In case you somehow missed it, on Thursday we gathered the entire EUSP ecosystem in Berlin’s Drivery to kickstart the 2020 edition. In front of a packed room of Berliner startups, we held pitches and roundtables among our founders, partners, and judges. But the highlight of the evening was undoubtedly when we counted down to the launch of the Prize application platform. Yes, you heard correctly, you can now use our Agorize platform to submit your application to this year’s EU Startup Prize. The platform will remain open until 31.3.2020.
If you believe in your startup’s ability to disrupt mobility and make it cleaner, smarter, and safer – don’t wait, Apply NOW.
Meanwhile, here are some of the evening’s highlights:
In exactly one
week, the European Starup Prize for Mobility will open its third edition. Right
before we start taking new applications from startups across Europe, let’s take
stock of the past two editions; who were the winners and front-runners? What countries
did they come from? What sector of mobility did they focus on? How advanced
were they? Read on, we’ve got you covered…
What moves you?
We recognised a wide distribution of services and products. However, there does seem to be a tend towards B2B services for urban mobility. Sartups clearly recognise the dire need of more and more cities to provide better, smarter, and cleaner mobility solutions and the prefernce of comuters to consume mobility services rather than owning them.
As enthusiast Europeans, we like to think that Europe is a whole is our home and playground (and we indeed received applications from all 28 EU Member States). And yet, it was interesting to see where the top performers come from.
We notice a concentration of top performers in Western Europe (both Nordic and Mediterranean), following a loose correlation with levels of wealth and development.
These figures are an interesting indication of the pace and direction of European innovation. However, this year could still prove very different. First, we expanded the eligibility of the startups (slightly) beyond the EU. This year, we welcome startups from across the EU as well as all assciated countries with the EU Horizon2020 programme. These include strong performers like Israel, Turkey, Norway, and Switzerland. (Oh yeah, and the UK, as far as we’re concerned, you’re still part of the European club! 😊)
Finally, for the first time we’re kicking-off this year’s edition from Berlin, the beating heart of the German ecosystem but also geographically closer to central and eastern Europe. We know there’s tremendous potential of talent and innovation all across this region, which is yet to be revealed. We therefore hope that our voice will be heard even louder this year and that we’ll get more applications from the newer EU Member States as well.
this in mind, we can’t wait to see where the 3rd edition of the European
Startup Prize for Mobility will take us! Who will be the front-runners of this
year? Where will they come from? What will they focus on? That’ sup to you! Apply
for the 2020 edition between 20.02.2020 and 31.3.2020.
is your playground. We’re just here to boost your game.
For the 3rd time this year, the European Startup Prize for Mobility (EUSP) has awarded 10 startups with the opportunity to boost themselves in the European mobility landscape. Since its founding in 2017, EUSP has toured the biggest European mobility events with these promising startups. For this 2nd edition of the prize, the winners are: Einride, OpenAirlines, TWAICE, Karhoo, Cargoroo, Shotl, K-ryole, Geovelo, Blickfeld, and Cityscoot.
Since April, these ten startups have taken part in a European tour of the biggest and most important mobility-related conferences and events around Europe. The tour kicked off at the European New Mobilities Summit in Brussels, followed by Viva Technology in Paris and ITS European Congress in Brainport. For the second-to-last stop on this tour, EUSPM winners stopped in Frankfurt for the New Mobility World (NMW) event of the IAA Conference.
This year’s edition focused on automation, connectivity, clean and sustainable mobility, urban mobility, and Mobility-as-a-Service (MaaS). Amidst the well-established German automotive industry, these startups represent a breath of fresh air into the future of mobility. It was at NMW – in its Startup Zone in particular – that we could engage with future solutions. Efficient, cost-effective, and environmentally-friendly transportation stood at the core of this event aimed at redefining the way we conceive of transportation.
Startups such as Cargoroo, K-ryole, Cityscoot, Karhoo, Shotl, and Geovelo develop solutions that are helping us choose greener and more effective options for transportation, while startups like Einride, TWAICE, and Blickfeld employ advanced AI technology to fundamentally redefine the way we conceive of mobility. Lastly, OpenAirlines endeavors to optimize air travel, which remains our most-used mode of long-distance transportation.
NMW featured many such cutting-edge solutions, from green initiatives to autonomous driving to AI-dependent traffic safety solutions. Safe to say that our startups in the Startup Zone presented ideas that form part of a greener, more effective vanguard in the mobility landscape.
