Welcome to a new episode of the EUVC podcast, where our good friends Dan Bowyer and Mads Jensen from SuperSeed, in discussion with Lomax Ward from Outsized Ventures and Andrew J. Scott, Founding Partner at 7percent Ventures, cover recent news and movements in the European tech landscape.
Behind the headlines—wind implosions, deep tech dead ends, exit deserts, secondaries, and AI drama—lie seismic shifts that will define the trajectory of European startups and the capital that fuels them.
Here’s what’s covered:
01:30 Europe’s Wind Sector in Crisis
05:12 Hornsea 4 Fallout & Government Accountability
10:24 The Collapse of Deep Tech Momentum in the UK
15:36 Public Sector Catastrophes: Fujitsu’s £12B Flop
20:48 UK-EU Youth Mobility Deal & Trade Strategy
26:00 Trump, IP Tariffs & Global Trade Disruption
31:12 RIA Funds & the Evolving VC Model
41:36 Secondary Markets in Venture
46:48 The AI Arms Race: OpenAI vs. Google
52:00 European Drone Unicorns & GovTech
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
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✍️ Show notes
Europe’s Wind Sector in Crisis
Ørsted pulls out of Hornsea 4, a £8–9B offshore wind project, citing a 40–50% spike in costs and high interest rates. The speakers discusses the geopolitics, economics, and implications for UK energy competitiveness and data center infrastructure. Europe’s declining wind manufacturing base and reliance on China are stark reminders of lost industrial leadership.
Hornsea 4 Fallout & Government Accountability
Should the government take the reins on stalled mega-projects? With a lower cost of capital, the public sector could bridge the gap—but only if it also captures upside. The conversation explores equity models, CfD contracts, and the need for smaller, agile firms to deliver pilot-scale projects before scaling.
The Collapse of Deep Tech Momentum in the UK
Despite promising startups, funding gaps persist. The group calls for more capital and better risk distribution. Lessons from Google’s internal build-then-scale approach highlight how Europe might rethink innovation procurement.
Public Sector Procurement & Risk Aversion
How are major public projects awarded? Predictably, it’s the McKinsey–Accenture–BCG trio that wins out. The discussion turns toward how this system and argues for frameworks that allow startups to bid on smaller scopes. Otherwise, innovation is stifled and value lost.
UK-EU Youth Mobility Deal & Trade Strategy
The proposed Youth Mobility Deal could restore some of the freedom lost post-Brexit. But political fears and protectionist instincts still loom. A new trade deal with India, leveraged through tariff retaliation, shows how the UK may be adapting its playbook.
Trump, IP Tariffs & Global Trade Disruption
Trump’s talk of tariffs on intellectual property could reshape digital trade. Whether serious or not, it reveals how software and IP flows are becoming geopolitical bargaining chips, though it may just be more political posturing than policy.
RIA Funds & The Evolving VC Model
Big US funds like a16z, Lightspeed, and General Catalyst are registering as RIAs to go beyond traditional 10-year VC models. This unlocks public/private flexibility and longer holding periods. The risk? These mega-funds distort seed-stage pricing with scout arms worth $100M or more.
Seed Signaling Risk from Mega Funds
The team flags a common founder trap: taking early checks from large multi-stage funds can backfire if they don’t lead to future rounds. Why didn’t a16z lead your Series A? That question can cast doubt across the cap table.
Secondary Markets in Venture
Secondaries are now 78% of US venture exits. But most platforms are clunky, illiquid, and old-school. The idea of a clean marketplace for secondary shares is appealing—but “you know what that’s called? The stock market.” Regulation exists for a reason.
The AI Arms Race: OpenAI vs. Google
Despite inventing the Transformer, Google is lagging. OpenAI surges forward, though its nonprofit structure jeopardizes its $40B SoftBank raise. The conversation explores the tension between growth, governance, and the future of AI supremacy.
European Drone Unicorns & GovTech
Two new drone unicorns emerge—one from Portugal, specializing in coastal surveillance. Their expansion into the UK underlines the overlap between security, defense tech, and immigration policy. A reminder that deep tech + policy = momentum.
The EUVC Meet-Up in London
Dan signs off from the EUVC crew’s annual get-together in London. If you’re around, drop by and meet fellow VCs, founders, and LPs—EUVC community style.
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🗓️ The VC Conferences You Can’t Miss
Some events just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
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