Slush 2025 Startup Survey: A Wake-Up Call for the European Tech Ecosystem

The report is based on 607 answers from early-stage founders across Europe, collected in early 2025. Most of these startups were founded around 2021, making them about 4 years old. On average, each team has 2 to 3 founders, and 60% have at least one founder with previous experience. Nearly 70% of the startups have no outside funding.

Unlike typical reports from investors, this one focuses on everyday problems that slow startups down the small but real struggles that don't usually make the news.

Some challenges, like getting funding, hiring, and growing, never go away. But each year, new issues can also appear.

In 2025, the biggest struggles for startups are clear: finding funding and growing the business.

Raising money is still the biggest challenge for 58.1% of startup founders, though this is slightly down from 63% last year.

Only 18% of founders say it would be easy to raise funding right now, while 57% say it would be hard 7.6% more than in 2024.

Founders also face a common problem: it’s hard to raise money without showing growth, but growing is tough in the current market. This creates a tricky situation where investors want to see clear profits and smart spending, not just fast expansion.

European founders also face local challenges. Investors in Europe are often more cautious than those in the U.S.,especially in deeptech, where results take time and risks are higher. In AI, too many startups are competing, making it hard to stand out.

Worries about growing revenue have increased by almost 16% compared to last year. This shows that even when startups get funding, turning it into steady, long-term growth is still a big challenge.

While 68% of founders find it easy to spot new prospects, only 30% say they can easily convert them. The difference between seeing opportunities and gaining traction is where progress stalls.

Limited resources make founders constantly choose between developing the product and implementing effective marketing strategies.

“Nobody seems to know how to do GTM. It’s all trial and error.”

The business environment has changed. Higher costs to gain customers, more competition, and fast-changing market demands make it harder to grow and maintain revenue.

“Everything that worked 10 years ago doesn’t necessarily work today.”

In addition to challenges with skills and pay, founders are now more focused on mindset. It's tough to find people who not only have the technical skills but also fit the culture, have the drive, and can be accountable in an early-stage team.

“I care about attitude—skills can be taught.”

About Slush

Slush is a non-profit organization run by students and is known for hosting one of the top startup events in the world. Its goal is to support startup founders and help build a strong startup community, especially in Northern Europe. Slush brings together startups, investors, business leaders, and media, offering useful advice and an exciting environment for networking and growth.