The Nordic region is on a new dawn of global impact as the startup ecosystem is gaining momentum than ever before. The Slush event in Helsinki this year is an old-time European tech magnet but it demonstrated how fast innovation is rampaging in Sweden, Finland, Denmark and Norway.
Swedberg, Lovable and Global Giants, Lead the Wave
Lovable, a fast-emerging vibe-coding startup in Sweden is one of the largest stars of the season and mentioned as the next Nordic innovation. Although such well-known firms as Klarna and Spotify are world standards, Lovable is a new wave of entrepreneurs who are reinventing the technological image of the region.
Founder of Danish AI company Propane Dennis Green-Lieber in an interview in the Equity podcast described why Nordic innovation is accelerating.
Green-Lieber, who has been building for 15 years in Denmark, attributes the social structure of the region to the opportunity to be sufficiently bold in entrepreneurship said, New founders are much bolder and owning it, he said. I have never witnessed what has happened in 15 years since I joined the company.
He observed that the Nordic social safety net has provided young entrepreneurs with the guts to take huge risks without the fear of being ruined.
The AI and Deep Tech Innovation Hotspot
The Nordics have emerged rapidly according to recent reports to be a global center of deep tech and artificial intelligence. The startup ecosystem of the region has reached 500 billion dollars and the amount of venture capital investments has reached over 8 billion in 2024.
The role of government is also very important, they provide direct aid to start-ups in their initial stages, such as the company of Green-Lieber.
This type of a partnership between the state and the industry is boosting the rate of innovation, despite the fact that the region may be viewed as a couple of years behind Silicon Valley. We might be getting behind, but we go a lot faster now, Green-Lieber said.
Is AI in a Bubble? The Debate Continues
AI is an aspect of the Nordic tech scene that cannot be fully discussed without mentioning. Green-Lieber, when inquired as to whether the sector is in the bubble or not, confessed that he does not know, but stated that there exists so many opportunities that were yet to be harnessed. He admitted that weak ideas are being supported by some investors — yet, it is just the risk of venture capital.
The Nordic region is no longer a passive participant in the global innovation scene and is becoming a powerhouse with solid governmental backing, a culture of taking risks, and an increasing number of talents in AI and deep tech. And in case the momentum persists in its current course, the following world technological powerhouses could as well be found in Scandinavia.
