Europe's Tech Startup Boom

Fueled by plentiful venture capital, plus cheap talent from Eastern Europe, tech entrepreneurs are pulling in U.S.-size profits

Two-year-old London-based startup Garlik has the whiff of Silicon Valley about it. Its co-founders, Tom Ilube and Mike Harris, sold their first Internet-based company for an estimated $1 billion to Citigroup (C). The bulk of Garlik's research and development is outsourced to talented computer engineers in Poland who work for a fraction of what they'd cost in Western Europe. And it is backed by $18 million in venture capital.

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