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June 2022
Nordic Influencers:
WHY YOU NEED THEM TO MARKET YOUR BRANDS
Sustainable investments:
MANY SMALL STEPS TOWARDS A GREENER WORLD
BUSINESS / LIFESTYLE Danish star investor:
YOUR HEART NEEDS TO BE IN THE RIGHT PLACE CLEAN MOBILITY IS POWERED BY RENEWABLE ENERGY
nordic business 10 WOMEN IN INVESTMENTS • PROPTECH • DIGITAL BRANDBUILDING • HOTELGUIDE
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How to reduce CO² emissions is one of the areas that is at the top of the Nordic climate agenda. In this
issue of Nordic Business, we take a closer look at the latest solutions within Clean Mobility and how to develop and apply new solutions for renewable energy for areas such as air, train and car transportation. According to Michael Zöllner, CEO of Denmark’s Green Investment Fund, “the green transformation of society is a gigantic task that requires both existing technologies and new ideas. But it also requires behavioral changes in all of us who may have habits that are difficult to change.” Sustainable investments are thus crucial for the future possibilities of developing these new technologies. We pay tribute to 10 Nordic women who have successfully chosen to make a professional career out of investments. The same goes for Danish star investor Jacob Risgaard, who shares some of his good advice about investing in an interview with us.
Executive Editor & Publisher Henning Andersen
Sales Partnermedier ApS
Editor & CCO Julie Brix
Cover Photo
Journalists/Contributors Greg Morton / Marie-Louise Arnfast Flemming Østergaard / Bibi Christensen Malin Sjögren / Michael Ambjørn Henrik Malmgreen Translators Bibi Christensen Art Director Heidi Carlsen Graphic production Fecund.dk
Another industry on the rise in the Nordic region is the influencing industry, which many companies have gradually begun to open their eyes to. By focusing more on influencers and digital marketing more widely as part of their brand strategy, companies can get exposure to much younger and wider target groups that can otherwise be difficult to reach. Read about leading inf luencers such as 27-year-old Bianca Ingrosso from Sweden, who clocks up earnings of more than SEK 200 million a year and has contributed to influencing becoming an industry to be taken seriously. Digitization is also a focus point for the Nordic real estate industry. Nordic Business has spoken to Michael Ambjørn, Managing Director of PropTech Denmark, about the future of PropTech and also spoken to some of the most exciting and innovative PropTech companies in the Nordic region. Enjoy!
Klaus Bo Christensen / Ritzau Scanpix Print Printconnect ApS Contact nordic@partnermedier.dk
At Nordic Business, we want to take a sustainable approach to producing a print magazine. Our first step is printing on PEFCcertified paper, and the topic is also an increasing focus editorially.
Next issue published: 14th September 2022
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All rigths reserved. Material contained in this publication can not be reproduced, in whole or in part, without prior permission of Nordic Business.
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CONTENT Many small steps towards a greener world
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78 ELECTRIC ROAD-TRIP 3.600 km in 4 days? No problem!
The Demand for PropTech solutions is on the rise
-Interview with Michael Ambjørn, PropTech Denmarks mangaging director
22 62
Nordic Influencers: Why you need them to market your brands
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8 CLEAN SKY DREAMING
– Aviation is a huge challenge
10 inspiring Nordic Women in investments
56
3 Nordic Business Hotels
– to stay at during a businesstrip in Scandinavia
Cotes – the right way to dry
90
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CLEAN SKY DREAMING – AVIATION IS A HUGE CHALLENGE By Marie-Louise Arnfast When the Danish prime minister Mette Frederiksen proclaimed in her last New Year’s speech that Danes must be able to fly green on a domestic route by 2025, many eyebrows were raised. We are not close to having a sustainable solution for a normal-sized passenger plane to take off. But the ambition is there, and not just in Denmark. Norway wants to electrify all air traffic by 2040. Sweden wants to shift all domestic shorthaul air routes away from fossil fuels by 2030, and the Swedish start-up Heart Aerospace has set a target of flying electric on domestic routes by 2025. Many of the world’s airlines who are
members of the International Air Traffic Association, IATA, have also agreed on a common goal of ensuring zero-emission air travel by 2050. Batteries are heavy – and biofuel is limited The challenge with electric planes is mainly that the batteries are too heavy to lift the silver birds up and on along the routes that are most frequently served by airlines. But work is underway. In Norway, light electric planes are currently being tested for carrying a small number of passengers. As experience
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Heart Aerospace, is one of the Swedish up-and-comers in electric aircraft development. Photo: Heart Aerospace
Making air traffic climate friendly is probably the biggest challenge in the green transition of the transport sector. Nonetheless, both Norway, Sweden and Denmark have set specific targets for phasing out fossil fuels in parts of the aviation sector.
builds up, the expectation is that the development in battery technology will eventually make it possible to use electricity to power slightly larger aircrafts. Meanwhile, work is also being done on using biofuels based on straw, wood residues and household waste as admixture. The Stortinget parliament has set a target of 30% biofuel blending by 2030. The volume of raw materials for biofuels is not infinite, however – but in principle that would be the case for wind and solar energy to deliver green power.
Using Power-to-x to make synthetic aviation fuel While green power can probably only to a limited extent be used to directly propel aircrafts, much interest is now also being directed at using green power to make liquid aviation fuels. This can happen through a multi-step process, where green hydrogen is first produced by sending electricity from solar and wind power through a process of electrolysis. The hydrogen is then reacted with CO₂ from biogas, for example, which produces e-methanol. This is a liquid product that can be further processed into synthetic kerosene, which
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The challenge in producing green aviation fuels is not primarily a technological one – but lies more in upscaling and being able to get green “raw materials” in sufficient quantities.
can replace the currently used aircraft fuels that are based on fossils. In Denmark, Ørsted, SAS, A.P. Møller-Mærsk, Copenhagen Airports and others have established a partnership with a view to develop a production plant for hydrogen and sustainable fuels in the Copenhagen area from 2023. In Sweden, Vattenfall, SAS and Lanzatech have joined forces to explore the possibility of producing synthetic, ethanol-based aviation fuels. And in Aalborg, Denmark, European Energy and Copenhagen Infrastructure Partners are working to produce synthetic e-fuels based on green hydrogen and biogenic carbon dioxide. Green electricity could be in short supply The challenge in producing green aviation fuels is not primarily a technological one – but lies more in upscaling and being able to get green “raw materials” in sufficient quantities. Producing green hydrogen requires large amounts of power from renewable sources, and carbon dioxide from biogenic processes may also become a scarce commodity. With the green transition, green electricity will generally be in hot demand, and climate-wise the optimal solution
is to use this power for direct electrification, as this will provide the greatest energy efficiency. But to the extent that solar and wind power can produce electricity in addition to what is consumed through the grid and batteries, this could usefully be converted to sustainable products such as green aviation fuels. Long-haul pollutes the most – per kilometre too Domestic flights in Denmark have a limited CO₂ footprint of just 0.28% of total emissions. But the CO₂ load from air traffic is significant if we look at international aviation, which the Danish think tank Concito estimates is responsible for 4 to 5 percent of global warming. Long-haul routes are by far the worst, as emissions happen at high altitude with a much bigger warming impact. In 2017, more than 4 billion people travelled by air, and more than 80% of f lights were longer than 1,500 kilometres. Switching short-haul domestic routes to green will have a limited effect on total CO₂ emissions from air traffic. But it will give us valuable experience that can be used to switch all international flights to green as well.
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RENEWABLEPOWERED TRAINS ARE ON TRACK IN THE NORDICS By Marie-Louise Arnfast Electrifying rail traffic has long been on the agenda in the Nordic countries. This is now paving the way for trains to run on electricity from hydro, solar and wind power. But green power can also be used on railway lines that have not yet been electrified.
trains really green, however, is for them to run on electricity produced from renewable sources such as solar, wind and hydro power, or – some would say – nuclear power. This means that rail traffic has now joined the battle for access to green power which may prove to be a bottleneck in the green transition.
In Sweden, more than 70% of all train lines on the main routes are now electrified. In Norway, this applies to 85% of all rail transport – calculated in train-kilometres. And in Denmark, where electrification has happened in fits and starts, the preliminary goal is now to have the country’s main lines, running south-north and east-west, converted by the end of the 2020s.
Electrification and batteries Electrification is not realistic on all train lines, however. For heavier rail traffic – including freight trains – and longer routes, the most common solution requires the establishment of catenary lines and masts, and it’s often necessary to change bridge heights and expropriate land around the rail tracks. In other words, this requires significant investments that must then be recouped through intensive traffic on the tracks. Hence, it’s mainly the long and busy main lines that are being electrified in this way. Electrification by means of batterypowered train-sets, on the other hand, is now gaining ground on shorter routes where lighter passenger trains can serve transport needs on local railways.
Replacing diesel-powered trains with electric ones removes emissions from the actual train journeys. And while these emissions make up only a modest part of total CO₂ emissions, the resulting pollution, including with particles, is noticeable not least in the cities. The prerequisite for making electric
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On some train lines, electrification or batterypowered trains are simply not economically feasible alternatives to dieselpowered trains. This is where hydrogen and fuel cells are now being considered as potential technologies.
But on some train lines, electrification or battery-powered trains are simply not economically feasible alternatives to diesel-powered trains. This is where hydrogen and fuel cells are now being considered as potential technologies. Hydrogen trains where electric power is not optimal “Hydrogen trains can be used on lines where it isn’t feasible to establish catenary lines and where there’s a need for heavier and longer transport than what battery-powered trains can manage. Hydrogen can be refuelled in less than 20 minutes and cover up to 18 hours of driving. and often the cost of setting up a refuelling station will be lower than setting up an electric charging station, for instance if this requires reinforcement of the power grid, “ says Kristina Fløche Juelsgaard, head of business development at Ballard Europe. Ballard Europe makes fuel cells for buses, ships and trains, among other things. The company is part of Canada’s Ballard Power Systems which has so far supplied fuel cells for a passenger train in the UK and a locomotive in Canada. Ballard Europa is also involved in two projects in Norway, one of which aims to develop a hydrogen and fuel cell solution for a locomotive to be used for transporting ore. Fuel cells for trains need to be particularly robust in relation to vibrations and require special safety measures. But the French manufacturer Alstom has already delivered a hydrogen train that has clocked up more than 180.000 kilometres on a railway line in Germany over the past 18 months.
Hydrogen trains can be used on lines where it isn’t feasible to establish catenary lines and where there’s a need for heavier and longer transport than what battery-powered trains can manage, according to Kristina Fløche Juelsgaard, head of business development at Ballard Europe.
Kristina Fløche Juelsgaard estimates that half of the rail traffic in Denmark that will not be electrified directly through the electricity grid can instead be replaced by battery-powered trains. The other half could be replaced by hydrogen trains. If the hydrogen is produced from electricity from renewable sources, hydrogen trains will thus make a considerable contribution to the green transition in rail traffic.
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Cotes’ technology solutions are based on getting rid of moisture and, in the case of offshore environments, airborne salt. The less air and moisture that can get into battery dry rooms, the better the batteries are. And similarly, the less salt and moisture there is inside wind turbines, the more productive they are.
Photo: Cotes
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COTES – THE RIGHT WAY TO DRY We’re all keen to “live a better, more sustainable life” whether it’s the car we drive, the house we live in or the office we work in. But making that “right” choice isn’t always as straightforward as it may seem.
