In an interview for the Financial Times’ “Tech Exchange” series, Luciana Lixandru, global co-lead of Sequoia’s early-stage investment business, discusses what she describes as the next phase of Europe’s technology sector. Lixandru frames the moment as “act two,” arguing that Europe is at a point where its start-up ecosystem needs to mature to build companies of the scale seen in other major tech markets. She focuses on how early-stage innovation can be translated into sustained growth and larger, long-term outcomes, tying her comments to the region’s broader ambitions for more high-value technology firms. The article presents her views on the conditions investors and founders face, without detailing specific deals or policy proposals. Overall, the coverage centers on her perspective that Europe can pursue larger tech valuations by evolving its venture and company-building pathways beyond the current stage of development.