employee growth within the ecosystem, it is the proliferation of early-stage startups that represent the true engine of job creation. Indeed, early-stage companies typically account for almost double the number of new joiners to the tech industry in each period, compared to growth-stage companies. This year so far strikes an optimistic tone, with new hirings on a clear climb in the earliest stages and the growth stage also starting to pick up pace. Trailing 12-month amount of new joiners for European tech companies by hiring company stage, 2019 to 2023 Trailing 12 months, early stage Trailing 12 months, late stage 200k 150k s r e n i o j 100k w e n f o # 50k 0 9 9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 3 4 1 2 3 1 Q Q Q Q 1 2 3 4 Q Q Q 4 1 2 3 4 Q 2 3 Q Q Q Q Q Q Q Q Q Q Q Notes: Sources: Powered by Data is as of 20 September 2023, thus Q3 is incomplete. Excluded non-vc, exit related and no prior funding companies. 167 | Talent