Through our sample of tech founders and leaders, we analysed more than 21,000 moves across European borders - and 40,000 moves between cities. This analysis highlights the inflows and outflows of talent in each country, and how these flows have evolved over time. For example, we can see that in the period 2020-2022, France has had a 2.2x net inflow of founder and leadership talent. In other words, for every tech leader that moved out of the country during this period, there were more than two that moved into France.
The data shows how certain ecosystems have been able to transform their talent flows over time. Most notably, France, Germany and Spain saw huge gains in inflow of founders and leaders in recent years. By contrast, other ecosystems, like Belgium and Ireland, have seen a small decline in net inflows.
It's important to note that this analysis is based on a data sample that exclusively looks at founders and C-Level leaders of companies that received investment in 2022. As such, the conclusions we can draw from these trends are limited by the scope of the analysis.