Francisco Velázquez, Founder and Managing Partner of Axon, has co-authored, together with Elena Bou, Co-Founder and Executive Board Member of InnoEnergy, the white paper “Beyond Capital: What it really takes to scale tech in Europe”.
The paper addresses a critical question for technology investors in Europe: why do companies with strong technology and access to capital still struggle to scale? The authors argue that growth capital only reaches its full potential when deployed within structured ecosystems that systematically de-risk execution — securing early demand, integrating supply chains, building talent pipelines and navigating regulatory complexity simultaneously.
Drawing on 15 years of evidence from pan-European public–private platforms, the paper highlights how ecosystem-based models are already delivering measurable results: over €35 billion raised by portfolio companies, more than 200 VCs co-investing, and scale-up cases such as Verkor, which went from its founding in 2020 to opening its first gigafactory in 2025 with over €3 billion in capital secured.
The publication reinforces Axon’s long-standing conviction that building global technology champions in Europe requires more than funding — it demands deep sector expertise, strong governance and active connectivity with the broader innovation ecosystem. Beyond Capital: What it really takes to scale tech in Europe
