1. If you had to name one uncomfortable truth about why Europe consistently fails to scale deep tech companies, something policymakers and investors prefer not to admit, what would it be?

Europe does not consistently fail to scale up deep tech companies, for any start-up wherever in the world the road is difficult for internal and external reasons. If I may mention one difficulty in Europe, that is the conservatism of established corporations that maybe pilot with start-ups, but are reluctant to place larger orders, thus enable industrialisation and make it possible to reduce costs and prices.

2. The EIC is often described as ‘patient capital’, but in reality it still operates within political cycles and constraints. Where is the hard limit of public capital when it comes to backing truly disruptive deep tech and where must private investors step in or even take over?

The EIC really delivers patient capital, as there is no political pressure to exit. The EIC has been designed by politicians to fund deeptech and to address market failure: hence to take risks that private actors are reluctant to make. The EIC is designed in seven years cycles that misalign with the 5 years political cycles of the EU and 27 different national cycles. An important element tough is that the EIC is run in annual work programmes. That reflects political wishes, but also the ability to learn from practice and improve the mechanisms.

3. We often hear that Europe’s strength lies in industrial depth and engineering excellence. But is this actually a competitive advantage in the age of AI, or are we overestimating a legacy strength that might not translate into future dominance?

A car needs to be assembled (and their parts as well), pharmaceuticals need to be made, proteins need to be fermented and a spacecraft needs to be engineered. While AI helps to design, engineer and monitor production, production still requires CNC Machines, fermentation fusts, and assembly lines. As the EU is world leading in dedicated production, it needs to mobilize that strength in its innovation. AI is nor edible, nor a shelter or pavement.

4. From your conversations with global investors: what is the one red flag that still makes them walk away from European deep tech deals even today?

The lack of understanding of 27 corporate law regimes, with 27 tax laws and 27 labour laws is exhausting global investors. While some countries have relatively well readable and understandable legal frameworks many have not. That is why the establishment of one EU wide corporate regime, the so called EU Inc is so important.

5. If you personally had €100 million to invest today, outside of the EIC framework, what specific deep tech thesis in Europe would you back and where would you deliberately go against the current consensus?

If we have to decarbonise by 2050, besides being fossil free in energy (we are on track) we have to be fossil free in materials. If I had 100 mln to invest (and that amount is needed) I would invest in biopolymers, more specifically cellulosic biopolymers derived from Europe’s agriculture. Because agriculture also need a boost.