## Europe's Growing Confidence in Tech

Good morning! I'm tech reporter Beatrice Nolan, reporting from Slush, one of Europe's premier startup events. Despite the chilly 26°F temperatures, the atmosphere was warm with enthusiasm as over **13,000 attendees**, including **3,500 investors** and **6,000 startups and scaleups**, gathered in Helsinki. A significant **80% hailed from European countries**, spanning northern Europe, Germany, France, and central and southern regions.

## Regulatory Challenges and Talent Triumphs

Europe has faced criticism in recent years for its stringent regulatory environment, particularly the EU's **AI Act**, which some argue hampers innovation and puts the region behind in the global AI race. However, European founders and investors are brimming with confidence, largely due to a **growing talent advantage**.

Creandum founder Staffan Helgesson expressed his optimism during a panel: "I've never been more bullish about Europe. We have great founders, investors, and talent. **Europe has a talent advantage right now**, with the U.S. cutting down on immigration."

## The Cost and Quality of Talent

Gravis Robotics CEO Ryan Luke Johns highlighted that the **"cost of talent" is much lower** in Europe. He noted, "Initiatives in the U.S. that make it hard for foreign students to secure visas have driven many to Switzerland and Europe, rapidly increasing **talent density**."

## AI Ecosystem: A Quiet Strength

The AI hype was palpable at Slush, but founders see Europe's less frenetic AI scene as a benefit. Laurent Sifre, former DeepMind engineer and CTO of French AI startup H-company, told Fortune that Europe is rich in **untapped AI talent**. He emphasized, "Europe's real advantage is its **world-class talent**: people who prefer building from zero-to-one, moving fast, and working with purpose over Big Tech dreams."

Anton Osika, CEO of Swedish AI unicorn Lovable, shared how keeping the company in Stockholm and attracting U.S. talent has fueled rapid growth. He said, "Europe is in many ways a **better place for AI development** and building product companies, contrary to the push to move to Silicon Valley."

## Regulatory Shifts and Future Outlook

Recently, the EU proposed scaling back some privacy and AI laws to address competitiveness concerns, facing pushback but framed as a "simplification." Despite this, the mood at Slush was unified: **Europe's tech ecosystem is thriving**. As the event's banner proclaimed, "Still doubting Europe? Go to Hel!"

## Venture Deals Spotlight

- **Sorcero**: A Washington, D.C.-based AI platform for life sciences raised **$42.5 million in Series B funding** led by NewSpring Growth.
- **Nest Health**: A New Orleans-based family healthcare platform secured **$22.5 million in Series A funding** from Socium Ventures and others.
- **Annie**: A Lehi, Utah-based AI model for dental practices raised **$4 million in seed funding** led by Las Olas Venture Capital.

## Private Equity Highlights

- **Majesco**, backed by Thoma Bravo, agreed to acquire **Vitech**, a cloud-native benefits software provider.
- **TA Associates** acquired a minority stake in **Aeris**, an IoT technology company.

Founders and investors at Slush say Europe’s growing talent pool and the U.S.'s immigration crack-down is giving the region a competitive edge.

Europe's Secret Weapon: How a Talent Boom is Fueling a Startup Revolution

The first time Rhoback co-founders Matt (MBA ’16) and Kristina Loftus (MBA ’17) spotted someone wearing one of their polos on Charlottesville’s Downtown Mall, it stopped them in their tracks.

“I freaked out and ran over to figure out how they knew about the brand,” Matt recalled. “Seeing it, especially here in Charlottesville, is the coolest feeling in the world and something we’re extremely grateful for.”

Rhoback, the lifestyle activewear brand the couple launched with co-founder Kevin Hubbard, is known for its **high-performance apparel** that blends athletic function with a clean, lifestyle-inspired look. The brand has become recognizable for its emphasis on comfort, standout design and its logo, modeled after the Loftuses’ dog, Bunker.

What began as a **class project at the University of Virginia Darden School of Business** has grown into a 100-person company with over 3 million products sold online.

