Beyond the Hype: 7 Unconventional Truths About Winning in the US Market
Table of Contents
Beyond the Hype – Key Insights from Index Ventures’ New Book
Reading List for Entrepreneurs and Investors from Series A to IPO
Podcast Media Data - A Global Top 10% Show - #1 Deep Tech Show in 2025
Beyond the Hype
“We want to create the next Unicorn!” The founder’s eyes gleamed with ambition, a declaration I’ve heard countless times. Often, it masks a singular desire: to get rich, and fast. For many, a startup is simply another vehicle for rapid wealth accumulation.
With that in mind, I always start with a simple question: “So, what’s your plan?”
Before I could finish, the CEO launched into an enthusiastic, albeit chaotic, explanation. “That’s simple! Our idea is so good, and we’ve identified a completely underserved niche market—a handful of high-value B2B customers with a real need. We’ll start there, turn it into a cashflowing engine, then reinvest.”
“Right,” I interjected, having heard similar ideas countless times. “How much money at what valuation?”
“40 Million Euros, selling 10% of our valuable company.”
The next question hung in the air, obvious to anyone steeped in venture capital realities: “And where do you plan to get 40 million at a 400 million valuation?”
“European Business Angels, Family Offices, VCs, PEs. We got 10,000 LinkedIn contacts, set up a mailing list, and drop one email a day. Simple statistics! One will stick. If only 1% answer, that’s 100 investors. Only 400,000 per investor. With 40 Million, we can build everything—that’s a no-brainer. Hire the best people, and they do. That’s not hard.”
This story, though exaggerated, perfectly encapsulates a lingering level of misinformation in the market. It has bothered me for years, as hope and dreams often appear immune to facts and reality. Building a company is inherently difficult. Less than 1% of all starting companies ever achieve Unicorn Status—a valuation of more than a billion dollars.
And doing it in Europe? That’s hard squared.
While such dreams are technically possible, the realities of bureaucracy, a pervasive lack of venture capital, a deeply risk-averse mindset, and severely fragmented markets make it significantly more challenging here than in, say, the US.
Europe — A Lost Cause?
The stark truth for many ambitious European founders is that achieving Unicorn-level growth and valuation often necessitates a strategic shift. The environment simply isn't conducive to scaling at the pace required for such lofty goals.
This is precisely why a growing number of European startups realize they have a huge need to relocate to the US to truly fulfill their potential. The capital infrastructure, the broader and more unified market, and a culture that embraces bold risks are often not just advantages, but necessities for reaching the pinnacle of startup success.
My journey into the Venture world began in 2006 with the Novartis spin-out, Nabriva. It was a lucky shot, hitting the bullseye with a Series A round of over 40 Million Euros—one of the largest global rounds between 1996 and 2006. The company was founded by Rodger Novak, who later went on to establish CRISPR Therapeutics.
For two decades since, I’ve dedicated myself to helping European VC-backed deep tech founders navigate the complex terrain from Series A to IPO or acquisition, focusing on core areas like business development, commercialization strategies, finance, and deal negotiations.
This experience has consistently reinforced my observations that Europe, despite its undeniable strengths, presents a unique set of challenges.
While we boast a rich, broad, and deep pool of pristine talent, a fragmented landscape of nationalities, languages, and legal jurisdictions, coupled with a persistent scarcity of Venture Capital—these are blocking stones for our entrepreneurial talents.
Now, the latest report from Index Ventures, “Winning in the US,” provides robust data to further underscore these realities:
Between 2009 and 2014, over 60% of European founders expanded to the US before securing a Series A. I was among them.
From 2015 to 2019, the situation in Europe improved slightly, with the number dropping to under 40%, but it has since reverted to over 60% in recent years (2020–2024).
In simple terms, any founding team that genuinely aspires to “win” must expand to the US—and do so rapidly and early. This isn’t mere criticism; it’s a conclusion firmly grounded in data.
The underlying issue for Europe is a straightforward “brain drain.”
For founders, it’s often a matter of survival. Consider the biotech sector, for example: building a winning biotech company entirely within Europe, relying solely on European Venture Capital and European partnerships, and delaying market entry until after an IPO or later Series C or D stages, is nearly impossible.
FDA approval is often smoother with clinical data from the US. How do you gain access to the best study sites? By getting US-based VCs on board and presenting them with a compelling vision for the US market.
And how do you attract them? By headquartering your company in Boston or San Francisco. That, unfortunately, is the prevailing reality.
For founders determined to succeed in the US, the downloadable book from Index Ventures is an invaluable resource.
Here are my 7 Key Insights:
How to Win the American Market
The American Market:
It’s the promised land for countless European startups, a shimmering beacon of opportunity, and the ultimate test of global ambition. But “Winning in the US,” pulls back the curtain, revealing a landscape far more nuanced and demanding than the typical headlines suggest.
Having delved deep into its pages and working at the intersection between the US and Europe, I’ve unearthed seven surprising insights — truths that challenge conventional wisdom and offer a roadmap for founders ready to truly compete.
