Talent Number of new founders spun out from European unicorns, by unicorn founding decade and years since founding flywheel is accelerating Founders 10 years since 20 years since with unicorn spun out founding founding alumni 1,500 1,402 1,406 2010s unicorns $B 1,000 2000s unicorns 801 1990s unicorns 500 151 75 $25B Source: Atomico (powered by Dealroom.co, 5 Crunchbase and Revelio Labs) 5 0 10 15 20 Notes: Based on founders attributes and the date Source: Atomico ( powered by Dealroom and Years since unicorn founding they indicated starting their company. We are Crunchbase) limiting the analysis to European founders and excluded “non-tech” companies as defined by Atomico’s proprietary classification model.