If there ever is a promising project from europe

(a.1) it bootstraps / gets venture capital

(a.2) Leaves after 2 years for the US / gets acquired and the fiscal headquarter moves to Delaware (Stripe)

(b) Gets absorbed by an old blue chip, like Siemens, Telefonica, and dies a slow death.

(c) Becomes highly stymied by bureaucracy, and the initial momentum wanes without winning much market share (Zalando, Deliveroo, Idealista).

It's called the market of lemons problem. Only the least productive projects want to have their hands tied and financed by the government.