 All right. Welcome everyone. I'm Benjamin. I'm the head of program here at slush honored to be moderating this panel with you all So the context to why we're here today is that the Nordics produce a disproportionate amount of exceptional tech companies And this is not just by luck There really is something special about how we approach company building out here and today we have with us Three iconic leaders from the Nordics. We have Sophia Ilka and Josephine Former and current leaders from companies such as so what if I Supercell and crew which are all defining Nordic companies that have really Collectively raised the ambition level of what's possible in this neck of the woods What makes these three companies so special is not only their success But that they characterize three waves of Nordic companies spotify founded in 2006 Supercell in 2010 and crew in 2014 all neatly four years apart from each other But today we're here to discuss Nordic leadership that supposed secret sauce for why these Nordic countries produce so many successful startups So to kick things off. I'd like to take us back 10 years to 2012 So to set the scene Supercell had just released their first to be hits Hey there and clash of clans spotify had just pierced the US market reaching 1 million paying customers and crew itself Was not founded yet. Josephine was building glossy box and if you think about the venue we're here today Slush was 3000 people at the cable factory on the other side of town So what was it about this time? 10 years ago that set us on this trajectory to produce over 15 unicorns in these 10 years What was the spark? Maybe Sophia if you want to take at the lead. Yeah, sure happy to give it a go I think at least my experience with Spotify in the early days We didn't really have a proper ecosystem in Stockholm at the time. There were no co-working hubs no accelerators No, kind of known angels that you could go to So I think we really cannot figure the way out, but as we went along. I think we Also saw the ecosystem grow. So I think from that time comparing to now. We have such a mature ecosystem There's a lot of talent Access to talent access to money I think in all different stages. So I think you see both more Angular masters pre-seed and seed investors and also late-stage investors And I love to see how kind of former operators often invest in new companies because then we recycle both sort of knowledge experience capital but also network with so much easier to you know have a Good conversation with someone if you come sort of recommended by someone else that have already worked with that person So I think sort of the the ecosystem have matured and I think you know this event Once a year coming here to meet people from across the globe has definitely helped Catapulted and sort of speed up the process in getting the ecosystem to be mature Exactly, and then I think there are a few kind of more macroeconomic things that have helped at least Sweden to be a Good place to start a company. I think kind of early up doctor and access to internet, of course one and Then that we have a lot of good data and statistics and I think that can also help and I also think that we have a good Sort of social security Set up which makes that you know It's easier for us to think about bigger problems than just sort of paycheck to paycheck thinking Yeah, and I think that in one of the State of the European tech reports it was stated that the Nordic region has the most mission-led founders in Europe and I think that holds true Definitely, what about Ilka Joseph you? What was it about 2012? 2012 like you know what I remember from those days is that I think suddenly there was this like a much higher level of ambition Like the founders, you know like I think in the early 2000s and then I got started with entrepreneurship and tech entrepreneurship, you know Companies from Finland would talk about okay, we're gonna go global, but we're gonna take it easy So first you prove your service in Finland and then when you go to all and then when you go to Sweden And then maybe Norway and then mark and then slowly you move to the rest of the Europe And all of a sudden you had these companies who say that no, you know We're gonna be the number one globally and and from a get-go and and there's a much much higher level of ambition And and then the other thing was that you know, of course I myself had been very inspired by companies like you know Very few success is like the my SQL or say Skype Coming coming from Sweden, but all of a sudden there were like others who were trying to do the same thing like of course They're super inspired by you know what the Sophie and Daniel were doing the Spotify And there was of course Rovio here in Finland and others and I felt that you know We were as a group ever kind of were inspired by each other's and everybody was sort of raising the bar like for everybody else Definitely. Yeah, same. I was also going to talk about the ambition and like I think I've had the questions many times like how did we set sort of set the bars for key and what do we think we could achieve and So I spent a lot of time with that and and Martin just sort of when they were dreaming about Spotify and talking about the incredible talent They were hiring so like Sophia being one of them before we knew each other and then also Like the clarinet guys were in my class Eric Wallford was in my class who found his SoundCloud and it just became you know Like when your peers are building global companies, then it doesn't become like an impossible thing to do It seems like a quite viable thing to do So I think that whole sort of perspective change is so important and you think well if that person can do it Maybe I can and I think that's really been growing the ecosystem since with all these Successes coming from such a small sort of place Yeah, so while there really is strength to these smaller ecosystems maybe moving into the leadership aspect of this What are the Nordic leadership traits that really separate startups from those building Silicon Valley for example? What has been our advantage in that sense in building these companies and especially leading them like you have? Maybe Sophia if you want to start again Yeah, I can only speak for my experience, but I think we have had a very kind of flat organization At least at my years at Spotify and we also wanted to always hire people that were better than ourselves And if you do that and you give them a lot of autonomy and a lot of trust Then you can