I don't think there is lack of imagination. The biggest barrier for any person who wants to launch something is: paperwork around establishing a company. In some countries you have to pay every month some amount of money if you want to be a freelancer, in others you need to setup a sole proprietorship, in others the distinction is not that clear. In almost every country in Europe (perhaps with the exception of the UK) the whole process is cumbersome. Young people who are willing to launch some projects online don't want to mess up with taxes authorities nor lawyers nor the commerce chamber... and hence they decide not to launch anything at all. Besides, setting up a company costs money (perhaps not much).
I live in Europe. I don't want to setup a damn company for every little project I may think it can become big. I want to let my projects grow in the wild, and if any of them get traction then sure, I will setup a company without fear of losing money.
Also: being a software engineer/computer programmer in Europe is not as sexy as it is in USA. It's getting better, yes, but here the "engineer" is the last monkey. Managers and sales are the ones who get the credit. So, European mentality also plays a role here.