In this week's podcast, Andreas Munk Holm is joined by Jean Schmitt at Jolt Capital and Rob Blackie at Crampton Blackie to explore one of the most consequential deep tech opportunities Europe faces: RNA. With roots in foundational biology and applications from cancer therapy to precision agriculture, RNA is both a symbol and a stress test of Europe’s capacity to scale science into sovereignty.
The conversation is based on their Landmark 2025 Report on the State of RNA in Europe, a data-rich, in-depth analysis of patents, funding flows, regulatory bottlenecks, and startup activity across the continent.
Here’s what’s covered:
03:05 The State of RNA in Europe
05:59 Challenges in Commercialization and Investment
09:09 The Landscape of RNA Companies in Europe
15:02 Regulatory Challenges in RNA Development
17:58 The Future of RNA in Europe
26:54 Navigating Regulatory Challenges in Biocontrol Products
30:46 The Impact of European Policies on Innovation
32:41 Learning from Global Regulatory Practices
40:34 The Exodus of Talent and Innovation from Europe
45:59 Funding Challenges for RNA Companies in Europe
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation on Spotify and Apple 🎧
Why RNA, Why Now?
RNA—the lesser-known cousin of DNA—is not just the backbone of mRNA COVID vaccines. It’s a universal molecule used by every living organism, making it one of the most versatile tools for tackling human disease, agricultural pests, and even climate challenges.
“It’s at the center of everything that’s alive,” says Jean Schmitt. “That makes it one of the most exciting—and underleveraged—platforms for European tech sovereignty.”
A Scientific Powerhouse—With a Scaling Problem
According to data from Jolt Ninja, an AI-powered discovery platform built by Jolt Capital:
750+ RNA companies are active in Europe
25% of global RNA patents originate in Europe
Yet Europe receives only 12% of global RNA funding
The top-tier patent share has declined from 20% to 10% over the past decade
“Europe is excellent at inventing,” Rob notes. “But we’re still failing at commercializing.”
The report reveals that while foundational science is strong, especially in Western Europe, the gap in capital access is slowing commercialization, costing Europe its lead in critical RNA applications.
Sector Hotspots: Where RNA is Happening
Biopharma dominates RNA today, accounting for 80% of projects, ranging from cancer therapies to delivery mechanisms for vaccines and cell-targeted treatments.
But Jean and Rob emphasize a quiet revolution in agriculture:
RNA pesticides are highly targeted, leaving beneficial insects unharmed
They biodegrade naturally, reducing soil and water contamination
Approval timelines in the US (~24 months) far outperform the EU (~7-10 years)
A standout example: GreenLight Biosciences' RNA pesticide treats potato beetle infestations with molecular precision, reducing collateral damage to biodiversity. It’s already approved in the US and Ukraine, but not yet in the EU.
“We are killing ourselves with regulation,” says Jean. “Our startups are forced to leave to survive.”
Regulation: The Hidden Hand That Blocks Innovation
The team offers a blistering critique of Europe’s regulatory architecture:
No fast track exists for bio-friendly agtech (biocontrol) products
Approval can take 7–10 years, even for naturally degrading RNA compounds
Incumbents flood the system with trivial reformulations to clog approval queues
Startups cannot test in open fields, making product development prohibitively slow
Jean explains how startup founders relocate, first to Belgium for a small speed advantage, then ultimately to the US for survival. What remains in Europe? A skeleton R&D crew. The jobs, factories, and value capture are lost.
What Needs to Change: A Wish List for EU Regulators
Both guests outline a clear, actionable roadmap:
Create a fast-track approval process for bio-friendly, low-risk RNA applications
Enforce strict timelines—3 months to open regulatory files, not 5 years
Allow controlled field testing under local authority supervision
Hold regulators accountable not just for safety, but for lost business and lost ecosystems
Balance caution with the cost of inaction, such as biodiversity loss or competitive decline
“Doing nothing has a cost. Regulators need to be accountable for it,” says Rob.
Capital Crisis: Why European RNA Startups Starve
RNA startups in Europe receive 1/10th the funding of their American peers in early stages. That’s a fatal mismatch in a field where deep tech cannot be bootstrapped. Equipment is expensive, timelines are long, and science doesn’t pivot like software.
Jean’s assessment of the funding chain:
Public bodies (EIC, EIF): helpful but require private co-investment
Corporate VC: active but selective
Specialist VCs: too few and stretched
Growth capital: even worse—Europe lags the US by a growing margin
“We’re creating a pipeline of promising startups with no one to catch them at scale,” Jean warns.
The Pension Fund Problem
One of Jean’s boldest claims: European pension funds are failing the future. Unlike the US, where pension capital seeded Silicon Valley’s rise, European funds sit on the sidelines, despite having the long-term mandate ideal for venture.
Andreas points to efforts to fix this, including a new convening in Denmark to activate pension involvement. “It could be the next major unlock,” he says.
If you’re a policymaker, investor, or founder working in techbio, read the full RNA 2025 report and share your ideas. The molecule is ready. The moment is urgent.
📥 Download the full report
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