 Okay, so good morning everybody. It's it's great to be back of what is still without doubt the coolest tech conference on the planet. Last year I spoke for the first time about this report that I produced in partnership with Slush and with Oric called the State of European Tech. It's a comprehensive and data-driven guide to what's happening here in our tech ecosystem today. And I'm delighted to be back this year to share our analysis once again. To try to move the discussion beyond the headlines, beyond the skepticism and beyond the hype. And I'm also delighted because this gives me a chance to transcend Brexit and actually feel cheerful about Europe. So as you've heard after I've talked through the highlights, I'll be joined on stage by Roxanne Sebastian and John Thornhill and he's gonna give us a good grilling on stage. So here we go. What's this year's report telling us? Well, there's some good news and there's some bad news. The bad news is is I'm gonna sound like a broken record and the good news is is that I'm becoming a broken record talking about breaking records. 2018 was another record year for investment, a record year for exits and a record year for the creation of billion-dollar companies in Europe. The fact is a two billion dollar exit today wouldn't even make the cut for the top five in Europe this year. And of the ten most valuable global public listings in tech this year, three of them are European. Looking beyond the public markets, there are plenty of companies building and staying private longer too and Sebastian's Clarner is of course a great example of that and at the very earliest stages, both the number of rounds and the amount invested continue to march up and to the right. We've heard a lot of people say that tech is seeing bigger but fewer rounds. Well, that may be elsewhere, but it's not the case here in Europe. Europe is now both harvesting the fruits of its earlier labor and at the same time sewing more promising seeds for the future than ever before. Look at Spotify. Spotify's public listing early this year. It's unequivocal proof that European founders can think big and long term, can hire the best talent, raise the right capital, stave off ferocious competition, go the full distance and still win on a global stage. I think it's hard to think of a company anywhere that has had to fight fiercer competition from the world's largest tech companies and yet still come out on top. It's a defining moment for European tech. So don't ever let anybody tell you that we can't compete on the global stage. We're not going to kid you that it's easy or that everyone will make it, but don't believe for a minute that it's not possible. In fact, not only is it possible, but all of you who are aiming to replicate Spotify's success are a critical part of Europe's economic future full stop. Overall economic growth here is flat-lining. In the third quarter of 2018, Europe's growth rate slumped to just 0.2 percent. That's the lowest rate in four years. And even before that sharp decline, Europe's software industry was growing at least five times faster than the rest of the economy. And that gap is now widening as European tech accelerates and other traditional sectors stagnate or even decline. And as a result, Europe's tech workforce is now growing at 4% year-on-year. So to put that number in context, the European Commission forecast that implanted in the EU as a whole will only grow 1.1 percent this year. So as we all know, tech is bucking the trend of slow economic growth across Europe and represents an important bright spot for the continent. So as all this has happened, it's transformed the performance of European venture capital, which is now highly competitive with both US VC and European private equity, too. So we thought it would be interesting to take a look at the sources of tech investment to understand who ultimately benefits from this growth. In other words, who funds the funders? Well, two things stood out to us. First, a decade of growth has seen previously conservative European family offices turn their attention to tech investment. Over the last five years, family offices and private individuals have invested over five billion dollars in European venture capital. So to be clear, it's not pension funds. It's not sovereign wealth funds. It's governments, families, and then corporates that have been the three key backstops to European tech funding for now. And just imagine the upside when we finally unlock mainstream institutional capital at scale. So not for the first time in this series of reports, I'm going to call out pension funds specifically. Since 2013, pension funds have invested just 1.7 billion dollars in European VC in aggregate, or just 350 million dollars per year. That's less than 0.01% of total assets under management of European pension funds, which total around four trillion dollars. And yet at the same time, they've invested 45 times more in European buyout funds. And that adds up to more than 75 billion over that five-year period. If pension funds were to rebalance their allocations away from legacy industries and towards game-changing technology instead, they could help to bring the future forward here in Europe. And workers would ultimately be the major beneficiaries if they did. And there is some glimmer of hope, though, and it's coming from this very region. Over the last five years in Europe, of the total invested in VC, just 2.2% came from pension funds. However, here in the Nordics, this number is a much more credible 16%. So as ever, you're leading by example here in the North. If last year was about a Batoreal for talent, then this year it's about its effective mobilization in a new generation of hubs. Europe's tech communities are growing fastest in places outside the historic strongholds of London, Berlin or Paris. This