Europe's tech ecosystem has long been criticized for its inability to produce a homegrown giant like Google or Microsoft. In response, a new fund called Project Europe has launched, aiming to support the next generation of founders in building technically innovative solutions. The fund has initially secured $10 million from 128 founders and tech executives from startups across Europe and beyond.

The fund's focus is on supporting young founders, with a unique age restriction of 25 and under. Successful applicants will receive €200,000 (approximately $200,000) to develop their ideas, with no restrictions on moving their companies later. Founders can apply with an idea or a partially formed startup, and the fund will take a 6.66% equity stake in the new business.

The age-specific requirement is intended to support the next generation of founders, similar to the Thiel Fellowship in the US. This focus on young entrepreneurs is seen as a way to democratize entrepreneurship and provide opportunities to a wider group of people. The fund's creators believe that by supporting these young founders, they can help create a new wave of European tech giants.

The lack of growth stage funding has been cited as a major bottleneck in Europe's tech ecosystem, driving founders to move to the US or sell their companies early. However, others argue that the problem lies in the tendency of promising companies to sell or move too early, rather than a lack of funding. Project Europe's focus on early-stage funding may help address this issue, but it remains to be seen whether it will have a significant impact.

In addition to the funding, Project Europe offers its cohorts 1:1 mentorship from one of its nine partners, including Victor Riparbelli from Synthesia and Mati Staniszewski from ElevenLabs. The fund's creators, including Harry Stebbings, the podcaster-turned-investor at 20VC, are also offering access to their vast media empire as part of the deal. This comprehensive support system aims to provide young founders with the resources they need to succeed.

The success of Project Europe will depend on the quality of the companies it supports and their ability to scale and grow. If the fund can demonstrate a track record of supporting successful startups, it may help to address the perceived gap in Europe's tech ecosystem. As the fund's creators note, the proof will be in the outcomes, and it will be interesting to see which under-25s end up in these cohorts and what they go on to achieve.

Project Europe's launch marks an important step in the ongoing discussion about how to foster a more resilient and independent European tech industry. While it is unclear whether this fund will be the catalyst for creating a European Google or Microsoft, it is a promising initiative that could help to democratize entrepreneurship and support the next generation of tech leaders.