8 Observations From My Trip to Copenhagen

Last week, I visited Copenhagen, Denmark, one of the most picturesque (and fun!) cities in the world. I attended the Danish Vaekstfonden GP Summit, which brought together Europe's top investors and entrepreneurs.

Here are my eight observations emerging from this summit.

1. Denmark is a global leader in tackling climate change. There is a deep commitment for all stakeholders to solve problems that matter, emphasizing climate. This is evident when you speak to government officials, large corporations (e.g., Maersk, Lego, and Novo), and entrepreneurs. This is not just a facade. They care, and they’ve been taking action.
2. The Danish leaders are strategic thinkers and patient executors. Vaekstfonden, the Danish growth fund, has clear objectives of becoming a global innovation hub, and it has been designing and executing its strategy for the past decade. They have built strong relationships with the top venture firms in Silicon Valley and Europe while nurturing their local ecosystem of entrepreneurs and VCs. They are now connecting the dots so we can all work together, placing them at the center of the innovation ecosystem in this effort.
3. As part of this strategy, the government facilitated a deep collaboration between the public and private sectors. Vaekstfonden has been working closely with the leading corporations in Denmark toward their shared objectives. Denmark Bridge, established five years ago, has brought leading Danish executives to Silicon Valley every year to ideate and brainstorm with the leading tech CEOs.
4. Interestingly, some of the largest Danish corporations are owned by foundations committed to the same goals. The Novo Nordisk Foundation, for example, which owns Novo Nordisk, is the wealthiest charitable foundation in the world with a net worth of $93.73 billion. They make $1-2 billion in grants yearly, supporting cutting-edge technologies in life sciences and sustainability.
5. Local corporations take a long-term view and are willing to take risks and get creative to achieve climate and sustainability-focused goals. Maersk, for example, is the first major shipping company to commit to net-zero emissions by 2050. The maritime sector emits 2.5% of the world’s greenhouse gas emissions. To help lead this change, Maersk has recently commissioned 12 dual-fuel, green methanol-powered container vessels. As there’s not enough green methanol to meet the demand of those ships, Maersk entered strategic partnerships with six leading producers to source at least 730,000 tonnes/year by the end of 2025. This will catalyze further innovation, production at scale, and cost reduction.
6. The Danish people have a curious and humble mindset. They solve big problems by learning and collaborating with others. There’s no place for ego, which allows them to build strong bridges with others. Everyone we met was kind, thoughtful, and fun. The amount of innovation in food and beverages made it easier to break bread with new friends over amazing dinners. It’s not a coincidence that they are among the happiest nations in the world!
7. The breadth and depth of startup companies in Denmark are astonishing. And it’s only accelerating. Danish startups are taking on the world's most critical challenges from climate to supply chain to healthcare. They are building companies with deep technical insights to solve those challenges. The VC community is emerging to support this complexity, with several local deep tech venture firms. Relationships with US VCs have been established to support capital needs down the road.?
8. The geopolitical instability in Europe is catalyzing innovation in critical technologies at an unprecedented pace. Vaekstfonden helped create the first NATO Innovation Fund to invest 1 billion euros in early-stage start-ups developing dual-use emerging technologies of priority to NATO. These include artificial intelligence, quantum technologies, autonomy, biotechnology, materials, energy, and space.? In addition, Denmark has been selected to build the new NATO Center for Quantum Technologies.

I couldn’t be more excited about what’s to come from Denmark. I’m thankful to our incredible partners in Vaekstfonden for including us in this movement; we look forward to doing more together, building companies that matter, and supporting the next generation of changemakers.