Unify or Lose:

Michael Jackson argues that US venture capital benefits from unified markets and strong exits, while Europe underperforms due to fragmentation, weak commercialization, and insufficiently competitive private capital markets.

Michael Jackson’s Perspective on Venture Capital in the US vs Europe

Michael Jackson, an American entrepreneur and investor based in France, brings a rare transatlantic perspective to venture capital and startup investing. Having invested extensively in both the United States and Europe, he highlights structural differences that shape outcomes on each side of the Atlantic.

Fragmentation vs Unified Capital Markets

Jackson stresses that the United States benefits from a single, deep, and liquid capital market, enabling startups to scale rapidly and attract large pools of private capital. In contrast, Europe remains fragmented along national lines.

This fragmentation limits ambition early, forcing European startups to think locally rather than globally and preventing the emergence of world-dominant technology companies.

Commercialization Over Scientific Excellence

According to Jackson, Europe excels in scientific research, university output, and intellectual property generation. However, he warns against equating research volume with commercial success.

In the US, venture capital systems are built to aggressively commercialize innovation. In Europe, a significant portion of university research never translates into scalable businesses due to weak tech transfer mechanisms and limited incentives.

Global Thinking From Day One

Jackson emphasizes that successful US startups are designed for global markets from inception. European startups, by contrast, often focus on individual national markets, which restricts growth potential.

He argues that “being global by design” is not optional if Europe wants to compete with US tech leaders.

Implications for Europe’s Startup Ecosystem

Jackson’s views suggest that Europe’s challenge is not talent or science, but structure. He believes Europe must:

• Unify capital markets
• Improve commercialization pathways
• Encourage globally ambitious company creation
• Let private markets operate competitively