scale a company properly if you wouldn't and if you would try and micromanage people and don't trust them You're gonna slow down and you're not gonna succeed. So I think we had a very open Culture Daniel was so good at always saying like the door is always open. You can come to me You know town halls you could ask any question. So I think a very open and transparent culture Set the bar fairly high. So we felt empowered and we feel inspired and sort of leading more because we were super charged Being on this mission together rather than you know, feeling that we're Working nine to five just because it's it's a job. We were more kind of on fire and having fun together Yeah, exactly does this resonate with you will kind of suffin in terms of Nordic leadership traits Yeah, I think You know this kind of open spirit and that Collaboration that's kind of part of the society actually and I think at least maybe ten years ago people used to be upset There were high taxes in Sweden and all these other things, right? But then it's like Sophia said it's also means that there's social welfare. So you can try things Very well educated population Infrastructure that allows for things to happen. You can hire very skilled work for workforce and and I think what's really changed Since 2006 when I started in the startup community in Stockholm is that you don't only have the skills coming from Schools right coming out, but it's also all the Incredibly skilled people working in all this Startups, and then you really have the ecosystem. It's not just the angels or the other factors It's really the skills and knowledge Yeah, yeah, I would agree with both Josephine and and Sophia But maybe just put an additional spotlight on this idea of trust You know, I think that's sort of a built-in in you know in the Nordic societies I mean and you know people just trust each other they even trust the government and you know And you know for us it's a given but it isn't a given in in that many other countries and you will you know There's this this classical test that you leave your wallet somewhere and what's the probability that you will get it back and Nothing stolen and that's extremely high at least and infill that I'm sure it's the same in Sweden And you know that that's a built-in trust that we have in the society like also is Reflected in companies and then you actually trust the people you work with means that you don't need to micro manage them And there's less control people feel better You know and teams and people they execute must much faster because they don't need to get an approval for every single thing And it leads to a higher quality work. So trust is if I would have to pick one thing it would be a trust Okay, I agree and also like psychological safety so that you can speak up and that no questions are weird or stupid questions And if you have that in your culture, I think you have a really good foundation. Yeah, definitely I think maybe Ilka like following up on this your first company Sumer was acquired by digital chocolate Which was an American a game studio in 2004? So you've experienced Silicon Valley first-hand working for a digital chocolate post acquisition So maybe starting with you as well What are some leadership principles from the US that startups from the Nordic should take note of? Based on your experience there. I know Sophia. You've also worked in the US, but let's start with you Well, I think I would almost go back to what I already said. It's this kind of level of ambition Especially like in the early days of my career. I felt that, you know, we just weren't being ambitious enough and you know Us Finns, you know, we are like oftentimes we can confuse these things that you know I mean, we're all humble, but that shouldn't be confused with this fact that I mean, of course You can still be like very very ambitious yet being being humble And you know, I think both can actually go go hand-in-hand and I think it's such an Important thing, you know, and I you know, and I think we're still maybe some things that they can learn from our say American friends on that how kind of a how like crazy ambitious They are and it can be and you know, they can Dream like really really big and they're like it's and they're it's very natural for them to like talk about it in public And you know and and it's a very natural thing to do where I think you know And by the way, I should say that, you know, we the current generation of this new generation of entrepreneurs is like so much better at this, you know And I know I'm not sure if you even have that problem anymore I'm pretty sure we don't but you know, if I remember the old days I think that was a one thing that I learned and took to heart Sophia do you have any any learnings from your time at Spotify in New York as well? Yes, I have one saying a friend of mine American one of the first hires in the Spotify marketing team in New York She really appreciated the Nordic leadership style that we implemented there But we also saw this a bit of the lack of you know when telling the story to be bold enough We were so humble so sometimes people underestimated us and She and I used to say that a loved child between You know the US and the Nordics would be the perfect mix because we would deliver on You know the Nordic standard, but we would also be really good at communicating and telling the story You know in a very natural speedy precise way exactly I think next up it will be good to think about Like today where we are today what the founders of the of today are in the Nordic and you sort of alluded to this already but Is there something different about the Nordic leaders and the Nordic founders of today compared to ten years ago? That's Very important for you you mentioned ambition for example, I know you're all investors as well Is there something that really separates the current generation? Maybe Josephine if you want to want to start with this one Well for starters, I think they're more diverse, which I'm very passionate about that It's not only men to put it that way or almost only men some more diverse like in my angel portfolio there are plenty of women and I think the Sort of impact driven or I mean it feels like it's old news by now, but it's I think all of us want The new generation to build companies that really make a difference, right? And I think that's a huge different to ten years ago and very Compelling and fun and also where the big You know, they're really big things you can do with big I love the quote