Small Business Index
2019

Small businesses are not only the economic backbone of Europe, but a vital part of local economies. They dig deep into the heart of communities, building social mobility, fostering competition, and creating links between rural and urban areas. Flexible and agile in structure, small businesses are often able to out-run large corporate giants in responding to changing consumer appetites, market demands, and fluctuating trends.

Across Europe, entrepreneurs are taking matters into their own hands by launching ventures ready to compete with established old-timers. However, some countries and cities are more conducive to supporting small businesses than others. The SumUp Small Business Index reveals the European cities that offer the best environment for enterprise. We reveal the status quo of small businesses across Europe’s most populous cities, including real estate prospects, and third-party incentives and support.

“As ambitious minds tire of inefficient bureaucracies and hierarchies, they’re investing in their own ventures that are agile, adaptable, and customer-focused,” says Marc Alexander Christ, Co-Founder of SumUp. “At SumUp, we know it takes resilience and drive to overcome the hurdles associated with starting or expanding a business - quick and easy payment methods shouldn’t be one of them. We empower small business owners by offering hassle-free, transparent payment solutions.”

Legend

Small Business

🛍 Shops

☕ Cafe & Bars

🍴 Restaurant

💼 Tradesperson

💅 Beauty

🚖 Taxi

Density

👪 Per Capita

📍 Per km²

Rent & Real estate

🔑 Availability

💵 Price

Government Support

💰 Subsidies

⚖ Corporate tax

🚀 Initiatives

📈 Investments

Location Small Business Density Rent and
Real Estate		 Government Support
# City Country Size Population 🛍 ☕ 🍴 💼 💅 🚖 👪 📍 🔑 💵 💰 ⚖ 🚀 📈 Total
1 Valencia Spain 135 792,055 3.00 9.36 9.00 6.45 8.00 7.73 6.00 9.27 7.09 7.09 9.16 5.18 5.08 5.05 10.00
2 Madrid Spain 606 3,198,645 9.64 9.91 9.82 9.27 9.64 9.82 4.91 8.91 9.73 3.00 9.16 5.18 8.98 5.05 9.91
3 Vienna Austria 415 1,867,582 9.27 9.18 9.27 8.36 9.09 8.64 4.18 7.82 9.64 3.36 9.25 5.18 9.35 3.18 9.82
4 Berlin Germany 1,030 3,520,031 9.82 9.64 9.73 9.55 9.82 9.27 3.91 6.27 9.82 3.18 6.63 3.18 9.72 6.93 9.73
5 Barcelona Spain 101 1,611,010 6.91 9.73 9.55 7.36 9.27 9.36 6.36 9.64 8.91 2.82 9.16 5.18 8.42 5.05 9.64
6 Warsaw Poland 517 1,744,735 8.64 7.18 7.64 9.82 8.73 9.64 5.09 7.00 8.73 5.91 1.84 9.00 8.24 0.00 9.55
