the nordic startup scene

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© 2016, Amazon Web Services, Inc. or its Affiliates. All rights reserved. Eric Morales Head of Games Industry & Startups, AWS Nordics AWS Stockholm Summit, May 4, 2016 AWS Stockholm Summit Startup Track

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Page 1: The Nordic Startup Scene

© 2016, Amazon Web Services, Inc. or its Affiliates. All rights reserved.

Eric Morales

Head of Games Industry & Startups, AWS Nordics

AWS Stockholm Summit, May 4, 2016

AWS Stockholm Summit Startup Track

Page 2: The Nordic Startup Scene
Page 3: The Nordic Startup Scene

The Nordic Startup Scene

The State of the Union

@neilswmurray www.thenordicweb.com

Page 4: The Nordic Startup Scene

@neilswmurray

Page 5: The Nordic Startup Scene

@neilswmurray

Page 6: The Nordic Startup Scene

@neilswmurray www.thenordicweb.com

Page 7: The Nordic Startup Scene

Assumptions vs. Reality

@neilswmurray

Page 8: The Nordic Startup Scene

@neilswmurray

Assumption: The Nordics doesn't attract much venture

capital, especially in comparison to the UK and Germany

Page 9: The Nordic Startup Scene

@neilswmurray

Reality: Venture capital is growing at a faster year on year rate than both UK and Germany, and the

Nordics raised $1.82 billion cumulative in 2015.

Page 10: The Nordic Startup Scene

@neilswmurray

Assumption: There's a lack of opportunity for big returns in

the Nordics

Page 11: The Nordic Startup Scene

@neilswmurray

Reality: There were only two vc-backed exits in

Europe in 2015, both had their roots in the Nordics

Page 12: The Nordic Startup Scene

@neilswmurray

Assumption: Sure, the Nordics have had a few hits but that doesn't make a successful ecosystem

Page 13: The Nordic Startup Scene

@neilswmurray

Reality: The Nordics have 10+ companies up and

around a $1 billion valuation

Page 14: The Nordic Startup Scene

@neilswmurray

Assumption: Nordic startups are great at well-

designed, fun apps, but there's not much substance.

Page 15: The Nordic Startup Scene

@neilswmurray

Reality: Zendesk, Skype, Just-Eat and Klarna are

all examples of companies who have capitalised on a real business opportunity.

Page 16: The Nordic Startup Scene

@neilswmurray

Assumption: The Nordics are only strong in a couple of areas, and have a strong reliance on those.

Page 17: The Nordic Startup Scene

@neilswmurray

Reality: Fintech was actually the most backed

vertical in 2015, ahead of traditionally strong areas like health, gaming and

enterprise SaaS.

Page 18: The Nordic Startup Scene

@neilswmurray

Denmark

2015: 65 investments totalling $273.53 million

Zendesk and Just-Eat

Sitecore, Tradeshift and Unity all about to become Unicorns

Page 19: The Nordic Startup Scene

@neilswmurray

Denmark

Very strong in Enterprise SaaS/B2B

#CPHFTW pushing things forward

It’s not a big 2 anymore, it’s a big 3

Page 20: The Nordic Startup Scene

@neilswmurray

Finland

2015: 84 investments totalling $197.52 million

Rovio and Supercell

The Nokia effect

Page 21: The Nordic Startup Scene

@neilswmurray

Finland

Very strong in Gaming and Health

Slush

Established hub

Page 22: The Nordic Startup Scene

@neilswmurray

Iceland

2015: 17 investments totalling $193.8 million

Verne Global and CCP

Very strong in VR

Page 23: The Nordic Startup Scene

@neilswmurray

Iceland

Slush Play

3 new funds

Conditions to improve

Page 24: The Nordic Startup Scene

@neilswmurray

Norway

2015: 30 investments totalling $85.4 million

Opera Software

A shift away from oil

Page 25: The Nordic Startup Scene

@neilswmurray

Norway

Very strong in EdTech

500 Startups

Fastest growth in investment

Page 26: The Nordic Startup Scene

@neilswmurray

Sweden

2015: 143 investments totalling $1.07 billion

Spotify, Mojang, Klarna

The unicorn factory

Page 27: The Nordic Startup Scene

@neilswmurray

Sweden

Very strong in FinTech, Ecommerce, Media

#STHLMTech

Now world-renowned

Page 28: The Nordic Startup Scene

@neilswmurray

The Challenges

A lack of general awareness from politicians

Stock options

Tax reforms

Page 29: The Nordic Startup Scene

@neilswmurray

The Challenges

Housing prices

Potential investment bottleneck

Talent

Page 30: The Nordic Startup Scene

@neilswmurray

The Future

2nd tier cities becoming hubs in their own right

More unicorns

More $1 billion+ exits

Page 31: The Nordic Startup Scene

@neilswmurray

The Future

Series A boom

Defragmentation of Europe’s investment scene

Investments level out

Page 32: The Nordic Startup Scene

www.thenordicweb.com