European quantum startups are struggling to find business leaders as the industry matures, with 87% still founded by technical executives, according to a new report from Dealroom and Lakestar. The study of 196 quantum companies reveals a stark commercial gap: while 59% of startups are actively seeking business talent, the pipeline of operators experienced in deep tech commercialization remains thin.

London dominates the European quantum scene, home to 43% of startups, followed by Paris at 12.2%. However, the capital landscape tells a different story. US-based PsiQuantum has raised $890 million, while UK-based Quantinuum secured $185 million — underscoring the funding disparity. Of the 284 VC-backed quantum companies tracked, 46% raised Series A rounds and 38% at seed stage, with 37% focused on intellectual property and 27% on photonics technologies.

The talent shortage threatens Europe's ability to commercialize breakthroughs emerging from university spinouts, which account for 24% of quantum startups. "We need more people who can take deep tech and actually build businesses around it," noted one founder. With competition from better-funded US rivals intensifying, European quantum startups face a critical window to develop commercial leadership or risk falling behind.