Embrace risk to shape the future Our executive summary brings together the most important data points of the year. Here, we dive into key indicators of the ecosystem’s health, high- light bright spots, and put forward our thesis for the year - that to shape the future, the entire ecosystem needs to start embracing risk. The market reset is not a solely European concern. The projected Investment levels have volume of total investment in 2023 is expected to equal less than dropped globally half of the investment seen in the peak year of 2021 across every global region. Despite two years of challenging conditions, the SoET community Europe is staying still feels positive about the future of European tech. 45% of positive our survey respondents feel more optimistic about the future of European tech than they did 12 months ago. After $400B in value was wiped from the ecosystem during last Ecosystem value bounces back to year’s downturn, public markets have rallied to bring Europe’s value back up to its historic high. $3 trillion