By Greg Morton We may feel good about buying an electric car, for example, but what about the energy consumed in its manufacture? And the battery? Moisture is, in many ways, an invisible threat, but one that can have huge consequences. if too much moisture is allowed into battery housings or wind turbines, the net positive effect of this “green energy” can be greatly diminished. This is where Cotes comes in. Manufacturers of “adsorption dehumidifiers” the independent, family-owned Danish company has a long, successful track record in the fields of wind energy production and Li-ion batteries among others, thanks to a high level of competence and numerous patents in line with the growing demand from a rapidly accelerating green energy transition. Cotes’ technology solutions are based on getting rid of moisture and, in the case of offshore environments, airborne salt. The less air and moisture that can get into battery dry rooms, the better the batteries are. And similarly, the less salt and moisture there is inside wind turbines, the more productive they are. How do Cotes dehumidifiers work? In simple terms, Cotes’ dehumidifiers work by capturing the humid air that comes into the unit in a rotor which acts as a filter. This rotor has a honeycomb surface coated with silica gel, that attracts water molecules and keeps them “trapped”. The air, now almost free of moisture, is then vented out as dry air. The answer is blowing in the wind The wind power industry provides a perfect example of how effective the technology can be, and how great the threat is if humidity is not adequately dealt with. Thomas Rønnow, Owner and Business Development Manager at Cotes, has led the company’s move into the sector, and in offshore turbines in particular, where conditions for energy production tend to be more steady and predictable than on land.
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“It will be a hot topic in the coming years, because a lot of green energy will be produced in offshore wind turbines, but if they’re not protected, their lifetime will be reduced, they will have more faults and you’ll see more and more expensive breakdowns,” says Rønnow. “With offshore turbines, the threat is caused mainly by droplets of seawater,” he explains. “When you have waves breaking you get sea water in the air. The big drops just fall down but small droplets become airborne, so out to sea you have a lot of airborne droplets. This combination of salt, water and high humidity can potentially be harmful to turbines, both in the tower and in the nacelle – a bit like in the winter in your car there’s a high risk of corrosion during winter from the salt that is collected,” he adds. And that can be costly. It’s estimated that as much as 25% of all breakdowns in offshore wind turbines are caused directly, or indirectly, by moisture. When they do breakdown it’s expensive business, not just in terms of the lost energy production but also the cost of spare parts and transporting staff and equipment out to sea. The solution developed and patented by Cotes is, in simple terms, a moisture and salt filter. “We mix the incoming air with dry air and evaporate the water from the seawater droplets,” explains Rønnow. “You’re left with
just the salt which will then crystallise. Then we have dry air without salt that we can push into the tower which will go all the way up the tower to the cell and that protects the whole turbine.” Onshore turbines face similar issues, although in a less aggressive way. “Power converters can frequently break down due to humidity inside the turbine, so we’ve invented another solution again, by adding dry air. Offshore the problem is more about salt, whereas onshore, it’s more about dust and sand in the air, and also a lot of dirt in the air when farmers are harvesting for example,” Rønnow adds. Charging towards the future Nevertheless, the prospects for Cotes’ future look bright. “Wind power is seen as one of the major sources of green energy in future and high growth in the industry is expected in the coming years so we see ourselves playing a big role in that development,” says Rønnow His optimism is well placed. For customers, Cotes’ dehumidifiers represent the most cost-effective and environmentally responsible way to tackle many practical problems across a raft of industries. Having control over issues such as condensation, rust and corrosion, mould and rot, electrical faults and spoilt materials means lower energy costs, reduced expenditure on service and maintenance, a longer service life for equipment, better ROI and a much-decreased environmental impact. Meanwhile, beyond wind power, Cotes has recently made a big push into the Li-ion manufacturing industry, which has boomed in the past two years particularly, due to the demand for batteries and the acceleration of the energy transition Here again, the need (and potential) for dehumidifying products is clear. Some 43% of the energy demand for lithium battery cell production comes from running dry room dehumidifiers. Extremely dry air (with a dew point of below -40c) is necessary to avoid batteries being exposed to humidity during the manufacturing process. This is important to avoid moisture being trapped inside the battery, which in worst case, can lead to a risk of explosion during charging and discharging. In response, Cotes has patented a technology (Exergic Technology ™) that enables a reduction of the net energy consumption of running the dry room by up to 92%. As a result, the CO2 footprint of the entire battery is reduced by up to 9%.
Photo: Cotes
The right way forward Another cause for optimism is the increased interest in a safe, well-functioning business. As interest in the battery sector grows, so too does the regulation around it. The EU is creating a new sustainable regulatory framework for the battery industry in Europe which is pushing for more ambitious sustainability goals for EU battery manufacturers. And there will be tougher consequences for those who do not comply. Meaning ultimately that the more forward-thinking operators – like Cotes – look set to be in even more demand than ever before.
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MANY SMALL STEPS TOWARDS A GREENER WORLD The green transformation of society is a gigantic task that requires both existing technologies and new ideas. But it also requires behavioural changes in all of us who may have habits that are difficult to change. The good news is that new habits can be helped along by lower prices for green electricity and food protein, says Michael Zöllner, director of the Danish Green Investment Fund.
By Flemming Østergaard. Photos: Danish Green Investment Fund The Danish Green Investment Fund was established in 2014 by the Danish state with the aim of providing risk-willing loan financing of green projects to accelerate the green transition in society. Michael Zöllner has been the fund's director since 2015. “We provide loans to projects and companies that contribute in their own distinct ways to the green transition. We build a financial bridge to the private capital market when the project risk is too high.” 87 projects have been funded in the eight years since the fund’s inception, targeting five different industrial verticals in particular: energy, food, transport, buildings and the circular economy. "When we evaluate the projects behind loan applications, we try to look at where we get the ‘most green’ transition for our money," says Michael Zöllner. This could for example be: renewable energy, Power-to-X, charging stations for electric cars, batteries - essentially all things that relate to energy. The food sector, where, where projects may involve
plant-based protein to replace animal protein, or lab-grown meat. Buildings, finding new materials, energy savings and energy renovations. Transport, which includes many more options than just electric vehicles. And the circular economy - the concept of recycling materials, be it biomass or physical materials, and making sure to bring it into the value chain several times over, explains Michael Zöllner. Energy and food need a revolution “The 87 projects are spread across all five areas. But there’s no doubt that energy and food make up most of the projects. If we’re to transform the way we are present in society, as human beings and as companies, then we need to start by transforming some of the energy systems we use. That’s why we’ve been involved in many projects that accelerate renewable energy. It’s the primary source of many of the other technologies required to transform our society.” One example of such a technology is Blue World Technologies in Aalborg, which makes methanol fuel cells that may be an
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It’s estimated that in 2020-2030 we’ll see the production price of solar energy decrease by 72 percent
important component in hybrid versions of electric cars and thereby significantly extend the driving range of electric cars. Another example is biogas. Here, the fund has financed Nature Energy in Odense, which which is currently the world's largest producer of biogas. Michael Zöllner points to the importance of finding new innovative solutions, but also acknowledges that it takes time. Therefore, there’s also a great need to upscale the use of existing well-known and well-proven technologies such as heat pumps. But while many solutions are at play, it may be difficult for most citizens to notice a substantial change. We are presented with one gloomy report after another on climate change, declining biodiversity and massive pollution, while society largely runs its business as usual. Companies must be sustainable in order to maintain competitiveness and relevance Michael Zöllner emphasizes the importance of accelerating the green transition. The emission of greenhouse gases, loss of biodiversity, emission of dangerous particles, consumption of fresh water etc. – have simply reached an extent that makes it absolutely vital that we deliver a green transition on all those parameters. That process is not progressing fast enough. Still, he believes there’s reason to be optimistic because something important is happening in the business world. “There’s another agenda at play, where companies are continuously required to define sustainability strategies in response to increasing customer demand. As a result, a lot of companies put more demands to their suppliers - otherwise they’re not able to deliver relevant products to their customers, who increasingly expect certain things from the products they buy. This is about being relevant and maintaining the competitiveness of the individual company, and the companies are aware of that. That’s why something’s happening.” Companies that make brand new technologies and solutions are always exposed to risk and need to assess whether there’s a
market opportunity. But there’s also a risk for more traditional companies if they don’t engage in the sustainability agenda. It could simply mean that their customers start shopping somewhere else. “A new company can design its own value chain and product sustainably and green from the start. For a well-established company with an existing value chain, this transformation is somewhat more difficult. But that shouldn’t prevent the company from adjusting whatever levers are within their reach to take one or more steps in the right direction. And that's the movement I see in many places. It’s a movement that actually makes me optimistic about whether we as a nation will reach our climate goals by 2030. I think our chances are good. Although it seems beyond reach right now with our existing instruments, I still see an underlying movement among a wide range of companies that are developing in the right direction,” says Michael Zöllner. Lower prices make us change our behaviour If we are to succeed in shifting the entire global economy in a more sustainable direction, it’s very much a matter of changing our behaviour. And despite all the talk about sustainability, it’s not the focal point for most people. Life offers countless
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Protein made in the lab might someday compete on price with conventionally produced protein
other temptations and challenges that we have to deal with in our daily lives. But the change in behaviour will still be pushed along, says Michael Zöllner. Because one of the big drivers in green transformation is falling prices for green electricity and protein. “Let me give you two examples. In 2010-2020, the production price of solar energy fell by 81 percent. It’s estimated that in 2020-2030 we’ll see a further price drop of 72 percent. The same goes for wind energy. In 2010-2020, the price fell by 46 percent and it’s expected to fall a further 43 percent by 2030. This is a development that means we can make competitive green alternatives for consumers - such as e-methanol for use in your car at a lower price per km than the fossil alternative. So, for you as a consumer, the choice is easy to make. You don’t necessarily have to be particularly interested in the climate or sustainable development - it's just the right choice in economic terms too.” Similar figures can be found in the production of lab-made protein. Here, too, prices are falling, so perhaps by 2030 we’ll be able to see see lab-grown protein compete on price with conventionally produced protein, such as milk protein. Overall, we're seeing a disruption of our energy and food systems. But the exact timeline is difficult to predict – a common and unsurprising challenge in predicting technological disruptions. Take for instance the case of fusion energy. For several decades now, commercial use of fusion energy has always been 30 years away. And mapping the human genome did not immediately lead to the scientific breakthroughs that had been anticipated. The reality of genetics proved much more complex. Historically, however, we have been good at innovating when the need has been there. Michael Zöllner cites insulin as an
Michael Zöllner, Managing director of the Danish Green Investment Fund
"When we evaluate the projects behind loan applications, we try to look at where we get the ‘most green’ transition for our money."
example. Insulin was originally purified from pigs. But it required far too many pigs relative to the insulin needed. Therefore, a solution had to be developed in the lab. “My point is that there are many interesting innovations underway. Combined with well-known technologies and not least a generally increasing focus on sustainability from companies and consumers, this means there is a movement going on. We are constantly taking many small steps, each of which is important. As it says on the stairmaster I use at the gym - One step at a time. Every step is not the answer to everything, but it is a step in the right direction,” says Michael Zöllner.
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nordic business // 22 Norwegian influencer Janka Polliani and Danish Annabel Rosendahl arriving at Copenhagen Fashion week Fall-Winter 2022-2023, Denmark, on February 1, 2022. Photo: Bertrand-Hillion Marie-Paola/Abaca/ Ritzau Scanpix
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Nordic influencers:
WHY YOU NEED THEM TO MARKET YOUR BRANDS Influencer marketing has really taken off in the Nordics, just as it has accelerated across the globe, and social media influencers are increasingly replacing marketing through traditional media channels. With Sweden in particular leading the way in the Nordic region, what are the trends and who are the Nordic influencers to keep an eye on?