7 Essen Germany 210 582,624 9.45 5.00 7.09 9.00 7.91 2.64 8.82 8.82 6.82 7.27 6.63 3.18 3.60 6.93 9.45
8 Athens Greece 412 664,046 9.36 8.00 8.00 2.09 4.64 9.73 9.64 8.36 4.55 8.55 7.75 3.55 9.26 2.88 9.36
9 Prague Czech Republic 496 1,280,508 7.45 8.91 8.91 9.73 9.73 8.82 6.27 6.64 8.27 4.91 2.88 9.00 7.77 1.20 9.27
10 Birmingham UK 599 1,085,810 8.73 9.09 6.09 8.73 9.36 5.09 5.73 5.09 8.00 4.36 4.94 9.00 9.07 9.51 9.18
11 Glasgow Scotland 265 1,209,143 4.91 8.09 5.27 5.91 7.00 8.45 2.82 6.18 8.36 5.27 4.94 9.00 7.96 9.51 9.09
12 Düsseldorf Germany 224 612,178 8.91 6.09 8.09 9.09 8.18 4.91 8.55 8.73 7.27 4.64 6.63 3.18 6.20 6.93 9.00
13 Hamburg Germany 747 873,062 9.73 8.45 9.36 9.18 9.55 7.82 9.09 5.45 8.09 2.73 6.63 3.18 8.79 6.93 8.91
14 Seville Spain 141 698,040 3.64 9.55 8.36 4.36 5.91 7.09 5.91 9.00 6.36 6.55 9.16 5.18 3.41 5.05 8.82
15 Duisburg Germany 233 491,231 8.36 3.82 5.82 8.27 7.73 1.82 8.36 7.18 6.09 8.00 6.63 3.18 2.48 6.93 8.73
16 Paris France 105 10,460,118 9.91 9.82 10.00 9.91 9.91 9.91 1.55 9.91 10.00 1.27 2.69 1.45 9.81 8.02 8.64
17 London UK 1,738 8,135,667 10.00 10.00 9.91 10.00 10.00 10.00 3.18 7.27 9.91 0.00 4.94 9.00 10.00 9.51 8.55
18 Naples Italy 117 972,130 1.64 6.91 7.45 2.73 7.09 6.73 2.18 8.18 7.55 6.64 7.47 6.00 9.54 2.48 8.45
19 Zurich Switzerland 88 1,354,140 7.18 4.82 7.55 9.64 7.36 8.55 3.45 9.45 9.27 1.09 - 9.09 7.40 9.70 8.36
20 Milan Italy 182 1,348,707 8.00 9.00 9.45 3.73 8.55 8.73 4.73 9.36 8.45 2.09 7.47 6.00 9.63 2.48 8.27
21 Munich Germany 1,508 2,869,113 9.55 8.27 9.09 8.18 9.18 7.91 9.18 7.91 7.64 1.73 6.63 3.18 8.89 6.93 8.18
22 Rome Italy 385 707,150 7.82 9.27 9.64 3.45 9.45 9.18 2.64 2.45 9.55 2.64 7.47 6.00 9.91 2.48 8.18
23 Turin Italy 130 888,683 3.36 5.55 7.36 3.18 7.82 5.64 2.45 7.73 7.18 6.73 7.47 6.00 8.33 2.48 8.00
24 Bucharest Romania 285 1,912,515 6.00 4.27 6.73 3.27 2.45 9.45 2.27 7.36 8.18 9.09 2.13 9.36 9.16 3.67 7.91
25 Liverpool UK 200 552,267 3.73 8.82 4.91 7.91 8.91 5.36 6.91 7.64 5.45 5.36 4.94 9.00 7.03 9.51 7.82
26 Dortmund Germany 280 586,181 9.09 3.73 6.18 7.45 6.82 2.91 7.73 6.55 6.91 6.27 6.63 3.18 3.69 6.93 7.73
27 Stockholm Sweden 382 1,562,136 6.73 7.82 7.82 7.64 8.09 9.09 3.00 6.09 9.18 1.82 3.06 6.36 8.05 9.90 7.64
28 Cologne Germany 1,627 1,060,582 8.82 7.36 8.55 8.45 9.00 4.64 5.64 1.82 8.64 3.45 6.63 3.18 7.59 6.93 7.55
29 Frankfurt Germany 2,538 2,587,904 8.45 7.73 8.82 7.82 8.82 6.00 7.82 7.09 7.73 2.18 6.63 3.18 7.22 6.93 7.45
30 Budapest Hungary 314 732,688 9.18 6.00 8.27 3.55 4.73 8.91 1.45 1.36 9.45 7.91 3.25 1.55 7.96 2.68 7.45
