82% of cross-border startup founders see ecosystems ‘in a bubble’
Relocated tech founders are settling in Europe, but their experience points to a deeper issue: ecosystems feel closed, capital is hard to secure, and much of the support on offer is low-value. A new study suggests Europe risks wasting incoming talent, while investors may find overlooked opportunities in the gaps.
The Relocated Tech Survey, carried out by Zubr Capital in September 2025, gathered insights from over 100 participants – primarily startup founders, joined by investors and C-level executives. Respondents were drawn from key relocation hubs across Europe, with Poland and Cyprus among the most represented. This dual founder–investor perspective makes the findings a rare look at how Europe’s ecosystems work for incoming talent.
Key Findings from the survey include:
● 82% of relocated founders describe local ecosystems as “in a bubble”; 51% see this situation as critical.
● Only 34% see the local VC market as developed, while 55% say raising capital is difficult.
● Accelerators show a quality gap: 70% find them accessible, but only 20% rate them as truly valuable.
● Mentorship and give-back remain thin: just 40% report good access to mentors, and only 37% see a developed culture of give-back.
● Strong appetite for networking: 68% want more events; 66% find value in them (42% “high value”), yet only 31% are satisfied with frequency.
● Investor view: pipeline hunger dominates. Only 22% report strong deal flow. The main bottleneck is business talent (67%), not late-stage capital (just 33% see it as the barrier).
“Relocated founders may become a strong driver of innovation and growth for European tech ecosystem,” said Konstantin Zapolianski, Senior Investment Director of Zubr Capital. “At the same time, our survey shows how easily this talent can be overlooked. Europe risks underutilising the very people who have the hunger, resilience and ingenuity to build the next generation of startups. For investors, that gap is a signal: by backing relocated entrepreneurs, they can tap into some of the most promising deal flow on the continent.”
The Relocated Tech Survey underlines a paradox: Europe is attracting ambitious founders from abroad, yet too often fails to turn that inflow into investable growth. For policymakers, the findings highlight structural gaps in ecosystems; for venture capital, they point to overlooked opportunities. As the competition for talent and innovation accelerates, Europe’s ability to integrate relocated entrepreneurs may prove decisive for its future position in the global tech economy.
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