Six winners have been awarded the Silver Award, which includes exposure from EUSP, networking opportunities, the all-expenses-paid tour of European Mobility events, as well as an official economic and ecological rating. In addition, four winners will be awarded theGold Award, which includes tailored mentoring from the Boston Consulting Group in addition to the above.
The ten startups were given the opportunity to exhibit their products and solutions in the Startup Zone at NMW, participate in a pitching competition in which one startup could win two exhibitor passes to NMW 2020, and to schedule meetings with prominent ecosystem players at the conference. After long days of exhibiting, the startups were also given access to important IAA networking events to engage with the mobility ecosystem in a more informal setting.
At NMW this year’s EUSP startups pitched in front of an audience that voted for their favorites, where TWAICE was awarded two exhibitors’ passes for NMW in 2020. The pitching competition was followed by a visit from the founder of the EUSP herself, Karima Delli, who toured the Startup Zone to chat with the startups in person and Grégory Merly, the Managing Director of the EUSP.
After another successful event of networking and exhibiting, the startups are now gearing up for the final leg of the tour: Smart City Expo World Congress from the 19th – 21st of November, taking place in wonderful Barcelona.
12 April 2019, Brussels – At the end of the Awards Ceremony on 11th April in Brussels, in the presence of H.S.H. Prince Albert of Monaco, the official sponsor of this year’s edition, the 2nd European Startup Prize for Mobility came to a close, revealing its ten winners for 2019. The programme, which is supported by both the European Parliament and the European Commission, aims to promote European startups that use technology and innovation to develop cleaner, safer and more inclusive mobility in Europe and beyond.
“We envisaged the European Startup Prize for Mobility as a response to global mobility challenges. An increased number of mobility startups took up the challenge this year, reassuring us in our belief that Europe can be the continent for innovation and helping our talent to work towards a better quality of life for all”, says Karima Delli, Chairwoman of the European Parliament Committee on Transport and Tourism, who launched the initiative.
Nine startups were selected from among 571 candidates following an extensive assessment process. For the first time, a European public vote was used to select the tenth winner. This title has been awarded to K-Ryole, a French provider of the first intelligent electric bike trailer. The ten startups won a Silver Prize and will take part in a European tour of five major technology hubs to meet investors and future clients. These are: EUSP New Mobility Summit in Brussels, Vivatech in Paris, ITS Europe in Brainport, New Mobility World in Frankfurt and Smart City World Congress in Barcelona.
Out of the 10 winners, 5 ‘’super winners’’ were selected to win the Gold Prize by a panel of European experts from the mobility sector. The ‘’super winners’’ have won a mentoring programme with Boston Consulting Group and law firms Grimaldi Studio Legale and Parallel Avocats.
“European Startup Prize for mobility is strengthening its position as the leading European acceleration programme in the mobility sector. With an increasing number of highly experienced participants who are looking to develop solutions and collaborate with large groups and public organisations, the prize identifies European champions who will deliver value to all stakeholders”, comments Joël Hazan, Associate Director of the Boston Consulting Group, Fellow of the BCG Henderson Institute, and co-founder of the European Startup Prize for Mobility.
“Due to the diversity and maturity of the projects, the second edition of the European Startup Prize for mobility is a strong indication of a dynamic mobility market in Europe. As the prize co-founder and coordinator of the startup selection process, we are delighted to contribute to the revolution of the European mobility ecosystem, which will create the leaders of tomorrow,” explains Jean-François Dhinaux, Via ID Strategy Director and prize co-founder.
Meet the future champions of European mobility:About the European Startup Prize for mobility
Karhoo, global marketplace for Taxi and PHV/VTC – UK – Winner of the Gold Prize Karhoo is the first global marketplace for Taxi and PHV/VTC. We connect thousands of fleets and their 100s of thousands of drivers to some of the largest customer-facing companies. Whether you are SNCF looking to allow your train travellers to plan their commute from and to train stations across all of France, or Booking.com wishing to provide your clients with transfers to their hotels in 100s of world-wide destinations, Karhoo allows you, through one contract, one integration and one bill, to accomplish your goals. Karhoo is a positive disrupter, enabling existing actors to transact more widely and efficiently. We believe we provide a responsible path to the new mobilities.
