It's easier to run a startup in the US, so why do it anywhere else? The financing is easier, the labor laws more business-friendly, and the native market bigger. And that's how it's going to stay for the foreseeable future. EU internal market integration has been paused for decades, weakening labor laws is a non-starter in any European country, and European pension funds are generally not allowed to invest in index funds, let alone something as risky as VC. If you think the EU will ever catch up, think again. The political will to do so is just not there.