European start-ups know only too well that being first does not necessarily mean winning. Several pioneered e-commerce models such as flash sales and selling eyeglasses on-line but did not become global giants, while U.S. copycats  raised gobs of money and gained considerable  traction, thanks to the deep pockets of Silicon Valley venture funds and the luxury of a large and lucrative homogenous market.

The tables may be turning.Read more