world-class technology hub

Sweden’s most enthusiastically received global exports include Abba, IKEA, and Volvo.

However, the technology industry is yet another area in which Sweden is gaining international recognition right now. The city has previously delivered various billion-dollar organizations; In fact, it is home to 35 unicorn companies, many of which have changed the way we live so dramatically.

These include Klarna, a fintech that lets you buy now and pay later, and Spotify, an audio streaming service that has changed the way people listen to music. King, Mojang, and iZettle are three other unicorns that were born here.

Additionally, Sweden is noted as having Europe’s fifth-largest pool of potential unicorns.

LEIA, a postpartum health app, is one of the more recent tech sector startups located in this area. Not to mention climate fintech Doconomy and ClimateView, whose ClimateOS platform assists cities with world-class technology hub in achieving net-zero emissions.

Video has the support of Swedish football great Zlatan Ibrahimovi in the field of data engineering.

Which industries to watch Impact startups are important here. Polestar, a brand of electric performance cars, is one of the Swedish impact startups that will be worth the most in 2021. Oatly, a plant-based milk that is extremely popular; Northvolt, a manufacturer of lithium-ion batteries; Voi Innovation, which makes electric bikes, and Re: new cell, which supplies fashion with recycled and biodegradable raw materials.

Dealroom reports that the joined endeavor worth of Swedish affect new businesses has developed north of 20 times bigger than it was in 2017 – quicker than some other European centers.

Gaming and music technology are two more big clusters here.

The latter may not be so surprising after all: Rock and pop music have a long history in Sweden. This Nordic nation is home to Robyn, The Cardigans, Avicii, Europe, Roxette, and many others.

Candy Crush Saga is a game that everyone knows about.

Microsoft purchased Minecraft developer Mojang for $2.5 billion (€2.4 billion) in cash.

On Euronews. jobs, look for thousands more open positions across the continent. What factors contributed to Stockholm’s success?

So, why is Stockholm such a favorable location for these high-value tech firms? There are numerous reasons for this.

One million Swedes were able to acquire their first computer thanks to the “Home PC reform,” a government policy implemented in the latter part of the 1990s to install computers in every home. This, in addition to the government’s early investment in internet connectivity, helped many future tech entrepreneurs thrive in this area.

Sweden likewise has a liberal social security net for its residents, which incorporates public admittance to free training and generally free childcare.

All of this contributes to the development of an innovative culture and lessens the anxiety associated with starting a new business.

In addition, the government of Sweden devotes more than one percent of its GDP to R&D.

Despite the availability of a wide range of social support, things aren’t always going well. Dealroom says that diversity is a challenge because less than one percent of venture capital funds go to all-female founding teams.

However, moving there for work can be expensive. Consumer prices will rise at fixed rates of 7.9% this year and 5.2% in 2023, according to the country’s finance ministry’s most recent forecast. world-class technology hub

Rent is expensive in Stockholm, as it is in many other capital cities in Europe, but the quality of life and sense of social responsibility here offer a balance.

People moving from other parts of Europe can expect to have access to education and healthcare as well as Stockholm’s excellent infrastructure.

Additionally, the transition isn’t as difficult as it may appear for many: In the EF English Proficiency Index (EF EPI) in 2022, Sweden placed seventh out of 111 countries because almost all Swedes speak English. world-class technology hub

There are many recyclers in this country: Swedes recycled 2.15 billion bottles and cans in 2019, saving approximately 180,000 tons of CO2.

Additionally, “blogging” began in the city: It started in Stockholm in 2016 as a response to plastic pollution and combines a hike or jog with picking up trash for recycling. World News Spot

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