Episode 11: Building Global Tech from Europe:
The VC Playbook

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What does it take to turn a two-person startup in Paris into a $6.8 billion exit, and then do it all over again for 200 other founders?

In this episode of Decoded, Dr. Jurgi Camblong speaks with Bernard Liautaud, co-founder of BusinessObjects and Managing Partner at Balderton Capital, one of Europe's leading venture capital firms backing category-defining companies like Revolut, Wayve, and Quantum Systems.
Bernard didn't just build a company. He built a category. Starting with two people in Paris in 1990, he helped define what business intelligence could be, took the company to NASDAQ, and sold it to SAP for $6.8 billion. Then he turned that experience into fuel for the next generation of European founders.

You'll hear why Europe's VC returns have quietly outperformed the US, how Balderton evaluates founders and the one trait they call "insurgency," what the story of Revolut reveals about the power of execution, why Bernard believes Europe has not just the talent but the values to build AI responsibly, and the philosophy behind his most personal insight: as a VC, you have many shots. As a founder, you have one.

This episode is about what happens when ambition meets experience, and why Europe's most exciting chapter may still be ahead of us.

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Meet the Minds
Dr. Jurgi Camblong
Founder and CEO, SOPHiA GENETICS
A visionary entrepreneur and molecular biologist, Dr. Camblong is leading the global shift toward data-driven medicine. With a PhD in Life Sciences from the University of Geneva, an EMBA from EPFL/HEC Lausanne, and publications in Cell, Science, and Nature, he drives innovation that empowers clinicians to improve outcomes worldwide, for millions of patients.
Bernard Liataud
Managing Partner at Balderton Capital
Bernard joined Balderton as a Partner in 2008 and was named Managing Partner in 2016.

Bernard Liautaud founded Business Objects in 1990, serving as CEO for 15 years then Chairman until 2008. With 6,700 employees, 45,000 customers and $1.5B in revenue, Business Objects was the world leader in Business Intelligence. It was the first European software IPO on Nasdaq in 1994, and was acquired by SAP in January 2008 for $6.8 billion. Bernard served on SAP's Supervisory Board from 2008 to 2022 and on Stanford University's Board of Trustees from 2013 to 2018. He is now a member of the Stanford Global Advisory Council.

In 2009, he co-founded Dashlane, a leading digital identity solutions company.

He holds a Diplôme d'Ingénieur from Ecole Centrale de Paris and an MS in Engineering Management from Stanford University.
Full transcript
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Show notes
[1] Donec luctus, ipsum non viverra pellentesque, risus neque tempus ex
[2] Ut ullamcorper turpis est eget orci. Sed tempor egestas erat at vehicula
[3] Nunc nunc massa, viverra vel viverra in, convallis non justo
[4] Nulla nec nunc sed odio vulputate tincidunt. Suspendisse dapibus lorem et leo malesuada tempor
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