that's Martin usually Tells that you know the more challenges you've overcome the higher evaluation of your company So I think that rings true for a lot of people and that's why we should pick big challenges and try to solve them Right, so I think there's a big difference in that That's the quote about the two of you. How did that founders of today seem to you? Yeah, I think they're more mission driven to your point I think the the young generation are much more and painfully aware of the problem. We're facing and To to that point. I think we have the greatest challenges in our generation, you know right now So there's a fantastic time to start a town company and tackle those I think we all feel like we need to be able to kind of look You know our kids in the eyes and say this is what I worked on in order to make it better So I definitely see like a bigger portion being mission driven and then I also think it's a bit more Global than before so like a white combinator for instance is something that a lot of people have access to now Knowledge sharing like yes the sessions that you guys record here or that YC is sort of giving out for free I think there's so much content. So if you're a very ambitious founder, you can seek information and get access Super easy. So I would say that they are more kind of and maybe more ambitious more kind of impact driven and also a bit more Global from start probably Yeah, I agree. I think the current generation What they want to make is they want to make global impact and then not only that but I think they're also like better Like for example, my generation was ever at like telling it as a story I have a better storytellers and you know in a very like simple way They can like explain what they're about to do and why it's gonna happen in a very inspiring way And I think there's I think it's been a tremendous amount of improvement I think if I look at the entrepreneurs of today and I'm I personally get extremely inspired and I look at the next generation of Entrepreneurs, that's gonna come out from places like flush. Yeah, exactly I'd like to move to a bit more of a practical note now So I think Sonali Derukkar from Axel one of the sort of most legendary VCs in Europe She's actually invested in all Spotify Supercell and crew She's spoken a lot about how Nordic leaders strive to have almost as little power as possible What when they lead companies are we interesting to hear maybe starting with you Ilkka? What does this sort of practically mean for founders who might want to implement this of culture into their companies as well? Yeah, you know Sonali and I have actually spoke about this a lot But I think it comes down to like two a few things You know first of all you need to kind of hire the best possible people And then you need to be able to somehow put the right group of people together to form like the best possible teams And then in addition to that you have to like somehow create a culture where these teams can have the biggest possible Impact and you know it when it comes down to like, you know, Sophia mentioned psychological safety in the team But also in the greater company, you know people must be it must be They must be encouraged to take risks and and you know for example at Supercell like we've created this culture But you know whenever we fail or for example kill a game We always celebrate that thing with you know with champagne because and the thing is that you know We really want to make it completely safe and actually like okay to fail and and you know We've just fundamentally believe that the companies, you know, they don't Fail because they take risks, you know way fail because they stop taking risks So those are the things that are close to my my heart Yeah Does this resonate with you Sophia and Yosefine is this a Nordic trait to strive for as little power as possible so to say Yeah, I think maybe we come across as understated at least abroad But I do think that at least my experience is that we can have a lot of sort of power But we're also confident enough to give others power and again I think that's how you make a company grow and I think you you want to strive to create this culture that they'll get Describes because then you make something And you make people feel like they're part of something that is greater than themselves And I think that's when you get the real momentum and the real excitement and the real Journey so to speak and Sometimes some of the American leaders that I have been working with they have had bigger egos And it's been more about them and their journey and their career and trying to control I think if you turn it around and you try and make people grow and you take a few steps back I think that's the more exciting part And I think as a leader it's the most rewarding thing ever to see people flourish and grow when you have created that No circumstances so they can grow and excel and do more than they ever thought they were able to I think that's like the goosebump moment In the journey. I love that Fantastic. Yeah, I think sometimes we It's such a big part of start up culture right to hire talent talent talent talent everyone talks about talent all the time But then maybe there's a second second piece with the puzzle Which is really enabling all those people to really harness their talents to achieve the goal and that's not easy Right, so it's the funds challenging and it's really makes you grow also. I think as a leader So maybe there will be more conversations on that on those topics too rather because I think everyone needs by now knows Higher very talented people, but it's the second part. It's very fun No, that's super interesting and I think sort of while as we've just heard There's a lot of praise for Nordic leadership and we have a lot of these success stories to back it as well But it'd be interesting to hear what are the things that we could still do better So so where do we go from here and how do we keep growing about it? There isn't this sort of plateau. What should we change? Maybe Sophia you look like you want to answer. Yeah, I'm happy to start. I think from a Society level. I think it's important to make it easy for tech companies to recruit Higher talent from abroad and in Sweden. We have had some difficulties with visas Processes that have been painful and long and hard and it's just been a bit of a mess Same, I think with option programs that I think they should be kind of developed in a way that Makes it easy for founders to share the company And then sorry