4:53) The reality of venture capital – “People glamorize the VC job, but sometimes I just think we're enterprise AEs.” (6:54) What happens after the first meeting with a founder team – How Eight Roads evaluates potential investments. (11:04) “There are definitely huge differences between investing in Europe, and in the US, and especially Silicon Valley.” (16:31) Cultural perceptions of job security in Europe – “If you get fired in France, you've, you've done something wrong, right?” (18:26) How the European mindset around risk-taking is shifting – More founders are embracing entrepreneurship. (22:14) How Eight Roads fosters founder communities across Europe – The playbook for strengthening a fragmented ecosystem. (27:34) The gap between startup reality and media narratives – “Journalism and social media paint a very romanticized, idealized version of a temporary shape.” (31:34) Beyond the VC treadmill: Alternative growth paths for European startups – What’s working outside the standard fundraising model. (34:45) Is grind culture universal? – “Frankly, if you want to be a successful entrepreneur, the grind is everywhere.” (39:03) The reverse talent flow: Europeans returning from Silicon Valley are reshaping the ecosystem. (43:21) The tech trends Lucile is watching for 2025 – Where the next opportunities are emerging. (46:34) Why consumer tech could make a comeback – “The comeback of consumer, I think at some point is going to be one to watch.” (48:05) A key lesson she wishes more entrepreneurs understood earlier – Insights from 13 years in VC. (52:07) The question she’d ask before joining a European startup – The ultimate founder test. LINKS Lucile Cornet Eight Roads Raft Juro poolside SUBSCRIBE 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/fund-build-scale/id1719488387 🎧 Spotify: https://open.spotify.com/show/0EbC8PTUSfpZ4USPC9ErnN 📥 LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/ 📸 Instagram: https://www.instagram.com/fundbuildscale/ Thanks for listening!   – Walter.