KfW 2026's most hopeful finding: 40% of founders are under 30. But 22% are still in Studium. The series finale asks if this is a generational shift or stage-of-life artefact.

Europe does not lack startup capital. It lacks a capital architecture that moves innovation to scale. Analysis of venture capital, LP allocation, and growth funding.

DACH venture capital is shifting from SaaS to defense, space, industrial AI, and procurement-backed infrastructure startups.

Three editions, three years, one pattern: Vollerwerb flat at 206k, takeover share stuck at 17%, own-equity financing peaks at 74%. KfW's longitudinal diagnosis.