breaking down the boom in the nordic’s startup ecosystem

Slush Conference Highlights European Ecosystem Growth

Last week’s Slush conference, held in Helsinki, once again demonstrated the increasing strength of the European startup landscape.

The Nordic region is currently experiencing significant momentum, with Sweden’s Lovable, a company focused on vibe-coding, frequently cited as a prime example of this success.

Established companies like Klarna and Spotify also continue to be prominent figures within the Nordic ecosystem.

Discussion with Dennis Green-Lieber of Propane

This week on Equity, we spoke with Dennis Green-Lieber, founder of the AI-focused company Propane, regarding the remarkable growth observed in the Nordic ecosystem.

Green-Lieber, who is based in Denmark, has been actively involved in building within this ecosystem for the past 15 years.

Factors Contributing to Nordic Success

He attributes the ecosystem’s achievements to several key factors, including a robust social safety net.

This safety net empowers young individuals to embrace risk-taking without the fear of complete financial ruin.

“A new wave of founders is exhibiting greater confidence and taking more initiative,” Green-Lieber explained to Equity.

“I haven’t witnessed such dynamic activity in my 15 years of experience.”

Nordic Region as a Hub for Deep Tech and AI

The region is rapidly becoming a central location for deep tech and AI innovation.

Currently, the Nordic startup ecosystem is valued at approximately half a trillion dollars.

In 2024 alone, Nordic startups secured over $8 billion in venture investments.

Government support also plays a crucial role, with funding provided to startups – including Propane – to facilitate company expansion.

Pace of Growth and Future Outlook

Green-Lieber acknowledges that the ecosystem may be a few years behind other global hubs.

However, he emphasizes that “we’re progressing at an exceptionally accelerated rate.”

Addressing the AI Bubble Question

The conversation also touched upon the current state of the AI market.

When questioned about the possibility of an AI bubble, Green-Lieber admitted uncertainty.

“Numerous opportunities remain unexplored,” he stated, while acknowledging that some investment capital is being allocated to ventures with limited potential.

He concluded by noting that such risk is inherent in the nature of venture capital.