Sweden remains the leading startup ecosystem in the EU and is only just behind the UK in Europe as a whole.
This is according to this year’s Global Startup Ecosystem Index Report from StartupBlink.
Over the last decade, the Nordic country has become one of the world's leading startup hubs. Sweden is home to over 7,000 startups and scaleups and has also produced 41 unicorns to date. These include well-known companies such as Spotify, Klarna and NorthVolt.
In addition, the country leads Europe with an exit value of over one billion US dollars, leaving global heavyweights Singapore, Israel and Canada behind.
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Sweden's success is based on many factors, including its high quality of life. According to local founders, entrepreneurship and collaboration are also important parts of the mix. Another important element is a global approach to growth.
“Being a small country means having a small internal market,” says Johan Enkelin, co-founder of SStockholm-based management consultant Lynxeyetold TNW in an earlier interview. “So you have to be open to looking for other opportunities around the world and be informed about what's happening outside Sweden.”
Loss of dynamics
Despite the country's leading position, 75% of Swedish startup ecosystems are losing momentum, the report says.
Sweden now has 12 cities among the Global 1,000 – last year there were 19. These include the central startup centers of Stockholm, Gothenburg, Malmö and Uppsala.
Stockholm is the only ecosystem to make it into the world's top 100. However, it failed to secure a place in the top 20, as it did in 2023. This year, it has dropped seven places and is now ranked 26th.
Nevertheless, the capital retains fourth place in Europe after London, Paris and Berlin. Amsterdam follows in fifth place.
Malmö, Uppsala and Lund also recorded declines, while Gothenburg jumped 28 places to reach 133rd place worldwide.
Overall, Sweden is the sixth best country in the world, having lost one place compared to 2023.
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