Cargoroo, shared e-cargo bikes – Netherlands – Winner of the Silver Prize Cargoroo offers shared electric cargo bikes in neighbourhoods of urban environments. Our shared e-cargo bikes are an essential ingredient to the mobility mix of tomorrow and are the solution to moving kids and cargo around town. By doing so we provide a fun, healthy, sustainable and fast alternative to car ownership and city logistics.
OpenAirlines, eco-flying fuel cost killer – France – Winner of the Silver Prize – Winner of the Best Pitch Prize Air Travel could account for 25% of global warming by 2050 and fuel is the key expense of airlines, representing 30% of their spending. We invented SkyBreathe®, an eco-flying solution based on Big Data that reduces 2 to 5% of fuel consumption without any modification to the aircraft. Using an extensive collection of flight data, Cloud and Artificial Intelligence, SkyBreathe® software provides guidance and a series of recommended actions to help pilots lower fuel use. This digital solution has an already proven impact: last year, it helped 30+ airlines save 100 million of US dollars and 400 000 tons of CO2.
Blickfeld, provider of cutting-edge LiDAR technology for autonomous mobility and IoT applications – Germany – Winner of the Silver Prize The company has developed proprietary LiDAR technology based on patented silicon MEMS mirrors and commercial off-the-shelf components. The Blickfeld LiDAR product family meets the highest performance requirements at the cost and size needed for mass market adoption. Due to its range of configurable features, the Blickfeld LiDAR technology provides solutions for multiple use-cases. Blickfeld’s team is made up of experienced professionals with renowned expertise in the fields of electronics, optics, MEMS and software. For more information, visit www.blickfeld.com
Einride, all-electric autonomous vehicles services – Sweden – Winner of the Gold Prize Einride provides transportation as a service, based on all-electric, autonomous vehicles, or “T-pods”. The T-pod (and the T-log, designed for timber) is a no driver cab but can be remote-controlled by an operator when appropriate. No driver transportation means increased loading capacity, greater flexibility, increased safety, lower operating costs, and optimized energy consumption, allowing the T-pod to run solely on batteries, reducing CO2 emissions very substantially.
TWAICE, predictive battery analytics software – Germany – Winner of the Gold Prize TWAICE supports enterprises across industries with predictive battery analytics software based on digital twins. We empower our customers to develop and use battery systems more efficiently and sustainably while making them more reliable and durable. Precise predictions of battery conditions and aging significantly optimize battery development and use. Exact determination of current condition also enables certification of batteries for reuse and 2nd life. TWAICE was founded in 2018 as a spin-off from Technical University of Munich and is headquartered in Munich. For more information, visit www.twaice.com.
Shotl, mobility platform for public transport operators – Spain – Winner of the Gold Prize Shotl is a mobility platform for transport operators, municipalities, corporations and business parks that matches multiple passengers headed in the same direction with a moving vehicle. Shotl is a mobility software (driver and user app and control panel) that helps public transport operators automatically manage and dispatch efficient on-demand transportation services. The solution has been conceived to supplant inefficient bus lines and special transport services that incur very high costs (as people with reduced mobility or PRM), and turn them into new, flexible and dynamic transport services that are able to adapt to demand in real-time.
Cityscoot, free floating electric scooters – France – Winner of the Silver Prize Cityscoot is leading the European scooter sharing market. The company started operating 150 free floating electric scooters in Paris in June 2016. Since then, it has progressively extended its fleet to 5000 scooters in Paris, Nice, Milan and Rome (summer 2019). The user identifies in the app an available scooter nearby, books it free of charge for 10 minutes, then unlocks it with a four-digit code. The service includes a comprehensive insurance coverage to ensure safe rentals. Cityscoot is the only operator that has developed its own software and hardware technology.
Geovelo, software platform for cyclists – France – Winner of the Gold Prize Geovelo is a cycling focused software platform, providing a Navigation & Tracking Software that offers features such as real-time GPS navigation, with the possibility to report issues during a ride and check availability of free-floating bikes nearby. The company also provides a dashboard allowing municipalities to access data so as to follow and increase the use of bicycles in the cities.
K-Ryole, electric bike trailer– France– Winner of the Public Vote – Winner of the Best Pitch Prize K-Ryole is the first painless, electric bike trailer which can carry a load up to 250 kg, securely and without any additional effort, as if there was nothing behind the bicycle. K-Ryole is a breakthrough innovation in city logistics and last mile delivery, enabling a new zero-emission delivery service for congested and polluted cities. It replaces the often-inefficient vans with better suited options for each step in the urban delivery process.