By Bibi Christensen Over the past 5 or 10 years, a massive shift has happened in the media landscape with the ever-growing popularity of digital social media platforms like YouTube, Instagram, Facebook, Twitter and TikTok. Brands are increasingly ditching traditional media channels to market themselves through the new stars of this digital explosion: The inf luencers whose engagement with their followers offers a completely different way of connecting brands with consumers.
While this is a global phenomenon, it’s not surprising to see the Nordics leading the way in embracing influencers thanks to some of the highest social media penetration rates in the world. According to data from Statista as per February 2022, some 90,8 percent of the Swedish population use social media, with Norway and Denmark not far behind at 86.5 percent and 85.3 percent, respectively - impressively high compared to a global figure of 53.6 percent.
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Among the most prominent influencers in the Nordic region are Swedish Bianca Ingrosso and her mother TV-celebrity Pernilla Wahlgreen. Photo: Henrik Montgomery/ TT/Ritzau Scanpix
Among the most prominent influencers in the region are top footballers such as Victor Lindelöf, music artists and actors such as Pernilla Wahlgren, reality TV celebrities such as Bianca Ingrosso (who happens to be Pernilla Wahlgren’s daughter), and models like Philine Roepstorff or Darja Barannik. The market also includes creatives such as photographer Marcus Valeur, fashion consultants such as Janka Polliani and lifestyle bloggers such as Emily Salomon. From top tier to micro influencers But the world of inf luencer marketing spans very widely from top-tier stars with large numbers of followers on social media right down to so-called micro inf luencers who may not tick up quite as many subscribers but get a different level of engagement with those followers or come with a different level of authenticity or authority/expertise. It’s is not just a massive growth market. It’s also becoming increasingly serious, professional and sophisticated, and it’s increasingly powered by strong data analytics showing brands exactly what they get for their bucks. And they really are big bucks, or can be. While some influencers are part-timers who don’t necessarily get paid except with free product samples, for more and more influencers it’s a full-time job. And at the very top, it’s a job that brings in serious earnings. A top inf luencer such as Sweden’s Bianca Ingrosso, who has 1.3 million followers on Instagram and nearly 400.000 subscribers on YouTube, was able to clock up more than 200 million SEK in earnings in the 2020 financial year, thanks partly to expanding from inf luencing to running her own beauty brand, Caia Cosmetics.
The dramatic shift in how businesses across the Nordics have embraced inf luencers to market their brands and products is noted by Maiken Julia Lonka, managing director of Amaze Communication, a Copenhagen-based strategic communication agency that specializes in influencer marketing and social media PR work.
“I’m actually surprised that some of our clients have switched almost their entire budgets from traditional marketing to influencer marketing. That says something about how serious this field is” In the nearly 8 years since Amaze was started in 2014, the agency itself has seen its work shift along with the media market. While traditional press work covered some 75 percent of the agency’s business back then, influencer marketing now takes up about 70 percent, with the rest covered by other social media activities and only a small amount of press work. That’s completely in line with the wider market trend, she notes. “You could say that either we jumped on that wagon and went along with that development or we would have found it hard to run a business today,” says Maiken Julia Lonka. She traces influencer marketing back to its roots in internet bloggers – in a way, more similar to traditional editorial articles and product reviews – whereas today’s social media
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have brought in far more of a visual element, entertainment value and eye-catching “events”. Sweden leads the Nordics Amaze originally focused on clients in beauty and natural skincare such as Danish health, beauty and wellbeing chain Matas and the natural skincare brand Weleda, but now works with a much wider range of brands in the lifestyle area, such as Nordic spirits and wine distributor Hans Just, candy maker Haribo, footwear giant Ecco, bread and baking manufacturer Valsemøllen and jam producer Den Gamle Fabrik. Among the influencers that the agency has collaborated with are Emilie Lilja, a Danish model, DJ and podcast host who particularly advocates sustainability (72.900 followers on Instagram), and prominent Danish lifestyle blogger and writer Emily Salomon (66.000 followers on Instagram). Although there are cultural differences across the Nordic countries, Maiken Julia Lonka sees very similar trends in influencer marketing across Denmark, Norway and Sweden. But she points to Sweden as by far the most advanced market for influencer marketing.
influencer, say Weleda collaborating with model and DJ Emilie Lilja to add a bit of fashion stardust to their affordable range of sustainable and organic skincare products. That’s just one example of a collaboration that Amaze has worked on. “Of course it’s important to maintain the integrity that’s involved in working with, say, ecology and sustainability but then to lean against something that might be missing from the brand,” Maiken Julia Lonka explains. “It’s really a slice of these inf luencers’ daily lives that you get to have. You get to borrow some of their personalities for your brand.” Stardust vs authentic voices But that stardust celebrity also needs to go hand in hand with an authentic voice – in this case Emilie Lilja generally promoting sustainability. Authenticity, trust and authority are increasingly important when working with inf luencer marketing, as most followers are likely to see through any lack of credibility or hint of “selling out”.
“We really look in the direction of Sweden for trends and developments. Influencers are more well paid in Sweden, and it’s a bigger market than Denmark and Norway. In that sense they are really a few years ahead of the trend in Sweden.” Look at the data and find the best match According to Maiken Julia Lonka, the two most important things to look at for businesses wanting to collaborate with influencers are looking at the increasing amount of data that is now available and finding a good match between the brand and the influencer. Inf luencer marketing is now hugely data-driven, allowing marketers and their consultants to look more closely at an inf luencer’s profile and their followers. Are they relevant to the brand? What is the age or gender distribution of the followers? How wide is that inf luencer’s reach? Does the influencer get a high engagement rate from their followers, i.e. people interacting with the content? There are deep data analytics to mine here. And any influencer worth their salt will have these data metrics available for brands and agencies wanting to collaborate. Other factors to consider when looking for a good match is whether the inf luencer supports the image that a brand is aiming for. This might involve using a more glamourous
Maiken Julia Lonka is the managing director of Amaze Communication, a Copenhagen-based strategic communication agency that specializes in influencer marketing and social media PR work.
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“The trend is clearly going towards paying them. And clearly the big ones get more than the smaller ones”
“You need to respect that it’s their livelihood. Though having said that, it’s still the reality in the Danish market and also in Norway – but less so in Sweden – that you can sometimes create publicity without necessarily having a financial exchange between a brand and an influencer.” Emilia Lilja, a Danish model, DJ and podcast host who particularly advocates sustainability has 72.900 followers on Instagram.
In this sense, micro influencers are increasingly a segment being used by brands to focus less on the celebrity factor and more on whether the influencer is more at eye level with their followers. Maiken Julia Lonka also advises companies to consider whether they want to work on wider brand awareness versus shorter sales pitches for specific products. A clear trend in influencer marketing is towards engaging in longer-term partnerships to build brands. This relates to another trend towards inf luencers working with fewer brands across a longer time frame, as opposed to promoting several different brands short-term and thereby running the risk of being seen as too eager to cash in on marketing opportunities. Influencers want to get paid: “Respect that it’s their livelihood” And in terms of cash, the market really is moving towards much bigger budgets being spent on influencer marketing, and towards more and more influencers getting paid for their work. “Just a few years back, we did a lot of free publicity where inf luencers received a product for free and got to test it, with the expectation that they would hopefully create some publicity. You don’t get as far with that now,” Maiken Julia Lonka says, stressing that influencers increasingly expect to get paid and to make a living out of it “The trend is clearly going towards paying them. And clearly the big ones get more than the smaller ones,” she adds.
Avoiding “shitstorms” and “body pressure” But with the growing popularity of inf luencer marketing also comes a host of risks and legal issues to be aware of. Influencers receiving free products to review need to declare these to the Danish tax system, for instance, and advertising laws now require influencer marketing to be clearly labelled as advertising. Similarly, new rules in Norway require advertisers and inf luencers to disclose where images have been altered, a change in laws that was brought in to address issues of “kroppspress” or body pressure on social media, especially affecting young people. Several of Norway’s top influencers, including fashion presenter Janka Polliani and YouTuber Agnete “Agnetesh” Husebye, who in 2019 was voted Norway’s “Influencer of the Year”, have backed the new law. And then there is the risk of an influencer’s behaviour having a negative impact on a brand. Maiken Julia Lonka mentions the example of Danish inf luencer Mette Marie Lei Lange landing in a social media “shitstorm” with a post on footballer Christian Eriksen’s collapsing on the pitch during a match with a heart attack. “I actually felt sorry for her. The post was unfortunate, but she also paid a huge price for it. If you’re a public face, and many inf luencers are, then there’s just no mercy,” Maiken Julia Lonka says. And then there is the whole issue of “fake” followers and engagement that can be “bought” or using bots to push content that may not be easy to stop. Inf luencer marketing can be a minefield. But it’s reaching a new level of professionalism. And it’s fast becoming the mainstream.
A top influencer such as Sweden’s Bianca Ingrosso, who has 1.3 million followers on Instagram and nearly 400.000 subscribers on YouTube, was able to clock up more than 200 million SEK in earnings in the 2020 financial year, thanks partly to expanding from influencing to running her own beauty brand, Caia Cosmetics
Bianca Ingrosso:
Photo: Jessica Gow / TT
FROM GROWING UP IN THE LIMELIGHT TO BEAUTY QUEEN Swedish inf luencer Bianca Ingrosso has had an incredible journey. From growing up in the public eye with her mum, actress and singer Pernilla Wahlgren, she went on to become a singer herself before gaining wider fame with the hit reality series Wahlgren’s Värld, featuring several members of her famous artistic family, and she is now one of Sweden’s biggest social media stars in her own right. She has worked as a judge on Talang (Sweden’s Got Talent), was a celebrity contestant on the Lets Dance TV competition and co-hosted the podcast Har du sagt A får du saga B with fellow instagrammer, blogger and TV personality Alice Stenlöf. Mum Pernilla Wahlgren is also a prominent lifestyle and design inf luencer, while her father is the dancer and restaurateur Emilio Ingrosso. Her brothers, DJ and actor Oliver Ingrosso and singer and songwriter Benjamin Ingrosso, are fellow social media stars. These days, Bianca Ingrosso is also an entrepreneur with brands of her own, not least the beauty company Caia Cosmetics which has been a fast-growing success. She announced in late 2021 that she would no longer appear on the family reality series to focus on her other work.
BIANCA INGROSSO Age: 27 Followers: Instagram 1.3 million, YouTube 398.000 followers Audience profile: Age groups 18-24 + 25-34. 88 % female. Sweden, Norway, Finland Engagement rate: 1.67 % Areas: Fashion, lifestyle, entertainment, technology, sports, luxury, family & children Brand collaborations: Nelly.com, Hipp, Daniel Wellington, Ericsson, Mercedes Benz, Netflix, Puma, Christian Dior, Walt Disney, Zara, Chanel, Intimissimi, Nakd, Marvel, Apple Blog/website: biancaingrosso.se Source: Woomio
NORDIC INFLUENCERS TO WATCH Emili Sindlev:
The Danish fashion stylist and creative director is known as a style icon and blogger and often spotted at Scandinavian fashion shows. She was on Vild med Dans, the Danish version of Dancing with the Stars, and has since co-hosted her own TV series, Emili & Mads Emil, with her partner, stylist Mads Emil Grove Møller.
