I don’t know wether the cluster bomb model is appropriate, maybe a better analogy is the virus shedding, so IPO’s would be shedding capital in the economy, infectious innovation model

in Europe this does not happen and indeed the startup scene in Europe is sort of depressing, let alone Italy where it dead

while in Israle the model worked perfectly, Waze IPO shed seed capital which sprouted in 50 unicorns less than 10 years later https://www.calcalistech.com/ctech/articles/0,7340,L-3884893,00.html

going back to Branko Milanovic homoploutis, which he found increasing in the US, will it increase in the same way in Europe? The startup capital shedding model seems a big contributo though he does not mention it in his book, in his paper it is ecluded from the data but claerly reinforces the trend http://www.lisdatacenter.org/wps/liswps/806.pdf