Now, the Loftuses are ready to move to a new, even higher level.

This weekend, Rhoback opened the doors on its **first brick-and-mortar retail store**, a 1,200 square-foot store in the Barracks Road Shopping Center that has been meticulously designed to showcase Rhoback’s product line and quality and distinct vibe in ways that might not convey as readily online.

“We want people to walk into the store and understand who we are as a brand – feel the energy, see the versatility and know that it’s for them,” Kristina said. “That’s hard to communicate digitally, so the store gives us a new way to bring Rhoback to life.”

## New Chapter: Why Charlottesville, Why Now

Rhoback has come a long way since Kristina and Bunker crisscrossed the East Coast in a pickup truck with a teardrop camper in tow, setting up at trunk shows and trade events. From teaching herself how to design clothing using Photoshop courses on Youtube to launching a full women’s line, Kristina was intentional about timing. The brand needed a complete catalogue, menswear and womenswear, before opening its first store.

![Kristina Loftus at the grand opening of Rhoback’s first brick-and-mortar store this weekend.](https://news.darden.virginia.edu/wp-content/uploads/2025/11/rhoback-10-scaled-e1763933139802-300x253.jpg)

“We didn’t want to launch as store until we could fully represent both sides of the brand,” Kristina said. “Now, with nearly half our customers being women, we’re finally at a place where our retail presence can reflect that.”

That same thoughtfulness extended to the physical retail experience. The store’s design reflects Rhoback’s signature energy: fun, active and quality-driven. The layout is intentionally designed to spotlight the full product range, especially the growing women’s collection.

Walking into Rhoback’s first retail store, the team hopes, should feel like stepping into the heart of the brand. From the fabrics to the playlists, every detail is designed to bring the digital brand to life in a way that isn’t as easily captured online.

“The first thing we want people to do is really get to know the product, feel the fabric, understand the intention behind each piece, and see how the products differ depending on how you live your life,” Matt explained. “Whether you’re running, golfing or heading to work, we want that versatility to come through.”

“There’s also an opportunity to cater to the senses in-store in a way that we just can’t online,” Kristina added. “We care deeply about music – it’s part of our social media, our ads, our brand voice, so we built a playlist of fun, soulful songs.”

Charlottesville, they both agree, was a natural choice for the store. Three years ago, the Rhoback team decided to try a warehouse sale in Charlottesville. They expected a couple dozen people. More than a thousand showed up. The overwhelming support turned into an annual tradition and planted the seed for something more.

While they considered other locations, launching in Charlottesville felt like a full-circle moment in the town where the Loftuses first honed their vision, with help from the UVA and Darden communities.

## UVA Community at the Core

From the start, the Loftuses credit Darden and Charlottesville as central to Rhoback’s story. What began as a class project quickly became a community-driven effort fueled by classmates, professors and friends who believed in their vision.

“We set out to create this brand and relied so heavily on our classmates, professors, mentors and alumni just to get connected with people in the field,” Matt said. “The Darden community was right there helping us figure it out.”

![Shoppers browse the racks during the grand opening on Saturday.](https://news.darden.virginia.edu/wp-content/uploads/2025/11/rhoback-14-2-300x225.jpg)

Classmates became early brand ambassadors, spreading the word in their own cities and workplaces. This support also extended to Rhoback’s first sales, with some of their first big orders coming from the Darden Racquet Club and the Darden Golf Club. “All of our friends became our biggest champions,” they shared. “They helped us get the brand off the ground.”

Several Darden professors played key roles in shaping Rhoback’s foundation, including Luann Lynch, who taught the Loftuses accounting and served as an early mentor.

“They were delightful students who worked very hard,” Lynch said. “Both were driven and insightful, and even then, you could see their entrepreneurial spirit. I was mostly a cheerleader, just thrilled to watch their growth as entrepreneurs.”

That entrepreneurial mindset, rooted in their Darden experience, continues to guide Rhoback today. Even as the brand grew, Charlottesville continued to anchor Rhoback’s identity.

