The recent Slush conference in Helsinki spotlighted a shift that's been quietly happening: the Nordic region is no longer just an incubator of cool ideas but has morphed into a formidable deep tech and AI powerhouse. Sweden’s startup Lovable exemplifies this rise, standing tall alongside veterans like Klarna and Spotify. What’s driving this momentum? Dennis Green-Lieber, founder of Denmark-based AI startup Propane, nails it—the strong social safety nets in these countries are fostering fearless entrepreneurship. It’s a real-world reminder that economic policies and culture can be catalysts for innovation, allowing founders to take risks without the existential dread of failure.
While some might say the Nordics are late to the AI party, Green-Lieber counters that their speed and conviction more than make up for it. This is where pragmatism shines: it’s not about who came first, but who can move fastest and smartest. The region’s ecosystem, now valued at half a trillion dollars with $8 billion in venture investments in 2024 alone, benefits from supportive government funding—a rare blend of public-private synergy that's often harder to find elsewhere.
And about the ever-looming AI bubble question? Sure, venture capital has its share of wild bets, but Green-Lieber invites us to zoom out and see the uncharted opportunities still lying ahead. It's tempting to worry about overhype, but innovation thrives on a mix of bold risks and cautious skepticism.
What’s refreshing here is the balanced view: Nordic startups are pushing boundaries without chasing every shiny AI trend. For those watching the AI race, the take-home isn’t just to sprint but to build a sustainable, innovation-friendly ecosystem. Sometimes, taking the scenic route backed by solid support beats the frantic dash to the next hype cycle. Now, that’s a lesson well worth pondering. Source: Breaking down the boom in the Nordic’s startup ecosystem
