A recent survey conducted by Zubr Capital indicates that relocated tech founders in Europe feel excluded from local startup ecosystems, labelling them as ‘in a bubble’ due to a lack of access to capital and quality support.
Published in September 2025, the findings stem from the Relocated Tech Survey, which gathered insights from over 100 participants, including startup founders, investors, and senior executives. Notably, the survey drew respondents from major relocation hubs, with Poland and Cyprus being prominently represented. This dual perspective sheds light on how well Europe integrates incoming entrepreneurial talent.
According to the survey, a staggering 82 per cent of relocated founders believe that local ecosystems are indeed ‘in a bubble’. Furthermore, 51 per cent consider this situation to be critical. The data reveals that only 34 per cent perceive their local venture capital market as developed, while 55 per cent find raising funds to be a significant challenge.
While 70 per cent of the founders reported that accelerators were accessible, a mere 20 per cent rated these programmes as truly valuable. This points to a perceived quality gap in the support available rather than a lack of access. Additionally, mentorship and community support are also lacking; only 40 per cent of respondents indicated good access to mentors, with 37 per cent noting a developed culture of give-back within their ecosystems.
The survey also highlighted a strong desire for more networking opportunities, with 68 per cent of respondents expressing interest in additional events, and 66 per cent considering them valuable. However, only 31 per cent were satisfied with the frequency of such gatherings.
From the investors’ standpoint, the survey identified a talent shortage as the primary challenge rather than a lack of late-stage capital. Only 22 per cent reported strong deal flow, while 67 per cent attributed the main bottleneck to a shortage of business talent, contrasting with just 33 per cent who cited capital constraints.
Konstantin Zapolianski, Senior Investment Director at Zubr Capital, emphasised the potential of relocated founders to significantly influence Europe’s innovation landscape. He stated, ‘Relocated founders may become a strong driver of innovation and growth for the European tech ecosystem.’ However, he cautioned that this talent is at risk of being overlooked. ‘Europe risks underutilising the very people who have the hunger, resilience, and ingenuity to build the next generation of startups,’ he warned. Zapolianski further noted that for investors, recognising this gap presents an opportunity to tap into promising deal flow across the continent.
The report highlights a paradox within Europe’s startup scene. Although the continent attracts ambitious founders from abroad, it often struggles to convert this influx into viable growth opportunities. For policymakers, the findings reveal structural weaknesses within local ecosystems, while for venture capitalists, they point to underexplored avenues for investment.
As global competition for tech talent intensifies, Zubr Capital stressed that Europe’s capability to integrate relocated entrepreneurs will be crucial for its future position in the global innovation economy.
Zubr Capital, based in Cyprus and Poland, is a growth equity firm focused on technology investments, managing over $250 million and holding stakes in more than 20 portfolio companies, including two unicorns. Its investors comprise the European Bank for Reconstruction and Development and the Dutch Entrepreneurial Development Bank, among others.
