Some counter points:

ARM originated at a European company (Acorn/Olivetti).

Bluetooth originated at a European Company (Ericsson)

Psion, Nokia, and Ericsson invented what would be considered the basics of the Smartphone (via Symbian, Series 60 etc)

Spotify is a Swedish company.

Nokia and Ericsson produce a good amount of the telecoms infrastructure equipment.

While Europe certainly hasn't had a start-up culture on par with the US it hasn't been a complete slouch either.