Credit: Michele Spagnolo / Slash Prod
Founded to support startups that develop innovations in terms of sustainable mobility, the European Startup Prize for mobility is a leading public-private initiative launched by Karima Delli, Chairwoman of the European Parliament Committee on Transport and Tourism, and co-founded by Boston Consulting Group and Via ID. Supported by both the European Parliament and the European Commission, as well as by major partners such as ADP, GRDF, Europcar Mobility Group and RATP, the programme rewards the best European innovations in terms of sustainable mobility, by providing them with visibility, a network of qualified contacts and the skills necessary for their development.
The arrival of many new players in the mobility sector has disrupted the balance established over the last decades. These new offers are transforming users’ requirements and their mode of travel in the city. The diversity of mobility services can lead to greater complexity for the user who needs to find the best route alternative and have to switch from one application to another depending on the ≈ chosen operator.
Mobility as a service makes a shift of perspective from the mobility system towards the user. MaaS is a continuous process of aggregation with multiple layers of services and functionalities. It simplifies the shift between different modes of transport for a single trip offering a smooth transition from information, booking to payment.
MaaS is not a new concept… It is important to clarify the difference between MaaS and existing concepts of multimodality and intermodality:
At Via ID, we define MaaS as an aggregation process including a plurality of mobility services and different levels of functionality ranging from information, itinerary, payment, booking to multimodal subscription.
MaaS is a hybrid ecosystem composed of digital elements (platforms, applications) and physical infrastructures (vehicles, roads, parking spaces, stations, etc.).
Why is everyone talking about MaaS?
MaaS is a way to tackle complexity and simplify urban experience. Dense cities offer multiple modes of transport (shared mobility, on-demand, self-service and traditional transport).
Dense cities offer multiple modes of transportation (shared mobility, on demand, free floating and traditional transportation). The arrival of new entrants in this sector lead to more complexity for the user whose dream is to get access to the most convenient modes with the tap of a finger. It will thus be able to choose its modes of mobility according to criteria such as price, travel time, quality of service or safety.
For cities, MaaS represents an opportunity to solve congestion, pollution and parking problems. Cities perceive MaaS as a strategic way to optimize their operations at a reasonable cost. MaaS platforms give the opportunity to combine existing mass-transit schemes with a growing variety of private services. Public authority should demonstrate their ability to renew the regulatory framework to keep control over transportation management and to lead to an overall optimization.
For traditional operators, MaaS is a strategic pivot. Public transport operators are over specialized over one vertical. They were not initially conceived to become aggregators. Regulatory developments should allow them to exploit their full potential to aggregate multiple services and change their positioning to be more user-centric.
For startups, MaaS is a great market opportunity. Startups developed two strategies to position themselves over MaaS. We can mention startups such as Uber, which already benefit from a high level of traction regarding its critical mass of users. Its leader position in ride-hailing allows it to diversify its assets in order to offer more services and become an aggregator.
Other startups such as Whim or Ubigo are starting from scratch and must set up agreements with the various players in order to reference their solutions on their application.
“MaaS is the new paradigm for the cities of tomorrow.”
Yann Marteil, Chief Executive Officer of Via ID
Today, we identify 3 levels of MaaS aggregation from the simplest to the most complete:
At Via ID, we don’t believe in a winner takes all scenario. Different offers via different actors will be set up on a local level (region) depending on the constraints of each territory and the current offers. This plurality will require significant supervision from the Mobility Organizing Authorities, who will have a very important role to play.
MaaS should be seen as a complement to our current uses, whether we are used to public transport, our private car or any other form of soft mobility. The main challenge remains to successfully convert users in order to create value for each actor, whether public or private.
Together with Karima Delli, European deputy and chairperson for European Parliament’s Transport Committee, and ViaID, BCG has co-founded the European Startup Prize for Mobility (EUSP) in 2018. With the award ceremony for the second edition fast approaching, it is a good time take a step back and analyze the European mobility startup.
Looking at the numbers, Europe is currently behind on the international mobility startup scene. The number of world champions created in the European Union is fairly low. It has five time less unicorns than the US, and is below Israel, a country 60 times smaller. Analyzing the key pillars that made the success of the US and the Israeli mobility startup ecosystems, we can understand why Europe is not competing at the same level as its rivals, and realize the improvements that have been made in the last couple of years.
