You can't paint all of Europe with the same brush, and whilst most of Europe may be in the single market, they're not the "same" market. In my experience, there is a high variance amongst European countries (Eurozone or not) in risk-aversion vs risk-tolerance, which seems to be echoed in some studies/observations[1]. I've never really been able to see what the main factors that determine this may be -- I used to think it was correlated to how much each country participates in the global economy, but that would explain UK and Spain, but not Germany.

I also find it a bit narrow-minded to think of Europe as risk-averse simply by judging their attitudes towards tech investments. Spain (where I'm from) definitely appears to be one of the most risk-tolerant EU countries when you look at certain sectors and our foreign investments in infrastructure and other types of construction, but one of the most risk-averse when it comes to tech. If I were to speculate (and I stress, speculate), it seems to be influenced by the type of markets with capital that we have access to: the Middle East, Africa, and Latin America. This is also the case when you think of partially publicly funded projects that are quite risky -- especially in countries that are politically unstable like ours. A perfect example would be renewable energies, which would have been the great success story in Spain until new legislation practically killed any hopes of it being eventually profitable.

Germany, on the other hand, seems risk-averse _even_ within their own main domains (industrial engineering, automotive, etc). They also have a big global presence and prestige/reputation, but I have never lived or worked in Germany so I wouldn't even dare speculate why this is the case. I've often seen the finger pointed at bureaucracy, but other countries with similar levels of bureaucracy and hurdles don't seem to be as risk-averse. Different cultures, I reckon.

The UK (where I now live) on the other hand was one of the most risk-tolerant countries in the EU (until their departure) when you think of tech investments. The fact that they speak in English and have a strong services economy helps in that respect, I would guess. I'm definitely not an expert.

1. https://voxeu.org/article/cross-country-differences-risk-att...