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2024 Scale-ups Confidence Survey

European Report 2024

The Deloitte Private Scale-ups Confidence Survey was initially launched in 2020 in Belgium during the early stages of the COVID-19 pandemic to monitor how start/scale-ups were navigating these challenges. For its fifth edition, the survey has been expanded to encompass 5 European regions for the first time, offering a comprehensive view of the confidence levels, growth ambitions, and challenges faced by start/scale-ups in Belgium, Greece, Switzerland, the Netherlands, and the United Kingdom.

Key findings


Ultimately, our survey report provides real insight into key areas and challenges that impact the scaleups scene across Europe with a slowdown, such as peaking inflation, rising interest rates, dropping valuations, pressure on sales funnels and the decreasing amount of money raised after two record breaking years. This slowdown however does not mean that we have to change the recipe. On the contrary, there are promising signs that the scale-ups ecosystem is maturing and has arrived at the next chapter in the cycle.

Learn more about the most prominent findings within the Scale-Ups Ecosystem 2024.

The top growing sectors are driven by regulation, consumer demand and awareness regarding sustainability

The top growing sectors in the European region include Software, FinTech, Electronics, Media & Entertainment, Sustainability, and Life Sciences and HealthCare. The growth in these sectors is largely driven by consumer needs, regulatory changes, and a growing consciousness about sustainability.

European scale-ups struggle mainly with lower/delayed new business and customer signings, cash flow, liquidity and funding issues and finding the right talent

The scale-ups in the different geographies primarily struggled with lower/delayed new business and customer signings, with the UK being the most affected (70% ofthe respondents), followed by finding the right talent and cash flow, liquidity, and funding issues. Notably, Swiss scale-ups indicated finding the right talent lower on their list of challenges (14% of respondents).

US dominates international expansion plans despite cultural and regulatory challenges

The majority of scale-ups prefer to expand either nationally, or to neighbouring countries. Additionally, the United States remains a top choice for international expansion among scale-ups, despite the challenges of navigating different regulatory environments and cultural differences.

Government support is a key driver for scale-up growth and development

Government support plays a crucial role in the growth and development of scale-ups, as seen in the Greek market with the Recovery and Resilience Facility programme. However, in markets like the UK where there is less government intervention, ventures are moving toward the US, suggesting a need for increased governmental support to retain innovation within the country.

In general, European scaleups are optimistic about their growth trajectory, anticipating an increase in workforce and funding

Scale-ups across Belgium, Greece, Switzerland, the Netherlands, and the United Kingdom are generally optimistic about their growth trajectory, with the majority planning to increase their workforce and actively seeking additional funding.

Overall, there is a need for greater unity and cooperation to enhance innovation across Europe

Despite the unique characteristics of each country’s scale-up ecosystem, there is a collective need for greater unity and cooperation both within and between countries. Promoting closer collaboration and strengthening ties could substantially benefit ventures and enhance innovation across Europe.

Scale-Ups Confidence


How confident are you that your business can continue or even accelerate its growth trajectory?

The 2024 Scale-Ups Confidence Survey provides valuable insights into the current state and future aspirations of scale-ups across Belgium, Greece, Switzerland, the Netherlands, and the United Kingdom. Overall, the survey paints a picture of an optimistic and ambitious scale-up landscape across the surveyed countries, albeit one that is not without its challenges.

Each country’s scale-up ecosystem has its own unique characteristics and level of maturity. In Belgium and Switzerland, for instance, the ecosystems are in a phase of maturation. These markets are currently readjusting after periods of high valuations, indicating a move toward stabilisation. Additionally, Switzerland is a typical example where the scale-ups ecosystem is significantly influenced by dominant sectors that play a crucial role in nurturing and driving emerging ventures forward. The Greek scale-up ecosystem has seen significant growth and maturity in a relatively short period, particularly through the Recovery and Resilience Facility programme introduced by the government.

In contrast, there is less intervention from the government in the UK. Additionally, there is a notable trend of ventures moving toward the US, raising questions about whether increased governmental support might help retain innovation within the UK. Finally, the Netherlands is operating in a rather fragmented manner, where different stakeholders could collaborate more closely, and continued government support is beneficial.

Despite these individual characteristics, these countries collectively form part of the broader European market. Greater unity and cooperation both within and between countries could substantially benefit ventures and enhance innovation across Europe. Promoting closer collaboration and strengthening ties would drive innovation and strengthen Europe’s competitive edge in the global scale-up landscape.

While scale-ups remain rather confident, the changing market conditions have negatively impacted their future growth ambitions and optimism.

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