The US and Israel created successful ecosystems based on common pillars
Israel and the United States are role models when talking about mobility startup ecosystems.
Israel managed, in a matter of years, to revolutionize the field of smart transportation. It counts roughly 600 startups focused on autonomous vehicles and smart mobility, 3rd in the global ranking for number of autotech and mobility companies, in a country with a population similar to New York City. It is the birthplace of some of the biggest successes in the field, namely Mobileye (sold for over $15 billion to Intel in 2017), Waze (sold to Google for $1 billion) or more recently Via.
The US, with a particular focus on the Silicon Valley, has always been at the forefront of the transformation mobility is experiencing. This relatively small 67-kilometer corridor between San Francisco and San Jose is responsible for the emergence of the most dominant companies around the world like Uber, Convoy or Lime.
These two countries think of mobility as a global infrastructure, rather than a collection of separate services. To manage that shift towards infrastructure, they articulated their ecosystems around common pillars. They understood the need to have a strong focus on tech, the benefits of private/public partnerships and smart subsidies, and the necessity to address a global market with appropriate business models. To top it all off, they managed to attract massive private funding, allowing startups to develop on their own, without the need to fully depend on large corporates.
Focus on deep tech
An ecosystem that wants to succeed in the mobility field needs to have a strong focus on tech. Revolutionizing smart transportation requires a cross-pollination across various subsectors in technology (hardware, software, sensors and analytics…) that can only be achieved in an environment fueled by tech culture. The best mobility startups are first and foremost tech startups. For instance, one third of Uber and two third of Via employees are engineers.
Skilled individuals is one part of the equation. The Silicon Valley has top-class universities, like Stanford or the University of California, among the most funded and repetitively in the top 10 global rankings. Same goes for Israel with the Technion. They provide individuals with knowledge in tech and applied research, form communities of expertise and interpersonal networks constantly exchanging and helping each other, driving innovation in the region.
Coexistence with large corporates is the second part. In both ecosystems, corporates work alongside startups and universities to innovate. They have R&D centers in the area where they invest heavily, benefiting to the whole community. To illustrate, Israel is #1 in OECD rankings for R&D investments as % of GDP.
Private and public cooperation and smart subsidies
The US and Israel have strong and increasing public private cooperation. Public authorities have understood that they cannot resolve every issues on their own, and have to work with companies offering innovative, rapid and flexible solutions.
Los Angeles is a very spread-out city and had troubles solving the first and last-mile that makes it challenging for people to get to and from public transit stations. Rather than searching for a long and costly solution on their own, they partnered with on-demand shuttle-based service Via as part of a pilot program to give people rides to busy public transit stations.
Along with those partnerships, they also offer smart subsidies to finance experimentations. They provide substantial funding to allow projects at scale, bringing real value and learnings. The Israeli government is currently building a MaaS experimentation in Tel Aviv, again with Via, offering ~$1200 a year to 100K citizens (a total of over $100 million in funding) if they agree to reduce their use of personal car and favor on demand shared transport through a dedicated app. This will allow the startup to gain experience on the MaaS, and potentially roll out the concept internationally.
Global addressable market and sharp business models
To become world leaders, startups have to think global from the start. With 8 million inhabitants, the Israeli market is too small for ambitious entrepreneurs, so from scratch startups are made to scale and their products are aimed for global use. And with 330 million inhabitants, the US market is large enough to create a potential world leader within the national borders, and quickly after start the internationalization process.
Along with this global thinking, Israeli and US startups also build sharp business models. They seek to mix tactical innovation, putting a stake in the ground with fast-proven business models, and strategic innovation which are essential to building a transformative vision. The transformative vision translates into human centric business models, with the purpose of changing the way people behave. Autofleet for instance aims at changing the behaviors of PHV drivers, by having a new vision with a business model where drivers are paid hourly rather than on a per ride basis. Waze is doing the same with their new short distance carpooling service, organizing focus groups with customers to understand the triggers that makes people carpool and using these insights to adapt their business models.
Attract private funding
Funding is obviously a key pillar in the success of an ecosystem. It provides startups with the ability to expand, experiment, and innovate. Being well funded gives startups the time to develop on their own, be agile with regards the business model and find the best formula to succeed.
The US ecosystem is by far the most funded with $13.5 billion raised by mobility startups in 2018, in front of the EU with $2.6 billion and Israel with $310 million. However, looking at those numbers with respect to the GDP of the regions, Israel comes on top with the EU still far behind.
