The at all times good Slush conference took place in Helsinki last week and, as at all times, it was a showcase for the growing strength of the European ecosystem.
The Nordic countries in particular are experiencing this moment, this time led by Swedish vibe coding darling Lovable, often considered an example of the ecosystem’s growing success. Other standout, but older, names include Klarna and Spotify.
This week at Equity, we sat down with Dennis Green-Lieber, founding father of artificial intelligence company Propane, to speak about the booming success of the Nordic ecosystem. Green-Lieber is based in Denmark and has been building the ecosystem for 15 years.
He attributed the ecosystem’s success to several aspects, including the region’s social security, which allows young people to take risks without fear of losing every little thing.
“New founders, new generations are much more optimistic and taking ownership,” Equity said. “For 15 years of my life, I haven’t seen anything [like] what’s happening now.”
Becoming a center of deep technology and artificial intelligence, as one report put it, and is currently valued at half a trillion dollars, with Nordic startups receiving just over $8 billion in enterprise investments in 2024. The government also plays a role in these firms, providing financing to startups like Green-Lieber’s to assist founders grow their firms.
In some ways, Green-Lieber agrees with others that the ecosystem is several years behind, but at the same time “we’re moving a lot faster,” he said.
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We couldn’t leave the conversation without talking a little about artificial intelligence. When asked if we live in a bubble, Green-Lieber replied that he didn’t know. “There are tons of opportunities that haven’t been explored yet,” he said, adding that it’s true that some people just invest their money in the unsuitable things, but “that’s just the risk of venture capital.”