Money is a part of it, but the bulk of the problem is a lack of a culture that celebrates entrepreneurship and embraces failure as a normal stepping stone to success. This is why there aren't Euro SVs.
Culture is changed through the media and other social proof. An increase in money might make people feel comfortable enough to take some new risks, and some of those risks might pay off and spawn some companies that the European general and tech media can report on.
Culture is changed through the media and other social proof. An increase in money might make people feel comfortable enough to take some new risks, and some of those risks might pay off and spawn some companies that the European general and tech media can report on.