31 Brussels Belgium 1,517 1,550,299 5.73 7.64 8.73 5.09 7.18 4.82 1.73 1.45 9.36 3.82 10.00 3.36 7.68 3.37 7.27
32 Kraków Poland 327 755,471 6.36 5.73 4.36 7.09 6.36 8.36 5.00 5.27 6.00 7.64 1.84 9.00 4.80 0.00 7.18
33 Sofia Bulgaria 492 590,336 7.00 4.45 5.45 2.64 3.55 9.09 7.27 4.09 3.82 9.55 3.72 10.00 7.12 1.59 7.09
34 Leipzig Germany 196 560,472 8.18 4.64 5.36 5.82 5.00 3.09 6.18 6.91 6.64 6.91 6.63 3.18 3.32 6.93 7.00
35 Marseille France 1,732 1,559,789 4.36 5.82 7.73 5.36 7.64 5.91 1.36 1.18 9.09 5.45 2.69 1.45 5.18 8.02 6.91
36 Dresden Germany 298 543,825 7.36 3.91 4.73 6.09 5.45 2.36 5.55 4.91 6.45 7.18 6.63 3.18 3.04 6.93 6.82
37 Lyon France 1,171 1,551,108 5.18 7.00 8.64 6.73 8.64 4.27 1.82 1.55 9.00 4.00 2.69 1.45 4.99 8.02 6.73
38 Edinburgh Scotland 125 482,005 7.55 7.91 5.91 4.82 6.27 6.64 8.27 9.09 5.00 2.91 4.94 9.00 6.94 9.51 6.64
39 Bochum Germany 145 364,742 6.55 2.18 2.91 7.27 4.27 1.45 6.82 6.82 5.09 8.82 6.63 3.18 1.84 6.93 6.55
40 Amsterdam Netherlands 1,140 821,752 8.55 8.55 8.45 5.55 5.27 7.00 6.64 2.27 8.55 1.36 8.13 5.18 8.70 7.33 6.45
41 Lisbon Portugal 84 504,718 4.73 9.45 9.18 9.45 4.45 8.00 9.27 9.55 4.27 3.64 3.16 6.45 8.61 3.08 6.36
42 Dublin Ireland 318 544,107 5.82 8.36 6.64 6.18 7.55 9.55 9.45 8.00 5.64 1.18 2.22 5.18 8.52 9.60 6.27
43 Katowice Poland 165 302,397 7.73 3.18 1.91 9.36 6.18 4.45 9.55 8.55 2.09 9.64 1.84 9.00 1.28 0.00 6.18
44 Manchester UK 630 256,984 6.27 8.73 6.55 8.91 8.45 4.55 9.82 3.27 2.27 3.73 4.94 9.00 9.44 9.51 6.09
45 Copenhagen Denmark 607 605,366 8.09 8.64 8.18 8.64 8.36 6.18 8.64 4.36 7.00 1.55 7.56 6.18 0.00 7.53 6.00
46 Leeds UK 488 474,632 6.82 8.18 4.82 7.73 6.64 2.82 7.45 3.64 4.91 4.09 4.94 9.00 8.14 9.51 5.91
47 Leicester UK 225 443,760 8.27 5.91 3.64 6.82 5.18 1.91 7.91 6.45 4.64 5.55 4.94 9.00 6.57 9.51 5.82
48 Poznań Poland 262 540,365 5.00 2.27 2.55 8.09 7.27 7.55 6.09 5.64 4.73 8.09 1.84 9.00 4.06 0.00 5.73
49 Nuremberg Germany 374 509,975 7.09 5.64 6.91 6.64 7.45 2.55 6.73 4.45 6.27 4.73 6.63 3.18 4.43 6.93 5.64
50 Stuttgart Germany 292 310,492 9.09 6.64 7.91 8.55 8.27 3.45 9.91 7.45 4.00 3.09 6.63 3.18 6.38 6.93 5.55
51 Toulouse France 811 879,683 5.64 5.18 7.18 5.00 6.91 7.55 3.64 2.09 7.82 5.00 2.69 1.45 4.06 8.02 5.45
52 Málaga Spain 395 561,435 2.55 7.55 7.27 4.45 4.36 7.27 4.64 3.00 5.55 6.09 9.16 5.18 3.60 5.05 5.36
53 Bristol UK 144 535,907 7.27 7.27 4.27 6.91 5.82 3.55 6.55 8.64 5.36 2.55 4.94 9.00 7.31 9.51 5.27