My lens, sharpened by over 200 conversations on my podcast, informs these observations.
Forget the simplistic “expand West” narratives. The US doesn’t reward half-hearted attempts or one-size-fits-all strategies.
It demands a level of commitment and a cultural fluency that most European companies underestimate.
If you’re planning your transatlantic leap, these lessons aren’t just helpful — they’re essential.
#1_The US Punishes Half-Commitments
Many founders dip a toe in the water, hoping to test the market before fully committing.
“We fly to some conferences and they can invest in Europe. Office in the US? You gotta be kidding me. I love living in Europe.”
That’s a narrative I often hear. And with this ambition, don’t even try. Index Ventures confirms this.
“Testing the waters” doesn’t cut it in the US; you’re either all-in or you’re invisible and all out again.
As the report emphatically states,
“Winning in the US market calls for commitment… Everything is bigger, faster, more competitive… You need to step up and adapt quickly, embracing a level of ambition that might feel uncomfortable at first”.
This isn’t just about capital; it’s about a psychological and operational pivot. Without full commitment, resources are spread thin, and competitors — who are all-in — will quickly overtake you.
#2_ Local Teams Win
It’s tempting to parachute in seasoned executives from your European HQ, assuming they can replicate success. Of course if you are lucky to have one who is willing to spend a week each month in the US.
But the report, through numerous case studies, demonstrates this is a critical misstep.
US buyers, partners, and employees want people who understand their world.
The emphasis is on “empowering local teams while maintaining global strategic alignment”.
Collibra, for instance, initially struggled with mishires until they brought on a Chief People Officer who could “effectively translate cultural expectations”.
It’s about building trust and rapport that only genuine local presence can foster.
For deep tech startups aiming to win in the US, a public company playbook often applies:
Create a US subsidiary. Start by sending a senior executive from HQ to lead the launch, but make it their top priority to hire a strong local manager — with shared responsibilities from day one.
The goal: prepare the local hire to step up as CEO of the US operation.
That’s the playbook I learned in M&A at public companies — and it’s the one that consistently wins in the US.
#3_ Sales Cycles Run at New York Speed — Until They Don’t
The US is known for its fast-paced business environment.
“US companies move faster. Their sales cycles are significantly shorter than in Europe, enabling quicker market validation and growth”.
This can lead to rapid early traction, but it’s a double-edged sword.
Many companies burn out before reaching a true inflection point because they mistake initial velocity for sustainable momentum.
The report warns that while American buyers are “much more quick to buy from a new vendor,” they are also “quick to kick you out if the product does not deliver”.
Patience, combined with rapid iteration, is key to navigating these dynamics.
A pristine case study can be found in Tae Kim’s book “The NVIDIA Way.” One of NVIDIA’s key success factors was a relentless work ethic.
Jensen Huang expected his sales force to view themselves as the Green Berets of Nvidia:
A special force dedicated to owning their job, knowing more about their customers than the customers themselves, and working relentlessly.
#4_ Founders Who Listen, Win
Loud, confident pitches might grab attention, but true success in the US hinges on a founder’s ability to listen, learn, and adapt.
The most successful founders don’t just talk; they actively seek feedback, understand unspoken needs, and refine their offerings.
As Ami Lutwack, co-founder and CTO of Wiz, advises,
“Customers might try and tell you what their problem is, but that might not be the real problem. Your job is to understand their real pain, not just the pain they talk about”.
It’s a continuous feedback loop that builds trust and product-market fit.
#5_ The Story Beats the Specs
While a robust product is non-negotiable, particularly in enterprise B2B, the initial hook in the US market is often a compelling narrative, not a detailed spec sheet.
US investors and customers want to understand the grand vision, the potential for massive impact.
The report notes that European founders are sometimes “too embarrassed and too reticent to talk about how much money this company can make”.
Instead, when they want to enter the US, they will be coached to focus on
“the big ambitious vision, ready with conversations around market size and their revenue potential — painting a picture of the $100 million revenue opportunity versus focusing on just product features, user impact and social mission”.
Features close the sales deal, but a powerful story gets you in the door, while painting a clear picture of how it turns into a solid scaleable business gets you the best VCs on your captable.
And this is one of the market specialties European founders struggle with.
In Europe, having big, bold visions of a glorious future often elicits advice like:
“Go seek a doctor. I am worried about your mental health.”
In the US?
Think of Elon Musk: He openly states, “I build my companies to save humanity.”
How weird is that? Yet, it sells.
#6_ Ignoring Cultural Friction Is the Biggest Risk
The cultural divide between Europe and the US, though seemingly subtle to outsiders, is a frequent tripping point.
“US corporations tend to embrace innovation more readily. While European companies often view new technology primarily as a cost and prefer established vendors, US enterprises see it as a competitive advantage”.
This fundamental difference in mindset impacts everything from sales conversations to employee expectations. Trustpilot’s founder, Peter Holten Mühlmann, learned that traditional PR strategies from Europe were “less effective” in the US, and “sales messages needed to be much sharper and more immediately compelling”.
