In summary.

  1. Nearly everything’s about software (except handbags and champagne)
  2. Scale is a commodity. Competition is about entrepreneurship
  3. Talent is flocking to startups. And startups are built from anywhere
  4. More than ever, corporates would benefit from partnering with startups, and strong ties with entrepreneurial ecosystems

Origin: pdf report


  • The tech boom: tech companies globally have reached a combined value of $35 trillion, of which $24 trillion (68%) from the USA.
  • Today, technology equities are eclipsing all others … but back in 1900 rail was the biggest sector. Later, airlines. These were also “tech”.
  • 80% of adults are online. They’re not only spending money online but also earning income online. This means that even work itself is open to innovation.
  • Europe’s big corporate R&D budgets are concentrated around pharma, automotive and telecom. The USA dominates internet, software and electronic hardware.
  • Concentration, yes, but not monopolies. Mortality risk of companies has increased … companies in the S&P 500 keep getting younger. Economic dynamism is up.
  • The clearest sign that economic dynamism is up: younger cohorts of startups are creating just as much value as older ones ‒ if not more.
  • Global venture capital is crushing previous records in 2021. In Europe, the growth in venture capital is even more pronounced.
  • Following Covid-19, corporates are accelerating their digital processes. The degree of spending on IT varies hugely between sectors.
  • Internal innovation is important, but today’s most successful companies have undergone transformations through external innovation, too.
  • VC investment by corporates is on track to reach an all time high in 2021. But corporate’s share of total VC investment is the lowest since nearly a decade, decline is mostly at late stages.