54 Cardiff UK 102 335,145 7.64 6.73 4.00 5.64 5.36 4.09 8.91 9.18 3.00 4.27 4.94 9.00 5.92 9.51 5.18
55 Riga Latvia 304 640,527 5.36 4.18 3.55 1.55 3.09 6.55 3.09 3.73 5.82 8.73 9.63 6.64 0.00 2.58 5.09
56 The Hague Netherlands 114 1,022,256 6.64 4.00 5.55 4.73 4.00 2.55 1.91 8.27 8.82 2.45 8.13 5.18 5.55 7.33 5.00
57 Łódź Poland 293 696,708 6.09 2.09 2.18 2.55 2.91 8.18 3.36 4.64 5.73 9.36 1.84 9.00 2.86 0.00 4.91
58 Alicante Spain 202 227,415 5.45 6.45 5.73 4.18 2.64 5.45 9.36 5.73 2.00 8.27 9.16 5.18 2.11 5.05 4.82
59 Wakefield UK 339 340,800 5.36 6.82 2.00 7.18 5.73 0.00 7.36 3.55 3.18 7.00 4.94 9.00 - 9.51 4.73
60 Helsinki Finland 680 631,695 6.45 6.36 5.18 5.18 6.09 5.27 4.55 2.18 7.36 2.00 9.53 6.64 6.47 8.12 4.64
61 Antwerp Belgium 204.5 718,730 4.18 5.45 6.45 4.27 4.55 1.36 2.36 4.73 7.45 5.09 10.00 3.36 5.82 3.37 4.55
62 Bremen Germany 405 557,464 6.18 3.00 5.09 6.36 6.73 1.55 4.45 2.73 6.55 5.82 6.63 3.18 3.88 6.93 4.45
63 Vilnius Lithuania 401 544,386 2.64 2.73 3.18 1.64 1.91 5.73 2.00 1.64 5.18 8.18 3.44 9.55 5.27 3.87 4.36
64 Bilbao Spain 18 351,355 4.00 7.45 4.45 5.27 5.09 6.45 8.00 9.73 3.55 4.55 9.16 5.18 1.74 5.05 4.27
65 Genova Italy 244 585,128 5.09 6.18 6.36 2.45 4.82 4.00 3.27 4.55 5.27 6.18 7.47 6.00 5.45 2.48 4.18
66 Oslo Norway 454 634,293 4.64 4.91 6.09 8.00 6.55 6.09 4.82 3.09 6.73 1.64 - 6.18 6.01 7.43 4.09
67 Sheffield UK 167 255,755 3.45 6.55 3.00 7.55 4.91 3.91 8.45 5.91 2.18 5.73 4.94 9.00 6.85 9.51 4.00
68 Palermo Italy 159 674,085 1.91 2.91 3.91 2.18 3.00 1.64 0.00 2.36 5.91 7.73 7.47 6.00 7.49 2.48 3.91
69 Hannover Germany 218 259,749 5.91 4.36 5.64 6.27 6.45 3.27 9.00 5.55 3.27 5.64 6.63 3.18 4.62 6.93 3.82
70 Murcia Spain 1 437,665 1.09 2.64 2.09 3.91 1.82 3.73 1.18 10.00 4.36 8.36 9.16 5.18 1.93 5.05 3.73
71 Palma de Mallorca Spain 209 402,045 3.82 7.09 7.00 3.82 3.27 7.36 7.09 5.82 3.91 4.18 9.16 5.18 3.78 5.05 3.64
72 Bielefeld Germany 257 333,090 5.55 1.82 2.27 4.64 3.18 1.18 5.18 3.36 4.45 8.45 6.63 3.18 1.74 6.93 3.55
73 Thessaloniki Greece 112 315,196 3.09 3.55 3.82 3.00 1.73 6.27 5.27 6.36 1.82 9.45 7.75 3.55 5.64 2.88 3.45
74 Córdoba Spain 1,255 328,325 1.18 5.09 3.27 3.64 2.82 3.64 2.73 0.00 2.91 10.00 9.16 5.18 1.09 5.05 3.36
75 Las Palmas Spain 101 381,270 3.27 3.27 4.55 2.91 2.55 8.09 5.82 8.45 3.64 6.00 9.16 5.18 2.48 5.05 3.27
76 Tallinn Estonia 159 426,538 2.27 2.55 2.64 1.82 1.45 5.82 2.55 3.91 4.09 6.82 9.44 9.64 4.25 10.00 3.18
77 Gothenburg Sweden 204 581,821 4.55 3.64 4.18 4.00 4.18 7.18 3.82 5.36 6.18 3.55 3.06 6.36 4.71 9.90 3.09
