As a global Following the historic investment boom of the venture capital market contracts, the downturn will affect each startup market differently. While we’ve given the US startup ecosystem most of our attention recently, it’s time to broaden our perspective.
And narrow our focus. In the wake of Techstars Sweden’s decision to end its accelerator program, TechCrunch+ decided to dig into the country’s startup scene to understand how a small venture market is adapting to a changed investment climate.
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With a population around Michigan in the United States, Sweden punches above its weight in both culture and business. Any heavy music fan will quickly talk to you about Swedish heavy metal giants like At The Gates, In Flame, Amon Amart and Meshuggah. From a business perspective, Zettle, Ikea, Klarna and Spotify all call Sweden home.
So, although the people of Sweden do not make it a fast source of energy at a high level, it is clear that it is a country with a history of creating and building things that the world will accept. Indeed, this creates a good foundation for future startup activity; After all, Spotify itself is worth $25 billion. Why couldn’t the country’s founders do it again?
Techstars CEO Miles Gavett declined to comment on the decision to leave Sweden on the record. So today, we’re looking at Sweden with a focus on Techstars exit and how local venture and startup actors are looking at it. We would like to know if there are conditions that improve the decision to better grok Techstars call for the decision, as well as the European startup market in general and Sweden in particular.