Margaux Dietz, Photo: Fredrik Sandberg/TT/Ritzau Scanpix
FACTS Age: 25 Followers: Instagram 729.400 Audience profile: Age groups 18-24, 25-34, 35-44. 95 % female. Denmark, US, UK Engagement rate: 1.00 % Areas: Fashion, accessories, lifestyle, luxury, food, dining, sports, entertainment Brand collaborations: JW Anderson, Pandora, Balenciaga, Calvin Klein, Loewe, Vogue, Prada, Converse, Pringles, Dancing with the Stars, Free People, Jimmy Choo, Stella McCartney, Netaporter, Furla Blog/website: emilisindlev.com Source: Woomio
Emili Sindlev Photo: Mogens Flindt/ Ritzau Scanpix
Margaux Dietz:
The Swedish influencer is a blogger, celebrity contestant on Let’s Dance and presenter of the dating show Hemlig Beundrare. Especially known for a much-discussed YouTube video covering the birth of her child and for “Partitempen”, a series of YouTube interviews with politicians to engage younger people in politics. Among her more unusual brand collaborations are a chain of dentists and insurance giant Trygg-Hansa. She has written 4 books and also has her own leisurewear brand and a lifestyle brand.
FACTS Age: 31 Followers: Instagram 366.000, YouTube 297.000, Facebook 170.000 Audience profile: Age groups 13-17, 18-24, 25-34. 95 % female. Sweden, Finland, Norway Engagement rate: 2.40 % Areas: Beauty, luxury, fashion, entertainment, lifestyle, fitness, wellbeing, technology, music, family & children Brand collaborations: Spotify, Daniel Wellington, Nelly.com, Eos, HBO, Rituals, Calzedonia, Kenzo, Lollapalooza, Asos, Marvel, Pixar, Walt Disney, Zara, Chiquelle, Tinder, Apple, Nakd Blog/website: margauxdietz.se Source: Woomio
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Janka Polliani:
The Norwegian fashion journalist, TV presenter and style consultant is a familiar face at fashion shows across Scandinavia such as Copenhagen Fashion Week (where she has been a committee member). She co-presented the Top Model Curves series and co-hosts the Janka og Martes Podcast with Norwegian TV and radio broadcaster Marte Bratberg. Polliani refers to Instagram as “my personal style diary”, says that normal-size women are underrepresented in fashion, and claims to not edit what she looks like in photos.
FACTS Age: 43 Followers: Instagram 240.500 Audience profile: Age groups 18-24, 25-34, 35-44, 45-54. 95 % female. Norway, Denmark, Russia, US, UK Engagement rate: 1.22 % Areas: Fashion, luxury, sports, beauty, interior design, travel, health, wellbeing, entertainment, cars, plants & gardening Brand collaborations: Volvo, Spotify, Dancing with the Stars, Dermalogica, Mac Cosmetics, Pokemon, Gucci, Guerlain, Reebok, Loewe, Adidas, Armani, Chanel, Christian Louboutin, Lancôme, Samsung, Netflix Source: Woomio
Emily Salomon:
One of Denmark’s leading lifestyle bloggers who has been running her blog since 2009, Salomon has also published 2 books and works as a brand ambassador for Danish health, beauty and wellbeing chain Matas. She claims to turn down 90 % of brands offering to collaborate to protect her “blog ethics”.
FACTS Age: 36 Followers: Instagram 66.000, blog 70.000, Facebook 8.300 Audience profile: Age groups 18-24, 25-34, 35-44 on Instagram, also 45-54 and 55-64 on her blog. 75 % female. Denmark, US, Norway Engagement rate: 3.27 % Areas: Interior design, beauty, fashion, lifestyle, food, plants & gardening, family & children, travel, dining, entertainment, books, sports Brand collaborations: Matas, Visit Sweden, H&M, By Malene Birger, Ecco, Zalando, Aperol, Toffifee, Snickers, Converse, Dyson, Moët Chandon, Netflix, Victorinox, Body Shop Blog/website: emilysalomon.dk Source: Woomio, blog
Marcus Valeur: A photographer, filmmaker and globetrotter from Norway, Marcus Valeur refers to himself as “Creator. Memory collector. Hobby comedian”. Cars, travel and outdoor activities feature prominently on his Instagram account, the perfect showroom to showcase his photography work for the likes of Porsche and Mercedes-Benz. Was part of the vlogging explorers Team Overkill with Swedish skier and youtuber Jon Olsson and Swedish blogger Janni Delér.
FACTS
Marcus Valeur
Age: N/A Followers: Instagram 160.700 Audience profile: Age groups 18-24, 25-34, 35-44. 75 % male. Sweden, Norway, US, Germany Engagement rate: 4.59 % Areas: Cars, technology, lifestyle, fitness, wellbeing, food, dining, photography, handicraft & DIY Brand collaborations: Volvo, Porsche, Nutella, Daniel Wellington, Jaguar, Apple, Aston Martin, Leica, Mercedes Benz, Google, Red Bull, Nissan Website: marcusvaleur.com Source: Woomio
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WHY DIGITAL BRAND BUILDING IS CRUCIAL TO THE 2022 STRATEGY Digital transformation is becoming a central pillar in most company strategies, but one area seems absent from boardroom discussions: What role do digital media play in building brands?
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By Pernille Fruensgaard Oee, Head of Industry at Meta The Nordics are at the forefront of digitalisation, and Nordic media behaviour is among the most advanced globally. According to a 2020 Forbes study, 97% of executives said that Covid sped up digital transformation, and the shift to digital has now moved out of the realm of media planning and into the core of business strategy. Many industries are closing the gap between the fast-moving consumer behaviour and companies’ design of their digital customer journeys and digital service models. But there is still one big gap left, which is the lack of digitalisation in brand building among industry leaders. This is a major missed opportunity, as various studies show that strong brands recover faster from economic downturns. Kantar’s BrandZ study from June 2021 shows that strong brands recover twice as fast and grow twice as fast as the general stock market. But do we really need digital marketing to build brands? The answer is yes. At least if we want to grow them effectively. In 2021, Oxford University and Kantar did a cross-media study covering $13bn of media investments over 10 years, and the conclusion was clear: Companies can boost the performance of their brand campaigns, with an average increase of 2.6x in effectiveness, when the media plan is adjusted with a more diverse media mix. TV is still a cornerstone in many brand campaigns but should not account for more than 50 % of the overall media investment, and digital media ought to play a bigger part in building strong brands. Why is digital becoming so important for brands? The answer is really simple: because it is becoming increasingly important to people. The majority of all media behaviour is now digital, and although a huge part of this involves people connecting with each other, they also expect brands to be present. Meta’s technologies are the leading go-to platform for building connections between people and brands. In Ipsos’ 2022 global media study, 51 % of those surveyed said that Meta technologies help them build relationships with brands, which is significantly more than for any other channel. In the age group of 18 to 34 years, this increased to 64 %. Consumers expect brands to be where they are, and to not only be accessible online on websites and web shops, but also be an integrated part of their daily media usage, and to present new ideas and products in ways they have not yet thought of. Right now, companies are moving more slowly than customers who are increasingly demanding and expect to discover new ideas, products and brands online. Brands that connect with consumers across multiple experiences are up to 139% more effective at driving brand objectives. So whether you want to create a true customer-centric strategy, fear the impact of signal loss on your marketing performance, or just want to get
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GETTING AHEAD IN THE DIGITAL BRAND-BUILDING RACE Nurture a culture of experimentation Start creating your own learnings and explore how your customers want to connect. Companies with a structured and formal learning plan succeed more often. Senior leaders need to nurture a culture of experimentation with all hypotheses on the table where all failures are pivoted towards learning. Enhance the full funnel flow Even medium-sized organisations tend to have the fields of brands and marketing located in different departments. This is often to ensure a strong subject-matter focus and clear mandates. But since the customer journey is not fragmented into such silos, there is a risk of disconnection, so successful organisations do embrace this challenge and plan for friction. Be as specific with your brand objectives as you are with your performance tracks. Ensure that the objectives for all parts of the organisation are clearly aligned to fit the overall ambitions, but at the same time, each initiative needs to point towards a specific outcome. When doubling down on brand building, it is crucial to plan for specific brand outcomes, as evidence shows that the optimal strategies are very different if you want to build brand awareness compared to deeper brand metrics such as how consumers view your brand or products, or changing the associations connected to your brand.
a better impact from your media investments, digital brand building is a key priority for 2022. So people expect brands to connect through digital media, and there seems to be strong evidence that the brands that take this opportunity get stronger and make more effective marketing investments. So how do you accelerate this opportunity if your brand has not yet caught up with the digital shifts in consumer behaviour? Read more about Connected Brands: https://www.facebook.com/business/industries/connected-brands
Sources: “97% Of Executives Say Covid-19 Sped Up Digital Transformation” by Forbes, September 2020. “Kantar BrandZ 2021 Most Valuable Global Brands” by Kantar, June 2021. Meta internal meta study of +7.000 brand campaigns
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“First and foremost I always invest in people. It’s important to me to work with people that I like and share certain values with. I’m a big believer in personal due diligence”
Photo: Hans Christian Jacobsen/ Ritzau Scanpix
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Danish star investor:
YOUR HEART NEEDS TO BE IN THE RIGHT PLACE By Julie Brix Jacob Risgaard is one of Denmark’s most well-known and prominent investors. He started his first online business in 1996 and, like many entrepreneurs, had the experience of going bankrupt and losing everything he owned – including his parrot – to the bailiffs. In 2005 he joined the wholesale company Coolshop, founded in 2001 by brothers Mark and Mike Nielsen, to help push their online sales. The company is now part of Entertainment Group ApS, which enjoyed gross profits of more than 100 million Danish kroner in the financial year 2019-2020.
invests in start-ups on behalf of CoolGroup, a company that’s part of Coolshop and which recently saw Danish Bestseller billionaire Anders Holch Povlsen join the circle of owners through his investment company Heartland, with a share of 25%.
Today, Jacob Risgaard is also known as one of the investors on the TV show “Løvens Hule” (a Danish version of “Dragon’s Den” which in Sweden also runs as “Draknästet”, ed.), where he
When you look back at the investments you’ve made until now, what was the one that meant the most to you so far? “That’s like choosing between your children – you just
Nordic Business invited Jacob Risgaard to talk about the factors that go into his investment choices – and the types of businesses he would like to invest more in over the next few years.