78 Gdańsk Poland 262 219,072 4.09 3.09 2.45 8.82 3.73 7.64 9.73 5.18 1.55 7.82 1.84 9.00 2.48 0.00 3.00
79 Szczecin Poland 310 404,461 4.82 1.64 1.36 6.00 2.27 6.82 5.36 3.45 3.09 9.18 1.84 9.00 1.56 0.00 2.91
80 Bratislava Slovakia 530 424,428 7.91 5.36 5.00 3.09 3.91 5.55 7.55 2.55 3.73 6.45 0.00 9.00 5.36 1.30 2.82
81 Rotterdam Netherlands 319 307,001 4.45 4.73 4.09 5.73 3.36 5.18 7.18 2.91 4.82 2.36 8.13 5.18 6.29 7.33 2.73
82 Coventry UK 81 325,949 1.73 4.55 1.73 7.00 4.09 3.82 4.36 7.55 2.82 1.91 4.94 9.00 4.90 9.51 2.64
83 Timișoara Romania 131 306,462 1.27 1.27 1.18 1.27 1.09 8.27 4.09 5.00 1.73 9.73 2.13 9.36 3.23 3.67 2.55
84 Florence Italy 102 382,533 1.82 6.27 6.82 2.82 6.00 3.36 4.00 6.73 3.36 4.45 7.47 6.00 6.75 2.48 2.45
85 Cluj-Napoca Romania 180 303,047 2.18 2.00 1.82 1.45 1.36 6.91 4.27 3.82 1.64 9.27 2.13 9.36 4.15 3.67 2.36
86 Nice France 744 941,777 2.45 4.09 6.27 4.09 5.55 2.27 1.09 1.27 7.91 3.27 2.69 1.45 3.13 8.02 2.27
87 Utrecht Netherlands 99 171,620 3.55 2.36 2.36 5.45 2.00 2.09 8.18 6.00 2.36 2.27 8.13 5.18 4.34 7.33 2.18
88 Bologna Italy 180 387,515 2.91 5.27 4.64 2.36 5.64 3.27 3.73 4.27 3.45 5.18 7.47 6.00 6.66 2.48 2.09
89 Lublin Poland 147 157,574 2.73 1.36 1.27 4.55 2.36 5.00 8.09 4.18 1.18 8.91 1.84 9.00 1.37 0.00 2.00
90 Plovdiv Bulgaria 102 343,424 2.09 1.45 1.64 1.18 1.55 4.36 2.09 4.00 1.91 9.91 3.72 10.00 2.67 1.59 1.91
91 Nicosia Cyprus 111 330,000 3.18 1.91 3.36 1.36 2.18 2.18 2.91 4.82 2.73 7.36 9.34 9.73 1.56 3.97 1.82
92 Ljubljana Slovenia 164 279,631 2.45 3.45 2.73 2.00 1.64 4.18 3.55 3.18 2.55 6.36 9.72 9.00 4.62 2.98 1.73
93 Varna Bulgaria 238 162,170 1.36 1.55 1.55 1.73 1.18 6.36 6.45 2.00 1.09 9.82 3.72 10.00 2.21 1.59 1.64
94 Kaunas Lithuania 157 295,269 1.55 1.27 1.45 1.09 1.27 3.00 1.27 1.73 2.45 8.64 3.44 9.55 2.95 3.87 1.55
95 Bydgoszcz Poland 176 166,712 2.00 1.09 1.09 4.91 3.45 4.73 7.00 2.82 1.27 9.00 1.84 9.00 1.19 0.00 1.45
96 Bari Italy 203 325,271 1.45 2.82 2.82 2.27 3.82 1.09 1.64 1.91 2.64 7.55 7.47 6.00 5.73 2.48 1.36
97 Luxembourg City Luxembourg 51 114,303 2.82 1.73 3.73 1.91 2.09 2.73 8.73 8.09 1.36 1.45 9.81 3.64 6.10 5.15 1.27
98 Bonn Germany 1,295 318,809 3.91 2.45 3.45 6.55 3.64 1.73 5.45 1.09 4.18 4.82 6.63 3.18 2.67 6.93 1.18
99 Brno Czech Republic 230 195,424 4.27 3.36 3.09 3.36 2.73 2.09 7.64 2.64 1.45 7.45 2.88 9.00 2.76 1.20 1.09
100 Valletta Malta 1 5,730 0.00 0.00 0.00 0.00 0.00 1.27 10.00 9.82 0.00 3.91 - 0.00 2.02 8.22 0.00

