Project Europe, a new fund at an early stage, will safeguard those under 25 with $ 200,000 to build the next Tech Titan
A recurring theme in the world of European technology is that the region needs its own Google or Microsoft, and that to that day, to be more resilient and independent, it should, and must build it. Now comes the launch of a new fund to support this initiative.
Project Europe – A new fund for the founders “solving difficult problems with technical solutions” – indicates that it initially gathered $ 10 million of 128 different founders and technological managers of startups in Europe and further. (The list, which you can See hereIncludes the founder of Klarna, Mistral and Soundcloud) the recipients selected will each receive € 200,000 (around $ 200,000) to build their ideas.
All companies resulting from this investment must be launched in Europe, but there is no restriction to move them later. The founders also do not have to have fully formed startups to apply. You can apply with an idea or if you “have tinkered a thesis,” notes the fund on its site.
There is another warning. If you are over 25, stop reading now. Project Europe limits its awards to people who are only 25 and under.
One of the rounds of the Round explained the specific age requirement as a “supporting generation of founders”. This concentration on young founders recalls the Sotck exchangewhich distributes $ 100,000 to the abandonments of colleges in the United States, however, there is no abandonment clause in the case of Project Europe.
There has been an in -depth discussion on how Europe has failed to seize the opportunity to create a mega company of technology comparable to Meta, Apple or Google in recent decades. In many ways, it is a classic problem of chicken and egg.
Some have identified the Lack of growth in growth stage As a major strange that pushes the founders to move to the United States or to sell when the opportunity arises.
Others see the problem. Ian Hogarth, the founder who became VC who was one of the most frank people on the subject, wrote on how the most promising companies move or Sell too early. In other words, we will never know if a lack of funding for growth would really have proven to be a bottleneck. (Hogarth is not among the list of people who support the Europe project.)
It is probably a combination of reasons why Europe has not yet produced a technological business of billions of dollars to the order of hyperscalers that have left the United States and Asia. And it is questionable that the financing of seeds is an important trigger factor among these.
On the other hand, if Project Europe opens the field to a wider group of people who may not have had the opportunity otherwise, it will have achieved something to democratize entrepreneurship. The early stage is a stage of propagation compensation. If the proof may well be in which the under 25s are found in these cohorts, it will also depend on what they do following the funding.
Project Europe says that the initial investment will give it 6.66% of equity in the new idea / business if it leads the investment (less if not).
In addition to money, the cohorts get mentoring 1: 1 of one of the nine partners of the fund – who include Victor Riparbelli from Synthesia, Mati Staniszewski from Elevenlabs, and Rina Onur Sirinoglu by Spyke Games (and the only female partner).
Other advantages include access to 119 others in the fund to obtain advice. Harry Stebbings, the podcaster that has become an investor at 20VC which built a company from growth hacking and micro-investmentis one of the creators of Project Europe. It also offers access to its vast media empire as part of the agreement.