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The Danish Bestseller billionaire Anders Holch Povlsen has recently joined the circle of owners of Coolshop through his investment company Heartland, with a share of 25%.
can’t. Every investment really means a lot to me, and though these companies are all different, each one does something completely special.” “However, I’d like to flip that a bit upside down and say that the most important decision I ever made business-wise was to get Heartland, under the helm of Lise Kaae, onboard as one of our owners. Getting such a large and professional company with such talented and competent people sitting at the end of our table, that’s been enormously instructive and rewarding. It’s just so much cooler to have someone on your team who can really lift you up than spending 10 years protecting the ownership structure down to the last few percent.” Getting the right match between both personal values and the value basis for investing has also been crucial for Jacob Risgaard. “Both CoolGroup and Heartland want to contribute to the development of CSR and ESG. One of the companies we’ve invested in is Nordic Woods, which plants forests that all types of businesses have the opportunity to become part owners of. That way we can also contribute to solutions that even more companies can tap into, so together we can help get more businesses to engage with the green agenda in a positive way.” “CoolGroup currently counts 21 companies among its investments, and some them were made through “Løvens Hule”. How do you pick your investments outside of “Løvens Hule”? “It’s a bit easier to pick investments outside of “Løvens Hule”. At CoolGroup we encourage everyone to apply, and we keep our lines of communication very open. This also means we get a lot of approaches through social media, which we are
The most important decision Jacob Risgaard ever has made business-wise was to get Heartland, under the helm of CEO Lise Kaae, onboard as one of the owners of Coolshop.
truly grateful for. But we do try to focus on companies that reach 360 degrees around Coolshop as a business, so we stick to our core areas including retail, fashion and technology.” But there are also investments which Jacob Risgaard sees as coming straight from the heart. That includes the Danish e-sports business P1 Esport, in which he has invested along with Eigild Bødker Christensen (a Danish multi-billionaire and founder of the printing company Color Print which he sold in 2006, ed.) and Mark Nielsen (one of Coolshop’s founders, ed.). Investing in more e-sports companies, however, is something that Jacob Risgaard thinks will have to wait a bit. “We’re still getting to know the market and prefer to make our first slipups with this one. It’s also cheaper to make a mistake with a small investment than a big one,” he says, chuckling. Your investments through CoolGroup include businesses in retail, technology, sustainability and business innovation. Which types of investments or businesses do you generally think will gain the most within the next few years? “Software-based companies, including particularly software companies that manage to streamline processes and free up processing space, which is often difficult for a lot of
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“As an investor, you still need to remind yourself that, even with a great concept, it can take a long time for consumers to change behaviour”
Photo: Hans Christian Jacobsen/Ritzau Scanpix
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companies to achieve. And then of course it would naturally also continue to be companies that have a positive impact on the environment. But as an investor, you still need to remind yourself that, even with a great concept, it can take a long time for consumers to change behaviour.” “At CoolGroup we also have a strategy of investing sustainably, but preferably in big projects that can make a noticeable difference in reducing carbon emissions, for example. Of course, everyone can make a positive contribution to the climate equation, but it’s the big projects that really shift things. It’s really startling, for instance, that big cement factories are responsible for such a large share of carbon emissions. Just imagine, as a co-investor, if you can contribute to the development of a sustainable cement-like product. That would have a big impact. So, privately I also invest considerable amounts in green projects through green investment funds.” Investing with his heart For Jacob Risgaard, it’s very much about creating value through a holistic perspective – not just for himself, but for employees and aspiring entrepreneurs too. “I’ve never been a traditional manager by any means, but my experience as an entrepreneur has taught me to show more respect for each individual as a person and for their family life,” he says, adding: “First and foremost I always invest in people. It’s important to me to work with people that I like and share certain values with. I’m a big believer in personal due diligence, which is something they really apply in the US. By getting to know others better, visiting each other privately, and so on, you can get a much more honest sense of who people really are. Unfortunately, we’re still a bit reserved in Denmark when it comes to letting people in if we don’t know them well. That’s a shame, because it really is important to not just invest with your common sense but invest with your heart too.” With the CoolUnite foundation that falls under the umbrella of Coolshop, you support vulnerable, sick and disadvantaged children in Denmark. Among other things, the foundation has helped build both a children’s hospice and a holiday charity for children aged 0 to 18 years who are affected by serious illness. What made you support these particular causes? “Some years ago, we discovered that there’s only one children’s hospice in Denmark (the Lukas Foundation, ed.). The grief of losing a child affects the entire family. That includes grandparents who see their own child being affected by deep grief as well as dealing with their own grief at losing a grandchild. With CoolUnite, we’ve contributed to establishing another children’s hospice as well as Pausehuset, where families who rarely get to travel due to having a sick child are given
“Money only has a true value, when spent on something cool”
a 5-star holiday experience. It’s touching to see the children sitting around a campfire with their families making bread on a stick and suddenly asking who’s going to comfort their mother when they’re gone. Money only has a true value, when spent on something cool. What’s positive about charity and CSR is also that the employees see the company having values and a purpose other than just making money. It’s comforting to many employees that we show there’s enough money to also support charitable causes. And that’s especially important in times of crisis. CoolUnite also seeks to inspire other leaders and SMEs to embark on CSR strategies, which is something that many executives find difficult to think into their companies. We want to inspire other companies and contribute to more people opening their eyes to the benefits of CSR. There’s actually good money in helping others.” You’ve gained a lot of experience in your working life that could be described as full of ups and downs. What would be your best advice to entrepreneurs seeking funding from investors? “Hard work. That will clearly get you further than anything. Of course, you also need to have other abilities, but hard work is an absolutely crucial factor in achieving success. That’s also well-established from elite athletes who train for years until they get successful. In the past, you even got a mark at school for “diligence”. Even if you weren’t necessarily gifted with great intelligence, you could still get a certain amount of recognition for showing hard work and diligence.” “There’s no recipe for success, though it’s become popular among some former entrepreneurs to publish books offering advice on how to be successful as an entrepreneur. But the bottom line is that you have to find your own way and then be prepared for it to be extremely hard. In return, you will get at a great deal of self-satisfaction that is exactly what elite athletes get when they finally succeed after a long time of working hard and being determined,” he concludes.
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BEST NORDIC INVESTMENT PODCASTS NORWAY
DENMARK
STAVRUM & EIKELAND
INVESTERINGSPODCASTEN
The hosts Gunnar Stavrum and Ole Eikeland talk to famous personalities from the business world and investigates on what makes some people successful while others are a failure? Gunnar Stavrum has been editorin-chief of Nettavisen for almost 20 years and is one of Norways’ most respected voices in the public debate. Ole Eikeland has extensive experience from the media and the stock market as a finance editor at Nettavisen, broker at Pareto Securities, a nd prog ra m ma nager at ‘Svindeljegerne’ on TV3.
The two hosts of Investeringspodcasten are Per Hansen from Nordnet and professionel investor Helge Larsen. The podcast is published weekly and gives privates investors valuable knowledge and deep insights regarding investments and the current stock market.
SWEDEN
BÖRS PODDEN This podcast is for those who live for the stock market as it gives the listeners a great overview of the Swedish companies. No company is too big or too small to be seen and discussed by Börspodden. Furthermore, the podcast brings a sharp focus on financial events and current trends in trading and investments.
FEMINVEST Feminvest is Swedens’ largest network for female entrepreneurs and investors with almost 25,000 members. The podcast is hosted by the CEO of Feminvest Michaela Berglund who together with Rebecca Mboge strives to educate and inspire the listeners into investments and entrepreneurship.
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EU TAXONOMY
– rulemaking for sustainable investments The EU taxonomy is a system to classify which parts of the economy can be marketed as sustainable investments. However, to create what someone has called the world’s most ambitious green investment rulebook is a complicated process and it’s still ongoing.
By Flemming Østergaard The EU generally places a high bar on environmental requirements etc., which tend to end up affecting the world, as other countries are eager for access to the world's largest trade zone - the Brussels effect, as the American professor Anu Bradford has dubbed it. This also applies in this case. EU is leading the way. The "Action Plan for Financing Sustainable Growth" was presented by the European Commission in 2018 based on the Paris Agreement (2015) on Climate Change and the UN's 17 Sustainable Development Goals (SDG). The aim of the action plan is to channel capital flows towards a more sustainable economy; to create standards and labels for green financial products; to integrate sustainability risks into risk management and to promote transparency and the long-term perspective of investments. CSRD replaces NFRD Regulatory technical standards (RTS) must establish the criteria for when an economic activity is environmentally sustainable. The Corporate Sustainability Reporting Directive (CSRD), a stricter replacement for the Non-Financial Reporting Directive (NFRD), is the directive that makes sure to set several requirements for companies' reporting on sustainability. It must ensure that asset managers such as investment funds and pension funds receive the necessary data to be able to document how sustainable their financial products and funds are. However, negotiations on the details of CSRD are still ongoing between the Council of the European Union, the European Parliament and the European Commission and many amendments are under consideration. A proposal from the European Parliament in mid-March implies more detailed and stricter requirements, but also that it should be voluntary for SMEs, which in WWF's interpretation means that only 0.2 per cent of EU companies are covered.
The German Sustainable Finance Research Platform has called for the inclusion of SMEs in the scope of CSRD to avoid major data gaps in key sectors. Excluding SMEs will hinder access to sustainability information on the companies – a problem for the financial industry but also the large companies within the scope of CSRD as SMEs are part of the large companies' supply chains. The large companies are therefore likely to require SMEs to account internally for the relevant data and initiatives so they can use it in their own reporting. In any case, the CSRD is an important element, because the directive must provide the necessary data for the two important regulations that investors must be aware of. The Taxonomy Regulation, which concerns the environment and the Sustainable Finance Disclosure Regulation (SFDR). Taxonomy Regulation The Taxonomy Regulation specifies the overall requirements that financial actors must consider when reporting on their sustainable activities. • • • • • •
Climate change mitigation Climate change adaptation Sustainable use and protection of water and marine resources Transition to a circular economy Pollution prevention and control Protection and restoration of biodiversity and ecosystems
The taxonomy implies that an activity in a company can only be called environmentally sustainable if it contributes significantly to at least one of the six environmental goals and does not significantly harm any of the other goals. Initially, only RTS for the first two goals of the Taxation Regulation will come into force – due to delays, the timeline
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now says January 2023. Later in 2023, maybe, the RTS for the other four goals will be determined. SFDR is at play already However, the disclosure regulation for financial players, SFDR, already entered into force on March 10, 2021. Meaning that financial players like pension funds and investment funds must report based on disclosure regulation before the technical standards are in place. The regulation means that all investment products and funds must be classified into three categories according to their approach to sustainability. Under this scheme, the asset managers themselves must give their funds one of the three labels. Article 6 is awarded to funds that have no or little focus on sustainability. This does not mean that there are no sustainable aspects. However, the investments follow the individual asset manager's general policy for responsible investments, which can be quite different in various funds. Article 8 is for funds that take sustainability into account in the process by promoting environmental, social, or managerial issues. These funds are certified as light green. Article 9 concerns the funds that have specific sustainability objectives. In other words, sustainability is an integral goal of Article 9 funds, which are certified as dark green.
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10 TIPS
FOR A MORE EFFICIENT DAY OF WORKING FROM HOME
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The advice given below is always useful for any given work day. But they are particularly important if you are working from home. In a normal work setting, much of your daily routine will be planned and controlled by others – at home it’s up to you to take charge. Gitte Koldtoft, a coach and public speaker, says this requires a great deal of personal leadership.
By HK Privat, Jesper Pedersen
1. PLAN AHEAD FOR WHAT YOU ARE GOING TO EAT In the office, you may be used to a staff canteen, fruit bowls and regular eating times. At home, you need to plan EVERYTHING yourself. We tend to eat whatever is readily within our reach. So make sure you have food that will energize you by preparing your lunch in the morning. And you might want to peel a handful of carrots to have something ready to snack on. 2. PLAN AHEAD FOR WHEN AND HOW TO GET SOME EXERCISE If there is no commute or meetings you have to move to get to, your only exercise might be the 17 steps to get to your kitchen. So make a plan for when and how to do some physical activity during the day. Most importantly because it’s good for your brain. It needs oxygen. And you need to get outside. Try to decide if there are work tasks you can do on the move – such as phone meetings. 3. UNDERSTAND AND MANAGE YOUR ENERGY LEVELS Have a meeting with yourself to learn which tasks require the most energy from you. One idea is to use a traffic-light system to manage your energy. Work out what is challenging for you (red), not so challenging (amber) and what recharges you (green). Using this insight, you can then plan your day so the traffic light changes regularly. 4. ALIGN EXPECTATIONS WITH YOUR MANAGER Once you know how you work best, make sure to align expectations with your manager in terms of when and how you are at your most productive when working from home. This is important to avoid a guilty conscience if, for instance, you like to take a long walk mid-morning because it helps your energy levels. 5. MAKE AN EFFECTIVE TO-DO LIST This is always important, but especially so if you struggle to get started with work at home where you need to be more of a self-starter. Your to-do list needs to be clear and specific, using verbs to tell your brain exactly what to do. And break each task down into smaller bits – especially if you are feeling overburdened.
