As we delve into the intricacies of the 2024 tech landscape, an intriguing trend continues to emerge: an increasing number of US tech executives are opting to relocate to Europe. This clear shift, far from being a mere reactionary move to the election year’s uncertainties in the US and the number of tech jobs lost, signifies a strategic pivot in the global tech narrative. The best businesses are not just Silicon Valley-centric, but the experience of leadership scale outside remains finite for those with global ambitions in Europe.
Figure 1: 2022 vs 2023: A comparison of tech executives in leadership roles who relocated from the US to Europe.
The statistics are telling – there’s a 35% increase in H2 2023 in such relocations compared to the run up to the previous election cycle in 2020. We are seeing increased enquiry from our network about a European stint or a return closer to home. But the numbers only scratch the surface. This trend is a multifaceted decision influenced by Europe’s changing local factors. For candidates it is not just about centres of innovation, start-up success or big fundraising; Europe’s tech cities are representing a confluence of stable governance, progressive business policies and a culture that fosters creativity and diversity in a way that is increasingly more appealing than the turbocharged climate of the past few years in the US.
In one recent discussion with a European-native candidate who co-founded and exited via IPO a well-known SaaS category winner from SF commented, “I just don’t think the best businesses can be built from SF out now. I just think it’s all wrong here now for your career as an experienced executive. I want a career of impact and value, not shortcuts and half-baked decisions. As a family, I think we can be happier in Europe and learn more than where we sit right now. It’s the time to move on and keep growing.”
That said, talent of this calibre is finding opportunities in Europe hard to come by. Recruiting remains very localised – city-by-city and country-specific. Investors are hard to reach for talent seeking opportunities and many candidates report that direct contacts and introductions to European founders are hit-and-miss, time-consuming and low yield. This does feel like a missed opportunity for many when you consider the expertise and experience level of those executives prioritising European relocations in the next 12 months.
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