![]() Silicon Valley – San Francisco and the Bay Area – boasts 1.4 unicorns per 100,000, said Guemouri, co-author of a 2020 report on European tech companies. Stockholm is second only to Silicon Valley in terms of unicorns – startups valued at above $1 billion – per capita, at around 0.8 per 100,000 inhabitants, according to Sarah Guemouri at venture capital firm Atomico. ![]() It has the third highest startup rate in the world, behind Turkey and Spain, with 20 startups per 1000 employees and the highest three year survival rate for startups anywhere, at 74%, according to a 2018 study by OECD economists. Startup rate vs Silicon ValleyĪlthough overall investments are larger in the bigger European economies of Britain and France and their longstanding finance hubs, Sweden punches above its weight in some regards. “The social safety net we have in Sweden allows us to be less vulnerable to taking risks,” said Gohar Avagyan, the 31-year-old co-founder of Vaam, a video messaging service used for sales pitches and customer communication. A range of income insurance funds can protect you if your business fails or you lose your job, guaranteeing up to 80% of your previous salary for the first 300 days of unemployment. It’s an outcome that might not have been envisaged by the architects of Sweden’s welfare state in the 1950s.Ĭhildcare is, for the most part, free. Some executives and campaigners say the Scandinavian nation demonstrates that a deep social safety net, often viewed as counter to entrepreneurial spirit, can foster innovation. Klarna CEO Sebastian Siemiatkowski in the company’s office in Stockholm, Sweden, August 25, 2020.
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