is going to fundamentally change the future of talent flows in the region. Until now, tech workers have been 10 times more likely to move country than the average citizen in Europe. That's extraordinary. But a new phase in talent mobility is on the horizon. If the first phase was defined by the flow of European talent moving to the US to build companies, and the second was defined by talent staying to build from Europe, but choosing one of the region's major hubs, going forward, we're set to enter a new and third phase, where talent simply chooses to stay where they are, emboldened by the quality of the local ecosystems that are arising all around them across Europe. And the more that this macro shift evolves, the more that that 10x difference will contract. And so you might say then that this is not the time to put up barriers to put off talent from coming to you, as the UK is already finding out. This year, Germany has caught up the UK as the number one destination for intra-European tech talent migrants, closing what was a significant gap. All of this said, a key challenge for Europe and European tech remains a shallow pool of executive level talent with the experience of scaling tech companies to thousands of employees, to millions of users, or to billions of revenue. And that means we're still reliant on two things. First, attracting global talent here to Europe, including luring Europeans back home from overseas. And second, recycling talent from companies that have achieved big milestones, and then mobilizing them all over again to help build a new generation of companies. Europe now offers compelling opportunities to join all sorts of amazing companies, but those same companies also need to be able to align compensation with global benchmarks to attract even more great talent. And that will require intervention from governments to clean up the mess around stock options in Europe. Our friends from Index Ventures are helping to lead that important charge. And so if you care about this issue and you want to sign the open letter they've drafted, go visit notoptional.eu. So it's been said that people only remember the last thing you say in any presentation. And so with this in mind, we wanted to close on the most important section of our report. We all need to wake up to European tech's diversity and inclusion problem. From the outset of this year's report, we resolved to put this issue front and center. We challenged our data partners to help us measure what is happening. And we asked 5,000 of you to share your experiences. Because if we don't understand the problem, how can we hope to fix it? So we've quantified this as best we can and I'll say now it's not nearly enough and it makes for painful reading. But if this doesn't wake us up, I don't know what will. Europe's diversity and inclusion challenges are bleak. While European tech's fundamentals have never been stronger, monoculture and discrimination are rife in the ecosystem. The data in the report highlights the startling fact that just 7% of VC funds go to female or mixed gender teams in Europe. And the level of funding to other underrepresented groups is even lower than that. And what's more, 46% of women who responded to the survey told us that they have experienced discrimination while working in the European tech industry. So given these facts, it's perhaps even more surprising that 75% of respondents claim that the culture at their startup is inclusive. When it comes to discrimination, it always seems to be somebody else's problem. These results are clearly shocking and the scale of this challenge is enormous. Diversity and inclusion needs to be Europe's first and foremost priority. Just imagine how much talent and value has evaporated away from our tech industry because of diversity and inertia. It's only once people of all demographics, of all experiences and of all perspectives feel safe and confident to participate when we truly realize our full potential. And if Europe takes the lead here, we can build a huge competitive advantage to other parts of the world that are less inclusive. So this is a rallying cry. We all need to do better. And if we do, everyone will benefit. It's a win-win. And the good news is that initiatives aimed at inspiring and empowering women and other underrepresented communities are tackling this head-on and already having a positive impact. Just look around you here at Slush. Change is coming. Diversity VC is one such initiative. And I'm pleased to announce that Atomico has joined forces with them to launch an industry-first resource. A practical and hands-on guidebook for technology entrepreneurs and leaders that will help them to build companies with diversity and inclusion at their core. And to start by taking those first-view daunting steps to know how and where to begin. Francesca Warner, the co-founder and CEO of Diversity VC, will talk more about it tomorrow on this same stage with Atomico's CEO, Nicolas Zendstrom. Don't miss that session. And in the meantime, go check out inclusionintech.com and start today. Europe has shown how much it has benefited from achieving a certain type of diversity. We're strengthened here by our differences. European tech is richer for our blend of diverse cultures, language and heritage. We're not like Silicon Valley, which has coalesced quite brilliantly around a couple of universities and spin-offs within just a few square miles where everyone speaks the same language. And we're not like China either. There is no single government here that can force change and help pick the winners in a closed market with a single culture and population. But to reach our full potential, we need to harness the amazing differences in all of our people. And only then will European tech reach the heights we know it to be absolutely capable of. Thank you.