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Macro, capital & the policy of growth

Tech & policy

The macro forces that decide whether tech gets built, funded and scaled — where Europe's savings and pension capital actually sit, how its economy really compares to the US, and what public policy can do to grow more companies. Pick the lens that matters for your work.

04 · Opinion

Signed essays

Longer arguments on the same questions, written in the author's own voice. The data is Dealroom's; the conclusions are theirs.

Essay · July 2026

Europe needs more room to take risks — firing costs and unicorns

Across 10 Western economies, the months of salary it costs a large company to restructure tracks how many unicorns that country produces per million people, at r = −0.96 on a log scale. Sweden, Switzerland, Denmark and the UK average about 4.3 unicorns per million people; Germany, France, Spain and Italy about 0.7.

r = −0.96 · 10 economies · founding-country lens Read the essay

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