Compared to 12 months ago, are you more or less optimistic today about the future of European technology? Less Same 100 More 80 s t 60 n e d n o p s e r f o 40 % 20 0 2019 2020 2021 2022 2023 Sources: Notes: Numbers may not add up to 100 due to rounding. A pulse check for European tech Europe’s ability to build and scale a tech ecosystem capable of realising its full potential requires a concerted focus from all stakeholders to address challenges that serve as barriers to progress. To explore industry sentiment on this point, survey respondents shared their perspectives on what they per- ceive to be the greatest challenge facing the European tech ecosystem over the next 12 months. The poor economic environment since the end of 2021 has caused a lot of pain, and so it is no surprise that the number one concern among respondents was access to capital , with the macroeconomic environment coming in at third. The ongoing war in Ukraine, as well as the devastating events we have seen unfold in the Middle East, placed geopolitical risk as the second most cited challenge. Respondents also felt the greatest problems ahead included the perceived challenge of Europe’s general competitiveness when it comes to technology on the global scale, talent shortages and regulation. 31 | Executive summary