The always fun-filled Slush conference took place in Helsinki last week and, as always, was a show of the growing power of the European ecosystem.
Scandinavia in particular is having a moment, this time led by Swedish vibe-coding darlings Loveable. Loveable is seen as an example of a growing ecosystem of successes. Although older names, other standout companies include Klarna and Spotify.
This week on Equity, we spoke to Dennis Green-Lieber, founder of AI company Propane, about the rapid growth of the Nordic ecosystem. Green-Lieber is based in Denmark and has been building its ecosystem over the past 15 years.
He cited several factors for the ecosystem's success, including the social safety of the area, where young people can take risks without fear of losing everything.
“New founders and new generations are becoming more bullish and taking ownership,” he told Equity magazine. “I haven't seen anything in 15 years. [like] what's happening now? ”
It is becoming a hub for deep technology and AI, with a current value of $5 trillion, according to one report, and Nordic startups will receive just over $8 billion in venture funding by 2024. Governments are also involved in these companies, funding startups like Green-Lieber and helping founders grow their companies.
In some ways, Green Leaver agrees with others that the ecosystem is several years behind, but at the same time said, “We're moving very fast.”
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We couldn't end the conversation without talking a little about AI. Asked if we were in a bubble, Green Leaver said he didn't know. “There's a lot of untapped opportunity,” he said, adding that while it's true that some people are putting money into bad things, “that's just the risk of venture capital.”