What I've observed in Europe is that there are huge amount of small companies instead of one big one. While big and powerful companies might be important on global scale. I suspect that on a more local scale, it is the large number of small companies which are more beneficial.
This is also what I observe. Those small scale companies might also work on very specific problems. However, at least for the internet brands I think it is true, that no large platform or service is actually coming from Europe.