remind me of the question again how we can create Yeah, I think it's just about how there are these there's this sort of narrative of Nordic leaders and this sort of Special Nordic culture, but something must be missing. I'm sure something can be done better So what are the things for example founders themselves could practice Going forwards that they might still be lacking generally in the Nordic ecosystem and culture Yeah, so those are maybe a bit more technical, but I think in the future I I think you know role models are really important and to Josephine's points about diversity I would love to see more kind of female founders that reach kind of unicorn or IPO levels so that we have more diverse set of Unicorn founders. I think it's it's a massive Role to play there because I think we inspire each other so much Then I think education and also the fact that kind of starting early and having kind of entrepreneur classes or Kind of dorm room funds even to start angel investing. We're in your school I think that's also a great example of how we can Help boost and foster the community even earlier in our own journeys And then I think celebrate success and also celebrate the failures and celebrate the people that actually dare to go up in the ring And do it because we we talk a lot about it But actually building a company like Supercell or tree or Spotify it takes, you know Full focus and blood sweat and tears. So I think so celebrate the people that have done it is also an important part Well, thankfully, that's what we're all here to do. I think sort of It'll be interesting to hear that especially if you look at you then on the slush stage are quite a while and you actually said in 2015 on the slush stage that the next Google could be born out of the Nordics So I was what would be interesting to hear. What's your dream for the Nordic ecosystem? Obviously, we've spoken about this sort of growth over the past ten years But if you look into the future of like 2030, how would you like the Nordic ecosystems to look like? What is the sort of success story that you would like to be defined by here? Well, I still have the same dream and I'm still absolutely believe it it can and it will happen question is when Well, I guess the ultimate dream, of course, you know that those type of companies would be born from our ecosystem And you know like and for the longest time like the from the Nordics have went to Silicon Valley To like, you know get it wise and see how things are done You know, I'd love there to be a time There may actually come here and see like okay like wow like what are these people in these Nordic countries doing right? And and I think you know, that's already like starting to happen by way It's interesting. What about Josephine? Where did we go from here? Well, I'm still an operator, right? So I'm all my head is full of all the things that I'm gonna do with my company in my but and things I wish for for my angel company Like my sort of my portfolio But yeah, I hope that we can build great impact driven companies and many more unicorns that really makes a difference Yeah Maybe on this question Sophia for example, you mentioned Like legislation around option pools and immigration for example Do you think our biggest challenges are on this side of the table or more in the sort of startup culture? And how do we actually build companies or sort of what's the biggest bottleneck that? Prevents from the next Google to be from the Nordics You mean how we can keep them in the Nordics rather than having losing them to the outside or sorry No, how we can build a company like that from the Nordic. So what are the biggest challenges for that still? Now, I think you know, we have so many things that are Where the stars are aligned right now There's so many solutions of the shelf that you can work with that didn't exist when we started Spotify and then I think you know if we improve on these things the sort of talents visa and option programs I think that's a really good starting point and then I would just love to see more people that have the opportunity To invest to do so so continue sort of the angels in reinvesting in the ecosystem and to see Sort of operators and founders to share their knowledge back into the ecosystem So we reinvest our money and time and then I think my dream for the future would be to see more female founders and so So the next Google but maybe within an impact vertical coming from the Nordic region and to have the US to come here Rather than that way around Exactly We have a couple of minutes left And I think it would be nice to end on a note that for example, especially the founders and aspiring founders in the audience could take home So what's the most important non-negotiable you've stuck by in your leadership? What is the sort of one rule that you try to stick by throughout your career? So maybe if we want to start with Josephine and make our way down here Yeah, I think it's very Important for me It's not the best word, but it's called a no bullshit policy. So I like transparency Directness bringing up problems when you have them trying to be fair to everyone you can trying to act sustainable So sort of that's very core to me and something that I try to operate by all the time Yeah, no bullshit For me, it would be trust. I mean if I think about Supercell like I We have very sort of few processes and and in those type of things, you know, you know, we like to say that, you know We're kind of replacing the traditional control mechanisms with this very thing very simple thing called trust And you know that without trust at least our organization just simply can't work I mean just won't work. It's sort of a foundation that they build everything on top of so that's the non-negotiable from my side Fantastic and for me it would be to have fun if I don't have fun. I'm bad at it And I should be somewhere else So as long as I'm having fun that I think I'll do a good job same for my team members Fantastic, I think there are a lot of important lessons for the founders and the audience to take forward Thank you so much for for sharing your pulse on the Nordic ecosystem And I think it would be interesting and say ten years if we were referring back to 2012 We can look back in 2032 and see where we ended up and this is always Interesting to go back to these sorts of moments here on stage and thank you so much for sharing your stories from the Nordic success stories And thank you so much for the audience and let's have a great slush. Thank you