6. GET AWAY FROM THE SCREEN At home there aren’t as many natural interruptions to your screen time, so you risk spending too much time in front of your monitor. Think about which tasks you can do away from the computer. For instance, could you listen to a web presentation or join a meeting while out for a walk? 7. TAKE PLENTY OF BREAKS When you work from home, you don’t get interrupted as much, so make sure to take some breaks during the day. At least once an hour. Decide what you want to work on from your to-do list, set an alarm and take a break when it goes off – no matter how far you have managed to get with that work. 8. STOP WORKING A major problem is that a lot of people end up putting in more hours when they work from home. But remember that you are probably already more productive just from not being interrupted as much. So there is no need what so ever to work more hours on top of that. Cast off that guilty conscience and switch off when you have done your normal hours. 9. PLAN FOR SOCIAL INTERACTION – OUT OF THE HOUSE OR ONLINE We need social contact to energise us – and feel part of a community. That goes for extroverts in particular. So plan a walk with a colleague. And plan some social activities on Teams or Zoom. It can be hard to get the same kind of natural small-talk going that you would normally have around the staff kitchen, if it’s scheduled online, so you might like to use some dialogue prompters about favourite TV shows, book recommendations and such. 10. BE EXTRA AWARE OF POSITIVE COMMUNICATION It can drain you of energy to engage with communication that is not friendly or easy to understand. If you can’t see the other person’s body language, clear and friendly communication becomes even more important. Don’t, for instance, use the imperative if writing to tell colleagues what to do. It looks much harsher in writing.
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The beautiful Louis XVI Hall is one of the oldest and most beautiful banqueting venues in the country. It was here the sculpture Bertel Thorvaldsen´s homecoming was celebrated in 1838, when our then greatest world star returned home after more than 40 years in Rome.
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EXCELLENCE
An invitation to unique celebrations at d'Angleterre and its historic grandeur
You´ll make history if you hold an event or meetings at d´Angleterre which can accommodate functions from very small gatherings and up to 400 in the hotel’s meeting and banquet rooms – based on each guest’s specific needs. D´Angleterre was built on the love between the founders of the inn, the Danish girl Marie Copy and the Frenchman Jean Marchal. For almost 270 years to date d´Angleterre has hosted grand celebrations, historic events, romantic weddings, conferences, and world class meetings. The d´Angleterre events team has assisted, welcomed and served statesman and diplomats, royalty and rock stars, top leaders and historical icons. The hotel is known for an elegant and high level of service and attention to details.
The environment is an invitation to celebration and exclusivity Weddings at d'Angleterre are a chapter in themselves. It hardly gets more romantic than holding a wedding here – in all tailor-made versions, from a romantic reception to a grand adventure and a buzzing party. Working closely with the wedding couple or the event planner, the hotel offers the very best in gastronomy, f lowers, decor, and atmosphere. Whatever the occasion, an already special event becomes extra special at d´Angleterre. And you can be sure of a classic, elegant, luxurious, and bespoke solution in beautiful historic surroundings.
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Only 20 minutes form Copenhagen airport, d'A ngleterre is ideally located on the famous Kongens Nytorv square, next to the city's most attractive sites. It is renowned for its majestic salons hosting conferences, parties, wedding, meetings or intimate gathering.
The Louis XVI meeting and function room can accommodate up to 250 guests and the hotel can also host smaller parties who would like to enjoy private dining or an intimate moment together. At d´Angleterre meeting floor can be offered 4 smaller Salons with connecting rooms up to 25 guests and 1 room “Empire” with capacity up to 50 guests. Or why not book the whole meeting floor exclusively.
The Palm Court, with its marble columns and Europe´s largest glass mosaic roof, holds the title of being one of the most prominent banquet halls in Copenhagen and can accommodate up to 400 guests.
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Interview: Michael Ambjørn, managing director Proptech Denmark
THE DEMAND FOR PROPTECH SOLUTIONS IS ON THE RISE How do you see the future of PropTech developing in the Nordic region and globally? Bright, but don’t just take my word for it. PropTech Denmark and Colliers have recently worked together on a survey of real estate companies, proptech startups and scaleups - as well as established tech suppliers. And whilst the survey focused on Denmark we’re hearing similar from the rest of the Nordics,
and indeed globally: the demand for proptech solutions is on the rise. 92 per cent of the companies that identify as suppliers of digital solutions to the real estate sector are experiencing growth with 77 % seeing very high or high growth levels. And that’s before we factor in that the #1 priority for 2022 onward is the green transition, which isn’t possible without digitization.
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“There’s a tendency for tech founders being in love with their own product, rather than their customer’s challenges. It is the latter that gets you product-market-fit.”
What 3 pieces of advice would you give to a Nordic proptech startup's ambitions to expand internationally? First, start by understanding your customer’s strategy at board level. There’s a tendency for tech founders being in love with their own product, rather than their customer’s challenges. It is the latter that gets you product-market-fit. Shortcut the process by getting board level buy-in for a well-resourced, time-limited pilot. If it is successful you can use it as a trampoline to help you grow, learn - and then jump into additional markets. The unique advantage of the Nordics is our low power distance, relatively easy access to execs - and a willingness to try things out if the challenges are real. Secondly, get all the help you can get from the ecosystem. It takes a village as the saying goes. Draw on organizations such as PropTech Denmark and our peers across the region. We regularly organise Market Entry programs. Winning the Nordic Proptech Awards also helps. Remember, you need to be in it to win it. Lastly, once you’ve succeeded, don’t forget to send the lift back down again for the next generation. Mentor, invest, advise and do whatever else you can. The urgent challenges of the 21st century demand we do our best. How will Proptech Denmark contribute to getting even more professional investors and real estate companies interested in proptech? First and foremost by bringing people together so they can explore challenges together. And there are a lot of challenges right now. From Net Zero commitments that have to be met - to the raft of regulatory initiatives coming at the sector at speed - including the EU taxonomy. The region’s biggest asset class is set to be reshaped. Add to that a rapidly changing market where people expect human-centric, digital-by-default solutions that make our buildings, urban environments and cities more liveable. And that’s even before we mix in the energy transition and inf lation. All these topics come up at one time or another during our 50+ events and activities throughout the year, and we take it on at board-level at our annual Proptech Symposium.
FACTS ABOUT MICHAEL AMBJØRN: • C ity (of living): Copenhagen + previously Espoo, Manchester, Edinburgh, São Paulo, London and Düsseldorf • E ducation: Chartered Director • B ackground/work experience: Startups, IBM, Motorola, The RSA • W hat are your interests? Bringing people together to make change • W hat is your best way to see a city? On a bicycle • O ne of the best espressos in Copenhagen? ’Democratic Coffee’ next to the Central Library Michael Ambjorn is the Managing Director of PropTech Denmark - a non-profit association that brings together leaders across the real estate ecosystem with a common purpose to drive sustainable innovation and digitalisation within the industry. Members include both significant real estate players and a large number of proptech startups and technology suppliers. Michael will host this year's Proptech Symposium where you can emerge yourself in first-class networking opportunities, inspirational talks, innovative sessions, and thought-provoking debates. Meet real estate peers, thought leaders, and proptech startups from all across the Nordics. Listen to international real estate leaders and proptech experts sharing how they tackle the challenges and opportunities technology and sustainability are bringing. Michael is also a Chartered Director - and has advised startups, impact organisations and change makers across five continents. He serves on a range of advisory boards and has previously held management roles at IBM, Motorola and The RSA.
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According to CEO Sebastian Peck, KOMPAS plans to operate in the building industry as a whole. This includes investing in hardware like robotics, software like design tools and business process automation, and new materials with a low CO₂ footprint. The building industry must be open to adapt new solutions, he says.
THE ROAD TOWARDS SUSTAINABILITY DEMANDS NEW SOLUTIONS IN THE PROPTECH AREA Danish venture capital firm KOMPAS is only six months old but is already making great strides in funding breakthrough sustainable innovations that accelerate digital transformation and industrial automation across the built environment. An independent fund backed by Danish cornerstone investor VKR Holding, KOMPAS will deploy 1 billion Danish kroner (135 million Euros) towards realizing this vision.
By Henrik Malmgreen “Tackling the existential threat of climate change requires us to think differently about how we design and build our future cities, commercial buildings and residential homes. Today, 39 pct. of global CO₂ is emitted by the building sector and 30 pct. of the waste generated in Europe stems from construction and demolition. To meet its environmental obligations, the sector needs to change radically”. This statement comes from Sebastian Peck, who is Managing Partner of Danish venture capital firm KOMPAS. He adds
that the impending transformation of the industry represents a tremendous opportunity for technological innovation and new business models. The goal for KOMPAS is to deliver top quartile financial returns by backing founders who will have a lasting impact on the built environment . The beginning of a whole new journey “Venture capital plays a critical role in funding the development of breakthrough solutions to mitigate the climate impact of modern industry and underpin more sustainable business
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KOMPAS is an independent venture capital fund backed by VKR Holding with a focus on sustainability and technical innovation in real estate and the built environment. KOMPAS plans to invest 1 billion Danish kroner in technology start-ups that aim to revolutionize the building industry and create a more sustainable world. The goal is to establish a portfolio of direct investments in Europe, Israel and the USA. The fund operates independently from VKR Holding and is managed by Sebastian Peck and Talia Rafaeli. Besides the vision to make the built environment more sustainable, the PropTech sector is also deemed very attractive from an investment perspective. New fiscal regimes and regulatory interventions which focus on the environmental performance of buildings are drivers that will contribute to a paradigm shift in the building industry.
practices. We are incredibly excited to embark on this journey, and back ambitious founders that will bring about this change”, Sebastian Peck continues. The fund backs startups that fall into three major categories. The first category includes any form of technological innovation that makes the building and real estate industry both more efficient and sustainable. This is done by supporting the development of advanced building materials, increasing the use of Artificial Intelligence and automation, encouraging the recycling and reuse of building materials, reducing waste from construction and limiting CO₂ emissions through smarter building and energy management. The second category is digitization, which comprises digital workflow solutions for areas such as supply chain management and logistics, and industrial automation such as the use of advanced robotics in manufacturing. The third category is climate tech, which includes software for carbon accounting, and the development of new technologies for carbon capture and sequestration. Funding early-stage companies “Kompas has 1 billion Danish kroner (135 million Euros) to deploy and wants to take early-stage companies under its wings. Typically, our investments range from 1 to 5 million Euros. We look for breakthrough innovations that accelerate the adoption of digital technology and industrial automation in the real estate, construction, and manufacturing sectors,
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where the need to reduce waste and CO₂ emissions is pressing”, says Sebastian Peck. The fund invests across Europe, Israel and the US. KOMPAS has offices in Amsterdam and Tel Aviv but is headquartered in Copenhagen. For Managing Partner Sebastian Peck the reason is quite obvious - Copenhagen and Denmark stand for some of the most innovative thinking when it comes to city planning and architecture. “The Danes are very innovative when it comes to architecture and urban development. The PropTech sector in Denmark is very active, and of course our cornerstone investor is Danish holding and investment company VKR, which has previously also backed the Urbantech innovation program through its subsidiary VELUX.” Harnessing inspirational young talents Urbantech, which ran from 2019 to 2021 and attracted both Danish and international start-ups, was sponsored by VELUX which subsequently partnered with the corporate sponsors of the program to deliver POC’s (proof-of-concept) before pitching to an international group of investors. According to Mads Kann-Rasmussen, CEO of VKR Holding, VELUX Group learned a lot from working with young talents in the Urbantech program. He is committed to the idea that the company has an obligation to try and push the building industry in a more sustainable direction. The decision to financially back KOMPAS seemed to be the natural way to continue this push for more innovation. Looking into a future with a lot of AI “The issue of environmental impact is very important, but in many ways KOMPAS is also driven by social responsibility. The space and buildings we create should elevate the human condition and enable a better life”, says Sebastian Peck. In the pursuit of ESG credentials, positive societal impact is becoming more and more important for the building industry. Technology should not only make the construction industry more productive and asset management more efficient, it also needs to sustain healthier lives by improving access to fresh air and daylight. AI will play a critical role in creating a healthier and more comfortable indoor climate. He continues: “Looking into the future, PropTech will be a whole lot about deploying artificial intelligence and algorithms to improve our indoor settings and automate the energy performance management of buildings. AI is also critical to automate mundane building management tasks that administrators have to deal with, from building certifications to service and maintenance”, says Sebastian Peck. He foresees a future where both KOMPAS and the building industry will prosper. Please visit www.kompas.vc for more information
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DIGITIZATION AND SUSTAINABILITY ARE DRIVING PROPTECH FAST AHEAD Not only investors are demanding a stronger focus on digitization and sustainability, but also regulators and consumers are requesting a change in behavior. As digitization helps us all to be environmentally friendly through technology, PropTech is a booming industry – also in the Nordic region.