Failing to adapt to this “pathological risk aversion” in Europe and the “go-getter” mentality in the US can kill deals and hinder growth.
#7_ Build for Scale from Day 1
The US market operates at a different magnitude, and its customers expect solutions that can handle immense volume from the outset. Companies like Wiz exemplify this “scalable startup” mentality.
They designed “enterprise-ready features from the beginning with the expectation they would need to scale 100x”.
This proactive approach to scalability avoids accumulating technical debt and positions the company for rapid growth.
It means thinking beyond immediate needs to anticipate future demands, ensuring that your infrastructure, processes, and even your team structure can support exponential expansion.
Entering the US isn’t about launching in one state — that’s the European way. In the US, investors and customers expect you to build for national scale from day one. While you might start in one city, your product, team, and ambition must be ready to blitz the entire country. It’s a fundamental shift in mindset — and it’s the playbook that wins.
In Europe?
They start in Austria. Then maybe scale to Hungary. It is close and similar size. And then it is time to get comfortable, enjoying a 32-hour work week.
In the US?
You conquer the entire US market and then you get back to Europe. Not to roll out to one small country, but to dominate the continent and eliminate all potential competition right off the bat.
Bonus: A Relentless Focus on Learning
Across all successful case studies in the “Winning in the US” report, one theme consistently emerges:
A deep, insatiable hunger for learning.
This isn’t just about market research; it’s about founders and teams constantly calibrating, adapting, and refining their approach based on real-world feedback.
Whether it’s Spotify’s “concentric growth circles” or Flix’s “tailored playbooks”, the ability to absorb new information and pivot quickly is the ultimate differentiator.
Question for you:
Which of these insights do you think most founders get wrong when entering the US market?
And what’s the one lesson you wish you’d known before embarking on your own transatlantic journey? Share your thoughts and let’s turn the comments section into a mini-masterclass for the next generation of global entrepreneurs.
Full research & PDF here: Index Ventures — Winning in the US
Ready to Bridge the Atlantic?
For two decades, I’ve navigated the path from European ambition to U.S. success—first as an operator, then side by side with deep tech CEOs and some of the most ambitious guests on my podcast. I know what it takes to turn big vision into tangible results on both sides of the ocean.
If you’re leading a company with unicorn potential and wrestling with the realities of U.S. expansion, let’s make the next move smarter—not harder.
This summer, I’m opening a handful of 60-minute strategy sessions for leaders ready to bridge that gap. We’ll unpack your biggest challenges, map a clear path, and address the mindset shifts, not just the market strategy, required to win in the States.
Several of these conversations have led to funding, major deals, or relevant strategic decisions. If you’re serious about making the leap, I’d be glad to help your vision thrive.
Let’s talk.
Upcoming Conversations and Events:
July 08, 2025 - 01:00 pm CET - Jim Pulcrano, Adjunct Professor at IMD
July 10,2025 - 01:00 pm CET - Tatyana Dyshenova, CHABio Group
July 15, 2025 - 02:00 pm CET - Vishal Chetankumar Doshi, CEO of AUM Biosciences
July 17, 2025 - 06:00 pm CET - Jef Akst, Managing Editor at Biospace
July 24, 2025 - 04:00 pm CET - Attila Csikasz-Nagy, CEO of Cytocast
July 31, 2025 - 03:30 pm CET - Karin Eisinger, CEO of Syzonc
August 5, 2025 - 01:00 pm CET - Jason Foster, CEO of Ori Biotech
Podcast Episodes and Clips
EP 160 - Vadim Fedotov: Elevate Your Wellbeing: How Data-Driven Choices Create Peak Performance
#159: No Rules Rules — 7 Culture Principles That Made Netflix Unstoppable
The Nvidia Way: Jensen Huang and the Making of a Tech Giant
Why You Should Study The NVIDIA Way
Most entrepreneurs and investors dream of building companies that matter—10x to 100x outcomes that serve millions, maybe even billions of people.
But that kind of success isn’t random. It takes at least 20 years, countless pivots, and the ability to rally investors, employees, policymakers, and customers around a single, evolving vision.
Too many founders waste time benchmarking against mediocre peers. But average inputs create average outcomes. That’s why it doesn’t help to study the mediocre. Or even the merely “good.”
If your goal is to build something enduring—something that could one day serve billions or become a 100x exit—then it pays to study the few who’ve actually done it.
It’s like trying to become Bruce Lee. You don’t get there by training at the local gym and hoping for the best. You study the masters. You reverse-engineer what worked. You find people who’ve walked the path—or helped someone get there.
In business, if you're serious about scaling, study the outliers. NVIDIA is one of them.
The NVIDIA Way is that blueprint.
Tae Kim’s book takes you inside one of the most remarkable business stories of our era. It breaks down how Jensen Huang built NVIDIA into the foundational layer of the AI age—from a Denny’s booth in 1993 to one of the most valuable companies on the planet.
This isn’t a fairytale. It’s a detailed, practical look at how elite founders actually navigate long games.
And if you're serious about building one, this is required reading.
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