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Emerging Technologies

Why European Startups Should Look at Silicon Valley

Here is a prediction:

The Euro-zone could slow-down by up to 1.5% in 2016.

Here is a stat:

Half of UK startups fail within the first 5 years.

Two depressing statements, both European centred. European innovation has reached a point of stagnation.

Compare this with the Internet economy, which is going to surge over the next 5 years by a predicated annual rate of 8%. This means that tech startups could be Europe’s focal point – just as they are America’s.

Photos of San Jose and Silicon Valley

The American Dream

The American’s – unlike their European counterparts – have for a long time been obsessed with the future. This means they innovate when it comes to their businesses, not just with the products they come up with but with how they sell their products.

McDonald’s, which proudly calls itself ‘the world’s most successful small business,’ created a franchise prototype model that it sold to 28,000 companies. On the face of it, it sold hamburgers like scores of other hamburger stalls. What made it so successful was how it innovated the way it produced and sold its products.

America is always thinking of ways to innovate. When you think of the best business books in recent years – Zero To One, The E-Myth – they were written by American’s.

American businessmen just love to innovate and find ways to improve.

Silicon Valley

There is no better place on earth that encapsulates this desire for innovation than Silicon Valley. It’s the hub of the startup world. It’s where Google, PayPal and Amazon were created. It’s where Twitter now operates, as well as Facebook.

In Silicon Valley, there are not just scores of startups being created, but startup accelerator programs (companies that help startups on their way) too.

The guys in Silicon Valley know that for our future to be better than the present, we have to innovate. For cancer cures, we put investment into biotech startups. For ways of making our life easier, we look to startups.

Startups in Silicon Valley have refined a successful way of working that targets revenue from the very first day. PayPal, knowing they were onto a good thing, paid people to sign up during the first few weeks of the business. They were that confident that they had something that would change the world. Silicon Valley knows tech startups are the future. From teaching kids how to code, to robots that help us lose weight.

For Europe to be resurrected, it could do much worse than look at the Silicon Valley model.

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