Brussels has a spring in its step. It knows better than most places how to build economic communities, and this post argues that it’s these, rather than than Yet-Another-Rapid-Delivery-or-Buy-Now-Pay-Later Unicorn, that the world needs right now.

I’ve just returned to Brussels to spend a few weeks reconnecting with old friends and meeting new ones in and around my world of startups, longevity and ecosystems. It’s my first extended trip since I lived here from 1995 to 2000, working for the European Commission as a stagiaire - one of hundreds of enthusiastic wannabe Europe-builders. These internships were designed to indoctrinate the youth about the benefits of a connected continent, and have them feel in their bones that an economically connected community is far better than backsliding into the horrors of War. It worked on me at least though I worry that collectively we’ve forgotten how fragile the recent peace actually is.

My career arguably started at Rue du Commerce 31, the city-centre office location that was the site of my first post-stagaire job. I spent five years working on transatlantic trade policy, adding the love of the US to my love of Europe, and building networks and friendships that have endured my fairly itinerant lifestyle since. So it was quite a surprise that I turned up at one of Brussels’ two WeWorks and found it was in my old office building. The free lattes, terraces and pool tables would have looked out of place in the grey cubicles.

As Russia’s war on Ukraine rages, European support for the EU has surged - reaching its highest level in 15 years, according to a survey commissioned by the European Parliament; two thirds of Europeans now see EU membership as a good thing. NATO, headquartered here, is also having a moment, welcoming two new members and billions of dollars more in project funding.

Despite being the administrative centre of Europe for the past few decades Brussels retains a small-town feel. Its role as the Europe’s hub hasn’t gone to its head. It’s busy but not jam-packed, houses are still relatively cheap, and it has less Big Money and Big Buildings than London or Paris, nor does it have the cool hipster, tech vibe of Berlin or Lisbon.

I’ve spent five years of my life in Brussels and five years in Silicon Valley, so feel I have at least some perspective on each. Brussels won’t succeed in trying to emulate Silicon Valley’s success in creating startups, nor should it try. There’s no doubt we as a continent need deep tech and we also need a genuinely single market to pay for and distribute the research, however we don’t need more tech platforms for their own sake; the world is now realising the dangers of ad-driven models and social media addiction.

Everyone knows that Europe is behind in scaling up tech. There should be a concerted effort around European innovation and Europe’s relatively poor record in building ‘unicorns’ is a constant topic of policy makers. Things may be changing for the better. In 2021, Europe’s companies 50% more funding than the year before, and Europe accounted for 18 percent of total global funding for startups, its biggest share ever.

The European Innovation Council has launched a Scale up 100 call, to grow 100 European unicorns in deep tech.

The goal of this new initiative is to identify, promote, and support the growth of 100 promising deep tech companies that show the potential to become ‘unicorns’ (with a value of over €1 billion).

But judging by the number and size of Europe’s unicorns is missing the bigger picture. Venture capital has piled into certain hot categories, such as online ads, buy-now-pay-later services or rapid local delivery services, all of which encourage easier and quicker consumption (and often indebtedness), the opposite of what the world needs right now.

Focusing on startup metrics rather than the problems that need solving is putting the cart before the horse. Rather than have (mostly US) VCs effectively set our innovation agenda, it would be better if policy makers more clearly articulated the problems that needed to be addressed, and then moved heaven and earth to make it easier for startups to work on those problems. This larger purpose is what the common sense solutions such as those proposed by Irish Stripe-founder Patrick Collison then should help deliver (“more streamlined common market, fewer impractical and ineffective regulations, better legal treatment of stock options and easier access to visas for highly skilled individuals.”). But the point is make it easier to build to solve problems, not for the sake of building unicorns.

NATO is worth looking at - this group is not known for their business or entrepreneurial savvy (one thinks of discipline over disruption) but they’ve just launched a $1bn startup accelerator for companies addressing ‘dual use’ challenges faced by member states, and have also crucially committed to scaling up successful pilot solutions with guaranteed contracts across their 30 nation membership. This kind of guaranteed distribution is the holy grail of startup support, and I’ve not seen it in European proposals.

There’s no shortage of promising-sounding efforts in Europe which could be used. Horizon Europe has high expectations, though so far its drab marketing doesn’t do justice to its €100bn budget (was there none spare to pay for a new website?). Two key activities are the European Innovation Council (EIC) and a Missions-driven approach. The EIC landed with a splash but sounds like it’s succumbed to political infighting and startups haven’t yet got their promised funds. And talk of Missions is excellent, but the challenge here is that your favourite topic may not make the cut - longevity and wellness is not there (the only health-related one is Cancer).

So my agenda for the next few days is to speak to those who share my passion for what Europe could be, and Brussels’ role as a catalyst in that. Am looking for fresh thinking for the ways in which Europe’s role as the world’s leading economic community can be enhanced. New thinking around continent-wide crypto passports seems worth exploring, as are some of the ways in which Web3 could redistribute capital to workers and users using cooperative and DAOs models - breaking firmly with today’s platform models that accelerate inequality. Europe’s future will be forged not by slavishly chasing unicorns, but by ploughing its own path. It will need to make use of its unique geography, talent, demographics, research, technology, business and culture, combining them in inspiring ways that look after its people, and the planet, better than anywhere else.