“It all stems from Charlottesville,” Matt said. “We’re lucky enough to now be shipping orders around the world, but our roots are here. The coolest part has been seeing amazing talent move to Charlottesville to take a chance on working at Rhoback and growing the brand.”

Yet even with a strong foundation and community support, building a major brand presented its own challenges, from sourcing fabrics to being noticed in a crowded market.

## Early Challenges and Lessons Learned

Despite Rhoback’s success today, the Loftuses faced early challenges, starting with building a supply chain.

“We really didn’t know where to start, so we counted on connections we made, especially through the UVA and Darden network,” Matt said. “We went to every trade show we could, networking and trying to find vendors and manufacturers willing to take a chance on us.”

Their persistence paid off when they found trusted manufacturers in South Korea with standout fabrics and samples. Before signing an agreement, they flew across the world to meet the team in person, pitching the long-term vision of Rhoback.

“We loved the product, but more importantly, we wanted them to see how serious we were,” Matt said. “Most manufacturers get approached with demands to cut costs or increase quality, but we showed up with a partnership mentality.”

That partnership grew from a small initial order to a lasting relationship, with Rhoback now their largest client. “We’re lucky they took a chance on us,” Matt said. “They saw our passion and believed in what we were building.”

With production in place, the next challenge was getting people to notice.

Unlike many start-ups, the Loftuses chose not to raise outside funding, even for marketing. Instead, they relied on low-cost, grassroots strategies: guerrilla marketing at trunk shows and producing their own social media content. That scrappy, self-reliant approach became a hidden strength when the COVID-19 pandemic hit in 2020.

“Trunk shows stopped, and we had to really hunker down,” Kristina said. “Pausing trunk shows and shifting focus to digital marketing ended up being a blessing in disguise. We got really good at selling online and we’ve been focused on that ever since.”

Even with a clear brand vision, those early hurdles tested their persistence and helped the Loftuses develop the strategy and mindset that still differentiate Rhoback today.

## Finding a Gap in the Market

Before launching Rhoback, the Loftuses noticed that existing activewear and golf apparel didn’t resonate with their generation.

“We were creating content for different apparel brands but never found one that truly resonated with us,” Matt said. “Growing up, we all loved Nike, but so many activewear brands were following the same formula, chasing elite athletes and sticking to traditional sports marketing.”

As avid golfers, the Loftuses felt that the golf apparel space was outdated, targeting an older, exclusive audience through pro shops. Meanwhile, brands like Lululemon were innovating with modern fabrics and designs. After exploring their idea thoroughly in their Starting New Ventures course with Professor Saras Sarasvathy, they saw their opening.

![Rhoback stands out for its focus on top-quality, innovative fabrics and subtle yet distinctive designs (Photo courtesy of Rhoback).](https://news.darden.virginia.edu/wp-content/uploads/2025/11/RHOBACK_STORE_CHARLOTTESVILLE-00811-1024x683.jpg)

“There was such a huge opportunity in the middle of these worlds to build a lifestyle activewear brand that could speak to younger consumers, tap into the golf market and sell directly online with great fabrics and a modern feel,” Matt said.

Rhoback stands out in a notoriously challenging apparel market because of their relentless focus on top-quality, innovative fabrics and subtle yet distinctive designs that catch attention without overwhelming. Their dedication to craftsmanship shines through, especially with their signature polos.

“We wanted each product to be the best on the market, even if it took years to develop,” they said. “Our first product, the polo, took two years. We made the collar more structured and the fit slimmer, targeting 25- to 35-year-old men. It became our bestseller because of those details.”

With years of careful development behind each product, the Loftuses have gained insights that go beyond making great apparel. They’ve learned what it takes for an entrepreneur to turn an idea into a thriving business.

## Advice for Future Entrepreneurs

The Loftuses’ journey from a startup to a national performance brand proves that great ideas don’t require perfect experience, just creativity, focus and grit.

