The French DO Have a Word for Entrepreneur

France's new president Emmanuel Macron was greeted like a rock star last month when he inaugurated a startup incubator in Paris and urged the crowd to help him "disrupt" the country. Two of the country's biggest venture capitalists, Partech Ventures and Idinvest Partners SA, have just announced fundraising totaling 700 million euros ($801 million), with one proclaiming the current scene as "magic."

When even the French catch startup fever, it's time to ask whether Europe's techies are getting a bit ahead of themselves. A surprising euphoria has taken hold in European technology circles. While some optimism is backed by evidence -- European venture capital funds are raising money at a pace not seen in a decade, while returns show nascent signs of improving -- the risks of a painful comedown are real.