Startups
What is a scaleup? When a startup stops being a startup
A scaleup is a company whose search is over: the model works, and the job becomes deploying capital into it fast. The markers, the maths and Europe's gap.
Stéphane Paillard · August 28, 2026 
European unicorns: where the billion-euro companies are
Stéphane Paillard 
The term sheet guide: every clause that matters, and what’s standard in Europe
Stéphane Paillard 
Where to incorporate a startup in Europe: SAS, GmbH, Ltd, OÜ and BV compared
Stéphane Paillard 
Employee equity in European startups: ESOPs, EMI, BSPCE and what’s normal
Stéphane Paillard 
What VCs actually look for at seed
The fund maths behind every seed decision - why a reliable 3x gets rejected, what quality of demand really means, and the questions to ask investors back.
What percentage of startups fail? What the data actually says
The "90% of startups fail" figure is untraceable - here is what the BLS and Dealroom data actually show, and why high attrition is the venture model working as designed.
Startup grants in Europe: the non-dilutive funding guide
The EIC Accelerator, national agencies and the long tail of European grant money - how to interleave grants with a raise, and the hidden costs nobody announces.
Startup dilution explained: what three rounds really cost founders
A worked example of what pre-seed, seed and Series A really do to founder ownership - plus the three traps that make dilution cost more than the headline numbers suggest.
SAFE vs convertible note vs BSA-AIR: startup instruments explained
How SAFEs, convertible notes and France's BSA-AIR actually work - caps and discounts with a worked example, the stacking trap, and the questions to ask before signing.