Kristina encourages aspiring founders to see their lack of experience as an advantage. “Not being from the industry can actually be your superpower,” she said. “You don’t see the barriers that might stop someone else. Stay laser-focused on your goal and tune out the noise.”

For current Darden students, Matt echoed Kristina’s sentiment and added simple advice: take the leap.

“If you’re considering starting something while you’re at Darden, do it,” he said. “You have more time and support than you think. We probably would’ve been voted least likely to make it with a T-shirt company, but you never know. Take the shot – it’s worth trying.”

November 24, 2025 This weekend, Rhoback opened the doors on its first brick-and-mortar retail store, a 1,200 square-foot store in the Barracks Road Shopping Center that has been meticulously designed to showcase Rhoback’s product line and quality and distinct vibe in ways that might not convey as readily online. –

From Dorm Room to Retail: How Rhoback's First Store Brings Their Digital Brand to Life

Founders often struggle to step away from work when their company's success depends on them. The idea of **work-life balance** sparks intense debate among entrepreneurs, who wonder if it's possible to scale a multimillion-dollar business while having enough downtime to recharge. Nicole Bernard Dawes, a two-time founder, strongly advocates for unplugging—but only for her employees.

"I think I probably am a little bit of a hypocrite, because I don’t unplug. I never do," Dawes tells Fortune. "I never want to be the person that’s holding up a member of our team."

The serial entrepreneur encourages her staff to completely disconnect from work after hours but doesn't allow herself the same freedom. With over two decades of experience, she has embraced the role of always being available. Dawes first founded **Late July**, an organic, non-GMO tortilla chip brand, in 2003. It's now sold in major retailers like Target, Whole Foods, Kroger, and Walmart. Campbell's acquired a majority stake in 2014 and bought the rest of the **$100 million company** in 2017. In 2018, she entered the consumer packaged goods (CPG) market again with **Nixie**, a zero-sugar, sustainably packaged soda line that raised $27 million in funding this year and is available in over 11,000 stores.

Despite facing economic downturns and sleepless nights, Dawes wasn't deterred from starting another venture. However, she doesn't want work to dominate her employees' lives. "I signed up for this. I am the entrepreneur, I did this to myself—a self-inflicted situation. [My employees] didn’t sign up to be entrepreneurs," Dawes says. "I am very comfortable taking downtime, but also making sure I’m available."

## Dawes says never unplugging is "my life"—and she grew up in it

While some leaders, like Google cofounder Sergey Brin, expect their teams to work long hours, Dawes doesn't impose that on her staff. "I think that where a lot of [leaders] differ, is extending that to their team. I feel very strongly that it should not extend to the team," she explains. "But I also feel like that is how I grew up. My father missed a lot of stuff because he felt like that was what you had to do. So I was determined I wasn’t gonna do that. I wanted to be present at things for my kids, and I wanted [it] to be okay for our team to be that way, too."

Dawes experienced the challenges of entrepreneurship firsthand while growing up in her parents' food businesses. She worked at her mother's health-food store and was around her late father's **$4.87 billion snack empire**, Cape Cod Chips. Seeing her parents struggle to step away from work prepared her for her own entrepreneurial journey. "When you decide to become an entrepreneur, there’s a lot of people [saying], 'It’s stressful, it’s lonely, it’s all these things.' And that’s true, but this is where I was really fortunate: I grew up in this business, so I entered eyes wide open," Dawes says. "That’s why it’s really important to be passionate about your mission, passionate about your products. Because you do have to sacrifice a lot on the other side."

## Dawes still makes time for the important things

Although Dawes finds it hard to disconnect completely, she prioritizes activities that keep her balanced. "You have to choose what’s the most important thing in that moment. I don’t think as an entrepreneur—at least for me—I’ve never really, truly, been able to shut off completely," she admits. "But I also make time to have family dinner almost every night. There were things that were priorities to me, and I still make them priorities, like going out for a walk every day or exercising."