By Henrik Malmgreen When looking at the PropTech market, especially two factors are driving the fast-growing interest in investing in startup companies. One is digitization, and another is growing ESG presssure from European regulations. In order to facilitate the classification of sustainable investments and activities and incentivize a necessary reallocation of capital, the EU has set a goal to establish an EU-wide classification system, the EU Taxonomy. This will clearly identify environmentally friendly investments and activities in order to help companies, investors, and issuers recognize sustainable assets and therefore mobilize institutional and private capital towards green investments. And as we all know, digitization helps us all to be environmentally friendly through technology. That’s
NOW IS THE TIME TO TAKE ACTION ESG is a highly relevant topic,and there are a lot of indications that now is the time to take action. It is not only investors that are demanding a stronger focus on these matters, but also regulators and consumers requesting a change in behavior. Moreover, in order to be able to successfully complete an ESG audit report, massive amounts of data will need to be collected, which is still not digitalized or being tracked at present. The real estate industry is facing various challenges centered around the transformation of the whole industry and the adaption with regards to ESG measures, whether they concern the construction of new buildings with a low-carbon footprint or the retrofit of existing ones. PropTech1 analyzes startups every day that use technology to transform the status quo, boost innovation, and help the real estate industry to adapt to new ESG measures.
a main focus for the German-based and European-focused venture capital fund PropTech1. Focus on the Nordic region “When it comes to Environment, Social and Governance, digitization enables a lot of new and very exiting solutions on the market, and very early on we saw interesting possibilities in that field”, says Klara Ritter, Head of Nordics at PropTech1. The company was founded in 2018, inspired by the digitization in the FinTech industry, and today PropTech1 has a panEuropean investment strategy. “The Nordic market is very interesting for us, but to be honest, I prefer to see Denmark, Sweden, Norway and Finland not as one market, but as a business region, as the four ecosystems seen from a financial perspective are very different”, Klara Ritter continues. But as a whole, the hallmark for the four countries is that a lot of high-profile founders, according to Klara Ritter, are going into the property space. Innovation as a business case She adds that besides digitization and sustainability in the shape of ESG tech solutions, customerization also an issue, which impacts the investment market. Consumer behavior is rapidly changing, demanding a better user experience when it comes to renting, buying, living, and working, which traditional players are incapable of providing. Innovation has now become no longer ‚nice to have‘, but is essential for the industry’s survival. ”Right now, the number of startups in the PropTech area are increasing very fast, but compared to Germany, there has been very little focus on PropTech investment in the Nordic business region. That gives us an opportunity to find and work with some very interesting companies. Here PropTech innovation is still at an early stage, and that’s why we have decided to pursue our operations in this area”, says Klara Ritter.
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PAN-EUROPEAN INVESTMENT STRATEGY The venture capital platform for PropTech & ConstructionTech in Europe, PropTech1 Ventures, leverages value from the megatrends of digitalization, method modernization, and sustainability/ESG in the real estate industry. PropTech1 unites a diverse team of venture capitalists, real estate experts and digital serial entrepreneurs with regular presence in Germany, Austria, Switzerland, UK, Nordics, and Benelux. PropTech1 has made investments in 14 portfolio companies since the beginning of 2018 and counts well-known real estate companies, banks, mediumsized companies, and serial entrepreneurs among its shareholders.
“To be succesful in investing in the PropTech area, you need people who know both real estate and tech investments very well,” says Head of Nordics at PropTech1 Klara Ritter.
Seeing the value chain as a whole At PropTech1, they know that a widespread network is important, and in order to make the best possible investments in the PropTech market, the company also reaches out to the real estate world to find specialists with the necessary skills that can help the company understand digitization and innovation. “Buildings become more energy efficient and energy systems emit less carbon due to re-newable energy sources; a greater proportion of a building’s emissions come from the construction methods and materials. That’s why we have to be observant and work in perspective of the real estate value chain as a whole”, says Klara Ritter. That includes both new materials, new ways to use materials, new processes, and new ways of asset management. Networking is absolutely essential For PropTech1, the definition of PropTech includes the entire real estate value chain, therefore also the construction phase of a building, enabling investments in the ConstructionTech sector as well. The startup scene is very well connected, as she says, and networking is an important tool. “We work in a couple of ways. We work with outbound leads, where we reach out to a company, and inbound leads, where
we find and identify a company through our network, for example other angel investors and venture partners”, says Klara Ritter. She emphasizes that PropTech1 does not work along with other PropTech funds but is happy to do so with other generalist funds. Satisfied with the success rate Often PropTech1 invests very early, so when an interesting startup company pops up, it’s a scrutinizing process to come to the right decision - to invest or to stay away. PropTech1 wants to be the partner that can help the startup to succeed, so investments are even possible when it has barely left the pre-seed state. Despite having less proof of concept in this stage of a company, Klara Ritter is quite happy with the achieved success rate. “Most of our investments perform very well, but of course we know we take a risk. However, we limit this risk through meticulously screening the company and the people behind it, analyzing the product or the service, evaluating the market potential, and speaking to industry professionals in order to identify the possibilities to prosper in the future,” ends Klara Ritter. For more information please visit: www.proptech1.ventures
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As spring arrives, the world finds itself at war and in economic turmoil, with surging prices and a serious energy crisis, leaving many businesses with difficult decisions. But with many opportunities for breaking new ground, too, here are five individuals scaling the highs and lows of the Nordic business world.
5 UP / DOWN
WINNERS AND LOSERS IN NORDIC BUSINESS IN 2022? By Bibi Christensen
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Breaking the glass ceiling Pernilla Nyrensten last year made history as the first woman in Sweden to found and list her company, outdoor clothing brand RevolutionRace, on the Stockholm Stock Exchange. That turned her and co-founder hubby Niclas Nyrensten into billionaires in Swedish kroner, and the pair are now building up investments in other companies too. They were recently revealed as secret investors in Swedish payment giant Klarna.
Charging up, full speed ahead
California-based Danish car designer and entrepreneur Henrik Fisker is powering ahead with radical plans to compete with US electric car maker Tesla and is now planning to triple production of his electric SUV, Fisker Ocean, thanks to surging interest from buyers. He was also quick to delete his Twitter account after Tesla’s Elon Musk took over the social media platform.
Dealing with Russia was never going to be easy One of the most powerful people in global energy, Helge Lund has won praise as chairman of UK giant BP, acting quickly and decisively to pull out of all Russian investments and activities following Russia’s war on Ukraine. It’s worth remembering, though, that when Lund headed Norway’s Statoil (now Equinor) he pushed deep into Russian investments. Equinor is now also pulling out of Russia.
Neobank gets a sprinkle of stardust
Ken Villum Klausen, founder and CEO of Danish neobank Lunar, has bagged some genuine Hollywood glamour with the fintech company’s latest funding round, which saw US superstar comedian Will Ferrell join the list of investors. Lunar last year reached unicorn status by shooting past a valuation of 1bn$. But the challenger bank will need Ferrell’s stardust after dipping to a sizeable loss of 732 million DKK in 2021, despite boosting its customer base to 450.000 clients across the Nordics.
Trouble hits Spotify - again Spotify founder Daniel Ek has still not succeeded in his efforts to buy English football club Arsenal and was recently snubbed again by the club after offering a sponsorship deal to rename the club stadium. He has plenty of other worries at the Swedish music streaming giant with several prominent artists quitting the platform after a furore over controversial podcaster Joe Rogan. Spotify’s monthly active user base has still hit a record 422 million, but user growth appears to be slowing.
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Mads Pihl Sørensen, CEO of Yavica
SUCCESSFUL DANISH SOLUTION FACILITATES INSIGHT INTELLIGENCE IN REAL ESTATE The possibility of integrating data from multiple sources into one and the same data model is essential and business-critical for the Real Estate industry, which in recent years has experienced an increasing degree of internationalization. The opportunity in this market has been noticed in the Danish company Yavica, which is experiencing tremendous growth serving some of Europe’s biggest property managers and investment companies
By Henrik Malmgreen Data has become the new gold, but the trick for business owners is to understand how to make data-driven decisions. That is both essential and business critical. Data that not only provides a historical overview of the past, but also a dynamic picture of the current situation and, not least, can make an educated prediction about the future development of the business. This also applies to PropTech and Real Estate, where there is a need for platforms that can tie data from different specialized or vertical solutions together in a manageable way. That was the goal of CEO Mads Pihl Sørensen, when he established the company Yavica 5 years ago, and from the beginning he approached the challenge in a completely new, but in fact quite obvious way. Close partner with Microsoft "Because data integration is so important, I chose from the very beginning to collaborate with one of the world's largest IT suppliers, namely Microsoft. Their Dynamics CRM technology
forms the entire foundation of our solution which means a wide range of advantages. Among other things, it is an open system with endless possibilities for integration and development", says Mads Pihl Sørensen. This means that Yavica, through its partnership with Microsoft as Gold Partner, stands very strong. In the light of the company's ambitions, this is a very big advantage. Yavica has a goal of doubling both turnover and the number of employees over a period of 3 years. The message is that the company is in tremendous growth because its products and services have hit jackpot in the market. A platform that spans widely "We don't just provide a software solution. We have built up a great deal of knowledge in relation to the potential of thinking in digitization within PropTech and Real Estate, including integration of Artificial Intelligence and Internet of Things. In this context, digitization is clearly about being able to integrate data”, Mads Pihl Sørensen continues, emphasizing
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that the companies that are able to do so will win in their respective markets. Yavica is one of the co-founders of PropTech Denmark, but in reality, the company's platform spans a lot wider than just the narrow solutions that typically solve a very specific need. Yavica's platform covers the entire spectrum of Property Management and Facility Management as well as the more commercial sides of Real Estate, like handling the loan side and all kinds of financial transactions. Driving and enabling added value "Historically, property management has been locally based in the individual countries, but as ever larger players in the form of investment funds and pension funds have entered the scene of international investments, this has changed. Today, we have 80 customers in 40 countries, which include some of Europe’s biggest property managers and investment companies", Mads Pihl Sørensen elaborates. This very broad approach to Real Estate, not many other companies can offer internationally, and as Mads Pihl Sørensen defines it, it is all about offering property management with the opportunity to add added value to customers in the form of support for integration of virtually all conceivable kinds of specific PropTech solutions. This is possible, among other things, thanks to the close cooperation with Microsoft. We can be very agile "The commercial properties are relatively simple to manage across national borders because the leases are largely the same all over the world and the area is not nearly as regulated as the private residential rental market, where the tenants are protected by many local regulations. At the bottom of our solution, Microsoft manages bookkeeping rules, VAT rules and tax rules, while we can concentrate on the specific rental conditions.
