https://19-pacheco-torgal-19.blogspot.com/2026/02/nuno-loureiro-in-praise-of-failure.html
Building on my previous post (linked above), it is worth disclosing the results of a French study published in the Strategic Entrepreneurship Journal showing that expressed humility plays a decisive role in early-stage investors’ funding decisions. The study shows that humility increases perceived likeability, trustworthiness, and the belief that founders can build strong teams. In pitch contexts, it functions as a relational signal under uncertainty. However, humility is not unambiguously rewarded. It is a double-edged signal: while it strengthens perceptions of relational capacity, it can also raise doubts about decisiveness and agency, as investors rely on simplified heuristics when evaluating entrepreneurs. https://sms.onlinelibrary.wiley.com/doi/10.1002/sej.70016
There is, however, a fact the study does not advertise: France is not Silicon Valley. It is a market where startup exits are rarer, unicorns thinner on the ground, and venture capital a fraction of what flows through the American ecosystem. Which raises an uncomfortable question: what if the investor behaviour this study measures is itself part of the problem? If French investors reward humility and American investors reward audacity — and American startups consistently and dramatically outperform European ones — then Europe may not simply be playing the game differently. It may be losing it, partly by design, rewarding precisely the founder signals least associated with breakout success.
This connects to a broader mechanism: entrepreneurial evaluation operates through competing prototypes of what a “successful founder” looks like, and those prototypes are not culturally neutral. Against the backdrop of my earlier post on immigrant and minority entrepreneurship — where evidence from The Economist and MIT studies shows that immigrants and ethnic minorities disproportionately drive startup creation — the pattern sharpens further. People shaped by adversity, displacement, and systemic exclusion appear to develop precisely the adaptive capacity that conventional evaluation systems struggle to recognise, and often penalise. The startup paradox, then, is not merely that the traits most useful under uncertainty are undervalued. It is that the evaluation systems themselves may be selecting for comfort over capability, for legibility over potential.
P.S. — If the signals that feel socially virtuous within European pitch rooms are systematically disadvantaging European founders in global competition, then the question I raised in October 2024 — should Europe emulate America’s cutthroat, psychopathic “culture”? — is no longer rhetorical. Europe has spent decades congratulating itself on its social sophistication. The startup gap suggests that sophistication may have a price, and that entrepreneurs, not investors, are the ones paying it. https://19-pacheco-torgal-19.blogspot.com/2024/10/align-act-accelerate-can-europes-risk.html
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