As a European, I don't think we need one; I would argue that location is becoming less and less relevant, especially for building digital project. Finding your market niche and fit is another thing, but building the thing can be done from anywhere, by the teams of people located everywhere
Yes, location is becoming less important but there are differences in locally available talent and money. That’s the main reason incubators are forming in Europe too. If you are in the wrong place you will be starved for money and talent and others can outperform you. That what happened a lot, American companies outperformed European ones and when they needed to expand into Europe they could just buy the companies that are most similar in a few key markets here and expand from there. Being able to grow quickly enough to prevent that is sort of important if we want to own our tech giants.
But if the talent is globally available, thanks to the remote work, what difference does it (location) make? I know that it's still not 100% true, but I think we're moving in this direction
I really think what sets us apart are taxes, political support, and capital investment. In Europe it's almost impossible to do a "startup", to get founded, lose money, grow and then become profitable.
No one, not even YC gives you money here.
If you're able to go to San Francisco, beat the US people there, and come back build something in Italy, where every single power (social and political) is designed go drain and suck all the juice you have - then you are in the 0.00001% of people who got very lucky in life.