multiple or different afliations, the publication is counted for each institutions' home country. “Europe” encompasses the UK and all countries that are in both the EU and NATO. EDT = emerging and disruptive technologies. Because of rounding, not all bar segment totals add up to 100%. innovations into market-ready technologies. than its share of leading scientific publications. We found this underperformance across all nine NATO EDTs, including the ones in which European research is strongest. In the US, by contrast, the opposite is true: the country in its defense startup ecosystem. There are twice as many defense startups in the US as in Europe, and these have benefited from 8.5 times the venture capital investment of top scientific publications. (See Exhibit 4.) over the past decade—although that ratio has fallen to 7.5 times since Russia's invasion of Ukraine. (See Exhibit 5.) This suggests that, on average, European companies The underlying cause of this asymmetry is no secret. considerably smaller valuations than their US counterparts. Multiple reports by the European Commission, the Similarly, in terms of transatlantic M&A activity, three Organisation for Economic Co-operation and Development, and the European Investment Bank, all point to a common culprit: weak pathways to commercialization. Insufficient incentives and support for researchers to pursue patents, limited industry demand for frontier technologies, and scale, capitalization, and commercial maturity.