Methodology

SumUp’s Small Business Index 2019 underlines the status quo of Small Business across Europe. We have analysed four major categories which contribute to providing a comprehensive overview of Small Business in Europe, thus dividing the Small Business Index 2019 into:

  • Small Businesses - the type and total number of small businesses per city
  • Density - the number of small businesses per capita and km²
  • Rent and Real Estate - the retail area provision and the cost of rent
  • External Support - financial measures and subsidies supporting small businesses

Score

In order to rank the cities in an index, a score was attributed to each category, with the sum equaling in the total small business score. The scoring system differentiates between the existing types of factors:

  • Positive Factors: The higher the value, the higher the score. (Shops, Cafe/Bars, Restaurants, Handyman, Beauty, Taxi, Per Capita, Per km², Availability, EU Subsidies, Initiatives, Investment)
  • Negative Factors: The higher the value is, the lower the score. (Price, Taxes)

For the direct factors, results for each city were ranked from highest to lowest, subsequently assigned an equal portion of the maximum grade (10) according to the equation [1-(C-1)/(MAX(C)-1))*9+1], where C is each city and the operation *9+1 is added in order to obtain scores that go from a clear 0 to a round 10.

For the indirect factors, results for each city were ranked from lowest to highest, subsequently assigned an equal portion of the maximum grade (10) according to the equation 1-(C-1)/(MAX(C)-1))*9+1, where C is each city and the operation *9+1 is added in order to obtain scores that go from a clear 0 to a round 10.

Ranking

Once scores were obtained, the overall rank was calculated by weighting each criteria according to: Small Businesses (35%), Density (15%), Rent and Real Estate (35%), External Support (15%), therefore resulting in the overall score.

Once the overall score was obtained, the scale was adjusted to standardise the results, resulting in a range from 1-10. This was achieved by ranking the final scores, assigning 0 to the lowest score, 10 to the highest, and the proportional part of the grades to the rest of the values.

Cities

City List: SumUp’s Small Business Index 2019 includes 100 cities across Europe selected based on biggest population size, including all the capital cities in Europe, regardless of membership of the European Union.

Population: Urban population, sourced from United Nations Statistics Division, with most recent data for each city.

Size: Urban size (km²), sourced from United Nations Statistics Division, University Websites and Wikipedia

Each category was then broken down into sub-factors.

For Small Businesses, the following criteria were researched:

Shops: Total number of shops per city. Source: OpenStreetMaps.

Cafe/Bar: Total number of cafes and bars per city, calculated as an average from 3 different sources: OpenStreetMaps, Yelp, and TripAdvisor.

Restaurant: Total number of restaurants per city, calculated as the average from 3 different sources: OpenStreetMaps, Yelp, and TripAdvisor.

Handyman: Total number of handyman businesses per city, calculated as an average from 2 different sources: OpenStreetMaps and Yelp. This category includes: electricians, plumbers, locksmiths, carpenters, and painters.

Beauty: Total number of beauty-related businesses per city, calculated as an average from 2 different sources: OpenStreetMaps and Yelp. This category includes: cosmetic shops, hairdressers, massage salons, nail salons, and tattoo studios.

Taxi: Total number of taxis per country. The data was obtained from a European Commission 2016 report: “Study on passenger transport by taxi, hire car with driver and ridesharing in the EU”. For cities not included in this report, manual research was undergone with data retrieved from government websites and news articles.

For Density, the following criteria were researched:

Per Capita: The number of small businesses per inhabitant. A percentage was calculated between the number of small businesses and the population of the city. Population data was obtained from the last official census data.

Per square km: The number of small businesses per km². Calculated based on Total Nr. of Small business and Urban Area.

For Rent and Real Estate, the following criteria were researched:

Availability: The retail sales area provision per person, calculated as the retail area per country divided by the population. Source: KfK study on key retail indicators.

Price: Monthly rent for an 85m² space, calculated as an average from 2 different sources: Expatistan and Numbeo.

For External Support, the following criteria were researched:

EU Subsidies: The amount granted to each country by the EU, as part of the EU COSME (Competitiveness of Enterprises and Small and Medium-sized Enterprises) program. Scored per capita.

Tax: The percentage of a company's income that must be paid to the government by law. Source: PWC tax summaries.

Initiatives: Total number of social media users per city identifying as “Small Business Owner” in addition to total number of social media users per city ‘interested’ in ‘start-up related topics’, e.g. Startup Outlets. Tracked using digital behavioural data measured as ‘interest’.

Investment: Total venture capital from the state. The data was obtained in US dollars from 2017 and current conversion rates applied (US to Euro = 0.83). Source: Venture Investment Data Review. Scored per capita.