First and foremost, there are multiple reasons for remaining optimistic about the current opportunities for founders. As outlined in this report, the funding landscape in Europe remains on an upward trajectory from a long-term perspective, and the European startup ecosystem continues to attract investors from all parts of the world. Hence, it appears that the downturn is a temporary market correction rather than a lasting threat to the European startup ecosystem. Secondly, the adjusted market reality has raised the bar for aspiring founders: Only companies genuinely dedicated to solving the world’s most pressing problems will thrive. The emphasis has shifted from explosive growth and quick returns to building enduring companies. Founders must prepare themselves for the long haul, driven by a sense of purpose and mission, which in the long run, could bring positive outcomes for the European ecosystem. Lastly and perhaps most importantly, the European ecosystem has taken the lead in building purpose-driven companies, with sectors like carbon and energy accounting for a third of all invested capital. Furthermore, Europe has put itself at the forefront of AI ethics and regulation amid the breakthrough of large language models (LLMs). In a world where technological innovation is driven by competition, it is essential to establish regulatory frameworks that promote ethics and safety. Europe has already taken the lead in tackling societal challenges in the 昀椀eld of AI and technology, potentially setting the standard for decades to come. As Slush has consistently emphasized throughout the past couple of years, we have every reason to believe that we are experiencing a pivotal moment in the history of technology and innovation. Linda Björkenheim Slush In 昀椀elds spanning energy, biotech, space, computing, and AI, we are suddenly able to build things we could only dream of for most of human history. This unprecedented potential for world-changing entrepreneurship is re昀氀ected in our theme for Slush 2023: A story of entrepreneurial grit and building to last. We are witnessing a rising ecosystem with Slush 2023 attract- ing a record-breaking number of founders, which speaks for an exciting future in the European startup ecosystem and beyond. | 18