The entrepreneur enjoys going to the beach, reading, cooking, and even considers grocery shopping a hobby. She loves observing new products and seeing customers choose her brands, Late July and Nixie, which she finds deeply gratifying. Despite the challenges, her passion makes the work feel rewarding. "Sometimes when I wake up in the morning like, 'I can’t even believe I’m this lucky that I get to do this job,'" Dawes says. "And because I feel that way, it doesn’t feel like working. I’m getting to do something fun all the time."

Nicole Bernard Dawes, founder of Nixie and $100 million snack brand Late July, says her lack of work-life balance is a “self-inflicted situation,” but wants her staffers to totally unplug off the clock.

Why This $100M Founder Never Unplugs—But Insists Her Team Does

Francis Pedraza’s first startup failed due to a lack of a solid business model, despite having high-profile investors and putting in hard work. This humbling experience led him to carefully design the models for his next ventures: **Invisible Technologies**, which is disrupting the traditional SaaS subscription model, and **Infinity Constellation**, described as the first artificial intelligence (AI) services holding company.

At a Your Next Move event presented by Capital One Business, Pedraza discussed his journey from startup failure to building and running a $2 billion company with Inc. editor-in-chief Mike Hofman. Here are the key insights from their conversation.

## Selling to Customers Is Easier Than Selling to Investors

Invisible Technologies, which made the Inc. 5000 in 2024 and recently raised $100 million to reach a valuation of over $2 billion, initially faced skepticism from investors. Pedraza pitched an end-to-end, customizable IT solution—comparing it to baking a cake rather than selling the ingredients for clients to bake their own. **Customers loved this approach** because they had complex, messy problems that existing apps couldn't solve. Pedraza noted, "We were the company saying, ‘We can handle your weird, messy complexity and we’ll figure it out.’"

In contrast, investors preferred subscription models with high gross margins from the start. Pedraza saw this as a "Silicon Valley blind spot" and an opportunity to pioneer a new model, though it required being **incredibly capital efficient** to gain a long head start.

## Processes Need Humans

Invisible Technologies was launched to break down customer processes into small, manageable steps like Lego® blocks, integrating hundreds of third-party apps and layering them with in-house software to streamline systems. However, Pedraza realized that **humans played a crucial role** in automation gaps. The company built a global network of expert agents, now numbering around 20,000, to handle steps that couldn't be automated. Pedraza explained, "If third-party tools and our own engineering team couldn’t automate the Legos, we could put [another] human in to do that step and that would allow us to build an end solution."

## High Revenue Concentration Needs Resources

Pedraza highlighted that his business experienced rapid growth since 2020 by focusing on major deals with a small number of clients. He isn't overly concerned about the lack of customer diversification but warns that **high revenue concentration can consume all resources**. "All of your energy in the company, all of your engineering resources, all of your operational resources are going into making magic happen for this one account," he said.

The key to balancing this with growth is relying less on acquiring new customers and more on **referrals and deepening relationships** with existing ones, as satisfied clients can drive expansion.

## Make Smart Decisions About Where Funding Is Invested

Pedraza’s recent $100 million capital infusion came with favorable terms, but its success hinged on both investor contributions and the company’s strategic allocation of funds. Part of the investment was used to hire Matt Fitzpatrick, formerly of McKinsey’s Quantum Black Labs, as CEO. **Prioritizing leadership over sales hires** proved wise, bringing in valuable experience and avoiding costly mistakes. Pedraza emphasized, "It’s actually very hard to recover from an allocation mistake," noting that poor decisions can quickly burn through capital.

Invisible Technologies founder Francis Pedraza shares advice about crafting the right business model, hiring the right team, and spending capital the right way.

From Failure to $2 Billion: The Unconventional Blueprint That Transformed a Startup

## The Pitch Competition That Showcased Innovation

**Creativity, passion, entrepreneurship, and risk** were on full display at the Westport Library’s Trefz Forum, where a full house gathered for **StartUp Westport’s first-ever Pitch Competition**. With a total prize pool of **$25,000** on the line, five promising startups pitched their ideas in a **Shark Tank-like scenario**, hoping to impress a panel of experienced judges and a live audience.

