Challenging the Status Quo: A Personal Journey with Denmark's Public Funding

A successful entrepreneurial ecosystem is far from a solitary endeavor. It is a dance between people with ideas and an environment that fosters them, a careful orchestration of ambition, and the nourishment of it. In Denmark, most are privileged to perform on a stage that encourages and supports them. The ecosystem, bolstered by supportive soft funding initiatives like EIFO and Innovationsfonden, has served as the cradle for many ambitious ideas, enabling them to transform from a person with a pitch deck into successful international businesses.

Consider Pleo , the transformative fintech pioneer that has reimagined company spending. Behind Pleo's resounding success story lies the empowering support it received from Denmark's soft funding initiatives during its crucial early days. This support facilitated Pleo's journey from concept to creation, enabling it to blossom into a successful venture that's improving the financial landscape.

Similarly, Donkey Republic , our homegrown bike rental platform, brought a visionary idea to the table - redefining urban mobility. The robust support from Danish soft programs like EIFO's loans bolstered Donkey Republic's transformative journey, helping it to revolutionize sustainable urban living.

While Denmark can relish in these success stories, exemplifying the transformative potential of Denmark's entrepreneurial ecosystem, it's also essential to acknowledge the untapped potential that lies within it's reach.

Recent studies have revealed an alarming disparity in the distribution of public funding in Denmark. While our society boasts of equality, our entrepreneurial landscape tells a different tale. A tale where only a fraction of public funding finds its way to startups led by women, minority groups, or ex-pats like myself. This reality is not only a blow to our society's progressive ethos but also a hindrance to our entrepreneurial potential.

My recent participation in a round table discussion on Diversity in Tech at Sustainary | Talents | Green Impact 's Green Impact Week served as a stark reminder of this untapped potential. While it was heartening to see key players in the ecosystem acknowledging the significant strides women have made in the tech world. I've also experienced firsthand the barriers that minority and ex-pat entrepreneurs still face in accessing crucial early-stage funding. I was proud of my role in reminding the room that diversity extends beyond what's visible; it encompasses the unique ideas, experiences, and perspectives that we bring to the table. As we strive for a more inclusive entrepreneurial ecosystem, it's this holistic understanding of diversity that needs our conscious action and sustained commitment not simply the championing of the causes that are popular or serve our own best interests.

I am writing this article today because I am on a mission to shake up the telecom industry and catalyze positive change for people and the planet with Worthmore - and I am super proud of how much I have been able to achieve on this mission already. I don't often feel wronged, or like I didn't get exactly what I have worked hard to deserve on my journey - however, I can't help but feel some of the adversity I faced in accessing public funding was in stark contrast to the promise of our venture.

Worthmore - a company that's ambitious, scalable, eco-friendly, and dedicated to social impact should slip right into the agenda that the Danish ecosystem so proudly stands for. Yet, despite having personally invested 500K DKK of my own money into the company, despite spending tireless months bootstrapping, despite jumping through 101 hoops to secure private funding from multiple Danish investors and VCs - we still wrestle with obtaining even small amounts of public funding that could be crucial for initial momentum.

It has been disheartening to see that Denmark, a country I believe in and have dedicated myself and my skillsets to for nearly 8 years, has not yet reciprocated by investing in our future together, especially after we seem to cross off the initial criteria of their investment thesis. I have found from the nearly 40+ entrepreneurs that I have helped secure the Startup Denmark Visa - that this experience is not exclusive to me or my company; it's a mirror to the systemic hurdles faced by many founders from diverse backgrounds.

To me - this underscores the need to ensure that our ecosystem is truly accessible and equitable. That it provides real opportunities for all innovative ideas to flourish - even those that are founded by people whose names might look different than the ones in the closest friend group of the panel deciding where and when to allocate funds.

I'll be fair in saying this is not just a Danish issue - I came from the USA which has its own problems to overcome when it comes to diversity in general. But part of the reason I champion the Danish ecosystem so strongly is my genuine belief that it can be a powerful role model for all other ecosystems.

How we can do better together :D

As we strive to correct this imbalance, it's essential to recognize that systemic change requires both acknowledging the problem and working towards a solution. The Danish public funding landscape calls for a transformation, one that facilitates an equitable transparent distribution of resources.

The road to this transformation involves introspecting our existing funding criteria and asking hard questions. Does the current system unintentionally favor a certain demographic? Are there unconscious biases influencing decision-making processes? To build a more equitable landscape, we must ensure that these mechanisms accommodate the unique challenges and opportunities that diverse founders bring.

Additionally, it is my belief that information about public support needs to be more accessible. Information is power, and clear, readily available guidelines about the public funding process can empower founders to better navigate the landscape. A dedicated, multilingual resource platform could significantly level the playing field for ex-pat founders. It is important for me to note that - while some opportunities have done better than others on this front - I feel I am the type of nerd always on top of this stuff and I still miss half the opportunities available to me.

Bridging the gap between private and public funding is another critical step forward. The success in securing private funding should serve as a strong indicator of a startup's potential and warrant serious consideration for public funding. It should not be optional that if you have secured a certain amount of private funding from Danish investors you can be denied access to small amounts of public funds. This only promotes a better rate of success and diversified risk for everyone involved - which should be the point of publically supported programs.

Looking ahead, I'm filled with optimism. The obstacles on our journey are not insurmountable; they're challenges waiting to be overcome. To all entrepreneurs treading a similar path, I want to say, keep pushing, keep innovating. Our collective efforts can reshape the landscape and pave the way for a more equitable entrepreneurial ecosystem. As we work towards this future, remember that diversity is the lifeblood of innovation. Let's ensure that our public funding structures reflect this reality and create a space where all entrepreneurs can bring their unique, transformative ideas to life.

Together, let's foster a Denmark where everyone has an equal opportunity to shine.