STHLM TECH - The startup scene in Stockholm
Stockholm has become Europe’s Silicon Valley. According to Forbes, Sweden was the best country for business in 2017. According to The Nordic Web, $1.2 billion dollars were invested in Stockholm-based startups in 2016 . Compared to the year before, this is an increase of $892 million. And these figures will continue to grow.
Last year (2018), there were about 8.000 startups in Stockholm with almost 52.000 employees in total. 5 of the 10 fastest growing companies in Europe are located in Stockholm. 18% of the working populations works in a tech-related area which makes “programmer” the most common job-title in Stockholm. With companies like iZettle, Tink and Klarna, Stockholm has become the second leading fintech city in Europe. And did you know that Spotify and Bloglovin are the most popular startups here? Find out more about the investment landscape here.
Interview with Tyler Crowley
Without any doubt, Stockholm is a popular location for startups. Every month, Europe's largest gathering of startups takes place in the capital city of Sweden. At every STHLM TECH Meetup three startups from Stockholm get the opportunity to do their pitch in front of a prestigious investors group.
We talked to the organizer of the STHLM Tech Meetup Tyler Crowley about the startup scene in Stockholm.
IAMRUNBOX: How do you define the term “startup”? What does a company need to have to get a recognition at the STHLM Tech events?
Tyler: We use the classic Silicon Valley / Y Combinator/Steve Blank definition which is "a startup is a temporary organization used to search for a repeatable and scalable business model."
IAMRUNBOX: Why do you think so many startups are located in Stockholm? Do you think there is a reason the startup scene is thriving in Stockholm? Is there still something in the environment here that could be improved?
Tyler: There are a lot of startups in Stockholm because there is lots of good schools creating lots of good talent combined with the fact that Swedes are natural problem solvers.
The startup scene is thriving in Stockholm because the previous generation of innovators are very supportive of the current generation, which are also supportive of the next generation
What could be improved is a robust rental housing market, so more startups could move here. Also the immigration for Non EU citizens could be easier.
A great pitch is very memorable and likable. The keys to that are to be emotional and visual. The keys to being emotional and visual is to tell a good story like a children’s book story with characters and drama. The drama is the problem that the character or user has and the hero of the story is the product which resolve the conflict or drama.
IAMRUNBOX: What do you think investors are mostly looking into? What matters to them in decision making?
By the way, IAMRUNBOX had the opportunity to announce their new Spin Bags on stage on the STHLM Tech Meetup in February! We are glad to be part of the fast-growing startup in Stockholm - even when we are not a Tech startup!
Read more about our story here.