![StartUp Westport Pitch Competition](https://i0.wp.com/06880danwoog.com/wp-content/uploads/2025/05/StartUp-Westport-Pitch.png?resize=300%2C200&ssl=1)

## The Finalists: From Healthcare to Snacks

The competition featured five finalists, selected from **77 applicants** and months of mentorship from StartUp Westport volunteers. Each team had to meet strict criteria, including a **pre-institutional funding round**, an existing corporation, a **Connecticut-based founder or strong state association**, and a **scalable business model**. They had just **6 minutes to pitch** and **6 minutes to answer probing questions** from judges Kira Vanderwert, Kal Amin, Matt Gorin, and Cliff Sirlin—all seasoned venture investors.

### ChromaShield
A team from the **University of Connecticut** presented **ChromaShield**, a wearable patch and monitoring platform designed to reduce complications from chemotherapy, such as radiation dermatitis and foot ulcers.

![ChromaShield](https://i0.wp.com/06880danwoog.com/wp-content/uploads/2025/11/StartUp-pitch-ChromaShield-1.jpg?resize=400%2C522&ssl=1)

### Nexa Tax
Created by a former **University of Bridgeport athlete**, **Nexa Tax** is an app that helps college athletes manage the tax aspects of their **name, image, and likeness (NIL) earnings**. As more athletes earn from NIL deals, this platform addresses a growing need for tax management.

![Nexa Tax](https://i0.wp.com/06880danwoog.com/wp-content/uploads/2025/11/StartUp-pitch-Nexa-Tax-1.jpg?resize=400%2C531&ssl=1)

### Mirabelle
With roots at **Cornell University**, **Mirabelle** offers a device for women to detect and monitor breast cancer, providing **breast health in your hands**. It also serves as a tool for healthcare providers in underserved areas, adding a touch of humor with beta testers dubbed "the titty committee."

![Mirabelle](https://i0.wp.com/06880danwoog.com/wp-content/uploads/2025/11/StartUp-pitch-mirabelle-1.jpg?resize=400%2C523&ssl=1)

### WheelPrice
Addressing a niche market of car wheel enthusiasts, **WheelPrice** from **UConn** aims to organize the chaotic online marketplace for wheels, with over **620,000 wheels listed**. The founder pitched it as "reinventing the wheel marketplace."

![WheelPrice](https://i0.wp.com/06880danwoog.com/wp-content/uploads/2025/11/StartUp-pitch-Wheel-Price-1.jpg?resize=400%2C530&ssl=1)

### NeuroPuffs
Developed by **Yale University graduate students**, **NeuroPuffs** are mushroom-based snacks made from upcycled food waste, coated in real powdered cheese, and packed in compostable bags. They promote "guilt-free snacking" that's "good for the brain, kind to the planet."

![NeuroPuffs](https://i0.wp.com/06880danwoog.com/wp-content/uploads/2025/11/StartUp-pitch-NeuroPuffs-1.jpg?resize=400%2C479&ssl=1)

## The Judging and Audience Vote

After the pitches, the judges deliberated while the audience voted via QR code. **WheelPrice** narrowly won the audience vote, edging out Mirabelle **34% to 31%**. The judges agreed, awarding **WheelPrice the $20,000 non-dilutive first prize** for its **impressive business model, scalability, and pitch**. The other four startups split the remaining **$5,000**, with the judges noting that all ideas were "impressive, inspiring, and solving real problems."

![Winners](https://i0.wp.com/06880danwoog.com/wp-content/uploads/2025/11/StartUp-pitch-winners-1.jpg?resize=500%2C307&ssl=1)

## A Hub for Entrepreneurship

The event drew a crowd of **400 people**, including fellow entrepreneurs and investors, highlighting **StartUp Westport’s mission** to make Westport the entrepreneurial and innovation capital of Connecticut. As a **3-year-old public/private partnership**, it continues to foster innovation with support from lead sponsor **Coastal Bridge Advisors**.

Keep an eye on these startups—they’re just getting started.

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