E716 | This Week in European Tech with Dan Bowyer, Lomax Ward & Harry Destecroix

Welcome back to Upside, where Dan Bowyer of SuperSeed and Lomax Ward of Outsized Ventures, joined by Harry Destecroix, MBE, of SCVC unpack the forces shaping European venture, deep tech and capital.

This week’s conversation reflects a system shifting: Europe is writing bigger checks, physical AI is moving into focus, and the economics of AI are starting to change.

The question is no longer where innovation happens.
It is where value accrues.

The stack isn’t just scaling. It is being contested.

What's covered:

00:00 Intro and the week’s themes
02:00 Europe’s €15B fund-of-funds and the capital gap
08:00 Seed vs growth: where Europe is actually underfunded
14:00 Bezos’ $100B physical AI strategy
20:00 Roll-ups vs rebuilds in the industrial economy
25:00 China’s token model and the cost collapse of AI
31:00 Security, sovereignty and model choice
36:00 Innovate UK and founder-led policy
41:00 Capex vs revenue: the emerging imbalance
47:00 Predictions and market direction
52:00 Deals of the week