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New analysis: Denmark - A Unicorn Factory 2023. But Why Do They Leave?

The Danish Chamber of Commerce is publishing a new report about tech startups: Denmark: A Unicorn Factory. But Why Do They Leave?’

Nyhed

The report explores why Denmark is great at producing unicorns, but terrible at making them stay, through interviews with 10 founders who have ranked the most crucial framework conditions to foster more unicorns and to make them stay.

“Denmark has founded a high number of unicorns per capita, but despite Denmark’s ability to create these unicorns, nine out of 13 unicorns have moved their headquarters out of Denmark. This is nearly 70 percent. This means that Denmark is missing out on job-creation, tax revenue, and innovation. Denmark needs to change the framework conditions, so more startups and unicorns find it attractive to stay in Denmark,” says Jasmina Pless, Head of Entrepreneurship at the Danish Chamber of Commerce.

The report builds on interviews with 10 outstanding founders of unicorns and promising tech startups: Peter Holten Muhlmann, Trustpilot, Niels Martin Brøchner, Contractbook, Jeppe Rindom, Pleo, Suzanne Lauritzen, raffle.ai, Jakob Neua Nørgaard, Penneo, Lars Fløe Nielsen, Sitecore, Anders Riis, Swiipe, Mikkel Hippe Brun, Tradeshift, Mads Fosselius, Dixa, Stine Mølgaard Sørensen, Radiobotics.

Key figures from the 2023 report:

A total of 2.3 unicorns per 1 million inhabitants have been founded in Denmark. This is higher than both the UK (1.7) and Finland (1.3).
In Sweden, a total of 32 unicorns have been founded. In Denmark it is only 13. Nine out of these 13 unicorns have moved their HQ’s out of the country.
Denmark has 38 rising unicorns which is 6.6 per 1 mil. citizens. That is higher than Norway (5.5), Sweden (6.0) and Finland (3.8). Three of the 38 rising unicorns have already relocated their headquarters though.
8 percent of Danes aged 18 to 64 are new entrepreneurs. This is higher than Norway (6.5 %) and Sweden (9.1 %).
Access to talent, better opportunities for warrants and better conditions for IPOs rank as the most crucial framework condition to foster and keep unicorns, this is accornidng to an expert panel consisting of 10 founders of unicorns and promising tech startups.

Denmark - A Unicorn Factory 2023

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