Sweden continues to solidify its reputation as one of the worldʼs most innovative nations. It now ranks among the global top 10 in terms of the number of unicorns and leads Europe in unicorns per capita, with particular strengths in advanced technology, the green transition, and life sciences.

DENMARK CONTINUES TO PUNCH ABOVE ITS WEIGHT IN EUROPEAN TECH. IT RANKS AMONG THE NORDICS’ TOP ECOSYSTEMS BY VC INVESTMENT, WITH OUTSIZED STRENGTHS IN LIFE SCIENCES/HEALTHTECH, FINTECH, CLEAN/GREEN TECH, AND AI-DRIVEN SOFTWARE. THE COUNTRY KEEPS A STEADY PIPELINE OF DEEP-TECH STARTUPS FROM ITS UNIVERSITIES AND RESEARCH HUBS - ESPECIALLY AROUND COPENHAGEN AND THE MEDICON VALLEY LIFE-SCIENCE CLUSTER.

FINLAND STANDS OUT IN THE NORDICS AS A LEADER IN DEEP-TECH, HEALTH, AND AI INNOVATION. THE COUNTRY COMBINES STRONG STATE SUPPORT, WORLD-CLASS STEM TALENT, AND A COLLABORATIVE ECOSYSTEM THAT CONNECTS UNIVERSITIES, RESEARCH, AND INDUSTRY. ITS UNICORNS HAVE EMERGED IN AREAS RANGING FROM ENTERPRISE SOFTWARE AND HEALTH TECH TO CONSUMER ELECTRONICS, WITH HELSINKI, OULU, AND TAMPERE FORMING KEY TECHNOLOGY HUBS.

NORWAY IS EMERGING AS A HIGH-POTENTIAL TECH ECONOMY, WITH NATURAL ADVANTAGES IN ENERGY, MARITIME, CLEAN TECH, AND DIGITAL INFRASTRUCTURE. ITS STARTUP ECOSYSTEM IS GROWING RAPIDLY, PARTICULARLY AROUND OSLO, BERGEN, TRONDHEIM, AND STAVANGER, WITH STRONG INTERSECTIONS IN EXPLORATION TECH, CLIMATE TECH, AND DEEP TECH.

ICELAND IS A SMALL BUT AMBITIOUS TECH ECOSYSTEM WITH A STRONG FOCUS ON MEDTECH, OCEAN TECH, CLEAN TECH, AND SUSTAINABILITY INNOVATION. THE STARTUP SCENE IS CONCENTRATED AROUND REYKJAVÍK, WITH SUPPORT FROM STATE FUNDS AND LOCAL VCs THAT PUSH GLOBAL POTENTIAL. IN 2023, ICELAND SAW ITS FIRST UNICORN (KERECIS) - A SIGN OF GROWTH AND MATURITY IN A YOUNG VC MARKET