According to the European Centre for Policy Studies, tech talent in Europe is 10x more likely to move than the average citizen in Europe. This is extraordinary and owes much to the historic geographic opportunities of European tech. Europe is set to enter a third phase in the evolution of entrepreneurial tech talent mobility. If the first phase was defined by the frequent flow of talented European entrepreneurs moving to the US to build their companies, and the second was defined by entrepreneurs staying to build from Europe but choosing one of the region’s major hubs (London, Berlin, etc.); then we’re entering a third phase where founders choose to stay where they are, emboldened by the quality of the local ecosystems they see arising around them all across Europe. The more that founders and talent chooses to build from home, the more that 10x difference will contract.