Europe on its way to replicate those ecosystems, and the European Startup Prize for Mobility is here help
When we started the European Startup Prize for Mobility, our ambition was strong: in a fragmented European market, where talent and funding are scarcer than in the US or in Israel, we wanted to uncover future global leaders and help them scale fast. Analyzing Europe today using the key pillars of the US and Israeli ecosystems, we see where efforts needs to be made, and the achievements that have already been done.
Regarding the focus on tech, Europe is building a handful of tech hubs in its national capitals to try and recreate Silicon Valley like environments. The Plateau de Saclay, located in the south of Paris, is a great example of this kind of initiatives. The project is articulated around two goals; build a university regrouping 14 secondary education establishments and 280 research labs, and incentivize the installation of R&D centers from large corporates. This new university will have the strength to become a global reference in the academic world, and the coexistence with corporates should create a favorable tech environment for the emergence of startups.
Looking at the indicators for the 2019 applicants to the European Startup prize for Mobility, we are proud to see many more tech startups, offering real product and technology differentiation. We find a balanced split between service (Software, platform / marketplace, apps) and product (IoT, vehicle, hardware / equipment) startups, yet many of them fit into both categories, integrating a data collection program or proprietary software in their physical products. This will allow them to be real game changers and encounter far more success.
Public private partnerships in Europe is still in its early days. Few projects exist and they are very local. European mobility players must work in closer cooperation with public authorities to put their innovation capabilities at the service of cities development. The BCG is working to carry this idea across Europe and change the state of minds of public authorities to develop these win/win partnerships.
Same observation can be made for smart subsidies. The total amount is already fairly low compared to Israel and the US, and more importantly it is diluted between too many projects. This prevents the launch of pilots with appropriate scale that could have real impacts and learnings.
Thinking globally remains a challenge for European startups. In terms of size, EU countries are in a grey area between the US and Israel; large enough to peacefully develop but too small to learn how to scale. Startups have difficulties to benefit from the full EU population potential due to the fragmentation of markets, with different languages, cultures or payment methods. They often end up being MVPs in local markets, and can be leaders in their country but totally unknown in the neighboring one. The European Startup Prize for Mobility’s primary mission is to help the expansion into this high potential European market. By giving the best startups the opportunity to travel across the continent and pitch at prestigious mobility events, it gives them the visibility they need to conquer new geographies.
The BCG mentoring is also there to help startups find the sharpest business model. We have, for some times now, encouraged startups to turn to B2B business models and are delighted to see that 75% of 2019 applicants have a B2B approach (vs. 60% in 2018). We will continue to work along this year’s laureates to help them develop scalable, profitable and human centric business models.
Funding in Europe is the hardest pillar to tackle. It is usually the positive results of the above mentioned pillars that tickle the interests of private funds. The lack of funding pressures startups into early exits, selling to large corporates. European entrepreneurs have the belief that their success is measured by the speed at which they can cash out. But once they are bought by corporates, they often suffocate under the weight of hierarchical processes preventing them to reveal their full potential. The European startup Prize for Mobility aims at giving startups the confidence that they can succeed on their own, despite less favorable funding conditions than their US and Israeli rivals. We provide business connections to sign new contracts and partnerships, and a mentoring to strengthen their businesses and attract private investors.
Bolt is an example many European entrepreneurs should follow. Since its launch in 2013, the startup expanded in 30 countries across Europe and Africa by spending less than $100 million. Due to lower funding than their American rivals, they had to developed different skills, focusing on operations and cost management. In comparison, Lyft recently stated in its IPO filing that they had net losses of $911 million in 2018 and that profitability might never be achieved. Using their monumental financial capabilities, they have valued growth over profits for years. But it might not be the right way to go. Indeed, if we take a closer look at the IPO, public markets do not respond very well to this unprofitable growth strategy, with the stock dropping 12% on its second day of trading, below its initial IPO price. European startups might be on a slower but steadier track to success.
Europe has fought for international relevance on the mobility startup scene for the last few years. We now have more and more ingredients to compete at the highest level: A focus on tech with initiatives to create favorable environments, an entrepreneurial mentality that shifted towards the exterior world, and the ability to circumvent funding difficulties. With initiatives like the European Startup Prize for Mobility to help, we believe Europe has what it takes to replicate the recipe of the US and Israel ecosystems, or better yet invent its own.