As the democratisation of technology has grown, tech has had to respond to the birth of new markets around the world.
This couldn’t be more true for Europe as its new tech hubs continue to challenge Silicon Valley.
So what are the tech market differences between the two areas?
“There are a lot of similarities: wherever you are in the world the entrepreneur has the same spirit, the same energy.”
Botteri would know. Before joining leading investors Accel Partners, Botteri had 15 years of experience in the technology industry, with around a decade of that in Silicon Valley.
He is now however leading Accel’s Big Data Fund efforts in Europe after leading investments in a range of early and late stage companies in the USA and Europe whilst at Bessemer Venture Partners, prior to joining Accel.
Mainly though, as one would expect, there are more market differences.
“The US market is centred around Silicon Valley.”
He also introduces New York and Boston as an aside but, for better or for worse, the US relies heavily on the Californian 100 mile long stretch to continue its dominance.
And if Silicon Valley is the megalith of tech hubs, Europe is more of a collection.
“Europe is fragmented: it’s more of a combination of tech hubs”
He goes on to list Madrid, Berlin, Moscow, Helsinki, Paris as well as London, Tel Aviv and Stockholm.
“There are those 10-12 hubs and so you never know where the next big one is going to be so we have to keep on top of it.”
What makes their lives more difficult however makes these market differences much more interesting and competitive.
The question of whether one giant hub is still a better model than a series of interconnected, but separate, spaces is up for debate but it might not be too long before we find out.
“ [Europe] is a cumulative market and that’s why we’re seeing exponential growth here.”