Last week, the Slush conference took place in Helsinki. The event highlighted the growing power of the European startup ecosystem. The Nordics, specifically Sweden, are having a moment, led by companies like Lovable. Lovable is often regarded as an example of the region’s growing success. Other notable, though older, companies include Klarna and Spotify.
On the Equity podcast, we spoke with Dennis Green-Lieber, the founder of the AI company Propane. He discussed the booming success of the Nordic ecosystem. Green-Lieber is based in Denmark and has been building companies there for the past fifteen years.
He attributed the ecosystem’s success to several factors, including the region’s social safety net. This safety net allows young people to take business risks without the fear of losing everything. He stated that newer founders and the new generation are being far more bullish and taking ownership. He said that in his fifteen years, he has never seen anything like the current level of activity.
The Nordics are becoming a hub for deep tech and artificial intelligence. The ecosystem is now valued at half a trillion dollars. Nordic startups received a little more than eight billion dollars in venture investments during 2024. The government also plays a role by providing funding to startups, like Green-Lieber’s, to help founders grow their companies.
In some ways, Green-Lieber agrees that the ecosystem is a few years behind other major tech hubs. However, he also noted that the region is now moving tremendously faster.
We also discussed artificial intelligence. When asked if we are in an AI bubble, Green-Lieber said he did not know. He stated that there are tons of unexplored opportunities. He acknowledged that some people are putting money into bad ventures, but he noted that this is simply the inherent risk of venture capital.