"Our solution covers a very broad range. Thus, we can also handle the management of loans, financing and internal transactions for customers. In itself, it may not have much to do with property management, but is a consequence of how the industry has developed seen through the international lens. Of course, we have to be able to handle that". CEO of Yavica Mads Pihl Sørensen.
This means that we can act very quickly when, for example, we get a customer in a new country, so there is no doubt that our cooperation with Microsoft is of great importance for us to win as many cases as we actually do”, Mads Pihl Sørensen explains. At the same time, Microsoft’s massive investment in the business market through their Dynamics ERP solution naturally also means that success is dripping on to Yavica.
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A FUTURE-PROOF SOLUTION The average real estate company relies on several different software solutions to run its business, resulting in maintenance, data and upgrade challenges. To avoid these challenges and drive efficiencies and cost savings, Yavica offers FlexProperty - Microsoft Dynamics 365 for Real Estate, a single, integrated, allin-one system that covers all aspects of property management, automates manual processes and eliminates duplicate information. Yavica is a cloud-based solution, which makes it possible to integrate with a wide range of industry- or subject-specific applications on one and the same data model. It is also a futureproof concept that makes it possible to work with Machine Learning and Artificial Intelligence with a view to integrating, for example, sensors and Internet of Things technology. See more here: www.yavica.com
A data model for all functions In addition, Yavica has consultants who are not only familiar with their own solutions, but also know the entire Dynamics ERP platform, which today is increasingly integrated with the Microsoft Dynamics CRM platform. However, regardless of what other industry- or subject-specific solutions are connected to Yavica's platform, it is important to emphasize that all functions run on the same data model. "This is one of our greatest strengths, not only in order for customers to get the best opportunities for insight into their business, but also to looking at the future. The strength of Microsoft's technology is the ability to integrate with, for example, solutions powered by artificial intelligence and sensors powered by the Internet of Things. This is very difficult if you don't run on the same data model", says Mads Pihl Sørensen. Same system solves all needs He established Yavica 5 years ago. Today, the company has 100 employees, and the goal is to be 200 in just 3 years. Furthermore, Yavica has recently opened new offices in New York, USA and London, UK. The responsibility for the development lies in Denmark, while two development centers are located in India and Romania. Mads Pihl Sørensen himself has never written so much as one line of code, but with a background as Finance Director in Real Estate coupled with the ability to think logically and understand the customers' needs help to drive the company in the right direction. "In reality, our concept is actually based on a quite mature solution, namely FlexProperty, which dates back to my time in the IT company CGI. When I stopped to establish Yavica, I bought that part of CGI's business and in collaboration with Microsoft, we have succeeded in creating a complete ERP and financial system where our customers can run their entire business", Mads Pihl Sørensen concludes.
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SENSOR AND DATA DRIVEN TECHNOLOGY SAVES MONEY – A LOT OF MONEY The potential for reducing energy consumption in the big retail chains is massive. This is proven by the Turkish company Florawise, that is on its way into the Nordic market. By Henrik Malmgreen When it comes to reducing carbon emission, the potential is huge. Maybe even bigger than our wildest expectations foresee. This is proven by the Turkish company Florawise, which through a subsidiary in Copenhagen has taken its first steps into the Nordic market. Right now, Florawise is approaching potential customers in the retail business, and the learnings from the Turkey company are over whelming. ”Florawise has a 4.000.000 sqm. experience in energy management business - actively modelled and managed. Customers of Florawise are mainly retailers, and they have experienced to reduce 25 percent of their energy consumption with data driven realtime decisions”, says CEO and co-founder Melih Ballikaya. The company is a spin off from Istanbul Technical University, and it seems that when it comes to energy saving, Florawise is spot on. Entering the Nordic market The company is now approaching retailers as well as hotels and airports in the Nordic region, and even if the first clients
NOW ENTERING THE NORDIC MARKET Florawise is based in Turkey and entered the Nordic market 3 years ago through a Danish subsidiary based in the BLOXHUB building in Copenhagen. The company has 30 employees and software as well as hardware like sensors is developed inhouse. Florawise works in the following areas: • Digital Twin. • Energy Management & Power Quality Monitoring. • Sustainability. • Carbon emission. • Healthy Buildings. • Predictive Maintenance.
are yet to come, Florawise can show impressive results from cases in Turkey, among others the retailer CarrefourSA and Teknosa, the biggest electronic retailer in Turkey. Another client is Şok Market with more than 2000 stores distributed in a huge area in all Turkey. ”In the case of the project Carrefoursa, by using the European ESCO model, we carried out the energy audit of the facilities, integrated and operated multiple efficiency measures, and conducted M&V protocols. The energy savings are guaranteed based on a shared savings model”, Melih Ballikaya continues. Using international protocols In the next phase, after new energy conservation measures (ECM) are implemented, it is wise to measure and verify energy savings. Florawise use the most widely recognized protocol called International Performance Measurement and Verification Protocol (IPMVP) whict provides a framework and standards to measure and verify the risks and benefits associated with energy and water efficiency investments. ”In the case study of Carrefoursa we planned, measured, collected, and analyzed the data we obtained during the whole year to verify and report the energy savings by using the IPMVP, Option C”, Melih Ballikaya evaluates. Incredibly accurate As a start, Florawise developed a project-specific M&V plan including proposed energy and cost savings, scheduling for all M&V activities, operation, and management responsibilities. For the development of an adjusted baseline, advanced regression analysis was conducted to account for facilitylevel changes in energy use with independent variables such as operation, weather, and occupancy with the help of utility bills of the base year. ”We installed our energy monitoring and management system. The system provided us with real-time data at regular intervals of 30 minutes. The savings were calculated by subtracting the reporting period energy data from the adjusted baseline. The
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THE POTENTIAL IS HUGE These three case studies from Florawise prove that the potential in energy saving is huge: Teknosa, 83 Stores: • Calibrated reference consumption for 2021: 12.953.180 kWh • Energy savings achieved: 3.378.804 kWh • Energy savings: 26,1 pct. CarrefourSA, 160 Stores implemented - total store number: 750 • Energy savings per month per store: 2540 kWh • Average Energy savings: 12 pct. • Average energy saving for HVAC 54 pct. Şok Markets, 2000+ stores implemented: • Energy savings per month per store: 1400 kWh • Average Energy savings: 11 pct. • Average energy saving for HVAC 47 pct. For further information www.florawise.com energy savings have been verified with the accuracy of more than 90 pct. and reported including the details of all regression analysis and savings calculations”, Melih Ballikaya explains. Working with a 3D model The advanced data digitalization and analysis tool that, have been developed as Florawise Holistic Platform, plays an essential role in fine-tuning and achieving the most accurate digitation of building operations. After the building energy model, Florawise create an enhanced 3D calibrated model through digital energy twin by using real-time operational data, energy audit data, and occupant feedback to verify building performance results against expected outcomes. By comparing the real-time operational and calibrated data for each zone and component, it is possible to identify where the excessive energy consumption is and the causative factors. The calibrated model brings insight into building performance in terms of predicted cost and energy savings, indoor air quality, carbon emissions, return of investment. The results are comprehensive in performance optimization among alternative solutions or energy-saving potential and cost-effectiveness. Better building performance According to the data acquired, Florawise create a boutique case study with alternative solutions to improve your building performance. After introducing our monitoring and control systems, Florawise first provides continuous monitoring of temperature, lux, humidity, pressure, and other airborne pollutants, such as CO2, VOCs, and other particles. It is all with a single device. The IAQ monitoring integrated into the energy management system improves daily building operations,
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leading to operational cost reduction and performance improvement. Moreover, with Florawise Holistic it is possible to data acquisition and storage, analyze data, and review results. Our clients can easily compare the reference and the actual performance indicators with schematic and 3D visual representations on web-based platform. Florawise offers a single solution for all energy management needs such as real-time monitoring and controlling, emergency reserves, reporting, and many others for building performance improvements. A standard framework The International Performance Measurement and Verification Protocol (IPMVP) provides a framework and standards to measure and verify the risks and benefits associated with energy and water efficiency investments, demand management, and renewable energy projects. A major driving force is a need for a common protocol to increase the certainty and reliability of savings reports claimed by Energy Service Companies (ESCOs) from the implementation of Energy Conservation Measures (ECM). Florawise uses guidelines of the four options (Titled A, B, C, and D) contained in the IPMVP depending on the performance reporting needs of your facility. The company help the clients and partners measure and verify the results of energy investment and increase investment in energy and water efficiency, demand management, and renewable energy projects. Reducing high energy prices ”We have a clear technology and experience to reduce our customer's energy consumption. Current energy situation with rising prices and dependence on Russian gas puts further pressure on the need for this change, and that is why we are trying to help companies to accelerate this change. To manage energy and climate investments with data produced by calibrated energy modelling is not a new thing. Some academic papers released in the past about this topic. But when we put into action, it is practically new thing to use energy modelling data in energy saving business”, Melih Ballikaya concludes.
”Florawise has a 4.000.000 sqm. experience in energy management business - actively modelled and managed. Customers of Florawise are mainly retailers, and they experienced to reduce 25 pct. energy consumption with data driven realtime decisions”, says CEO and co-founder Melih Ballikaya.
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INSPIRATIONAL NORDIC WOMEN IN INVESTMENTS Investing is still a male-dominated profession, especially at the top. But the number of women investing is rapidly increasing. Nordic Business has selected 10 Nordic women who, with their dedication, empowerment, and professionalism, have been successful with their investments and stand out as being inspirational role-models to other women in the Nordics.
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Anne Buchardt, Country Manager Nordnet, Denmark Anne Buchardt finished her Master’s degree in Economics from the University of Copenhagen in 1996. She started as an analyst, - and realized in those years that she would like to work in management positions. In 2000 she was appointed Head of Macro at Danske Capital and less than four years later she was appointed Chief Economist at BG Bank. In 2007 she was appointed Vice President at Danske Bank and in 2011, Senior Vice President. Since then, she has held Senior Management positions at Nordea, and today she is Country Manager at Nordnet Denmark in her fourth year. She is a strategic leader with a strong, financial knowledge base with specific competencies within the retail and private banking, investments, pensions, and the Nordic wealth management industry in general. Being a woman in a male-dominated world has never held her back, but she has publicly stated in recent years that there is still an undeniable skewed gender distribution in the financial sector – an undesirable fact as there are lots of qualified women for top positions in the financial industry.
Photographer: Anja Ekstrøm
Mia Wagner, Co-Founder of Nordic Female Founders Mia Wagner became a well-known name in Denmark due to her appearance in the reality television business program Løvens Hule - the Danish version of the originally Japanese program The Tigers of Money, also known in a British BBC-version as Dragon’s Den. Mia Wagner was and still is part of the panel of experienced, wealthy investors who determine which great ideas presented by enthusiastic entrepreneurs it’s worth putting money into. She is a trained lawyer but has left that career behind several years ago. From 2017 to the autumn of 2020, Mia Wagner headed the family-owned group Freeway, which has full or partial ownership in 34 companies. In November 2020, Mia Wagner founded Nordic Female Founders together with Anne Stampe OIesen. The goal of Nordic Female Founders is to focus on gender equality in the Danish industry and to secure more investments for female entrepreneurs. Through investments, Nordic Female Founders strives to create a balance between the sexes, because the organization believes that a better gender balance in entrepreneurship creates a stronger Danish business with room for everyone and the best conditions for Growth, Nordic Female Founders points out on their website.
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Tine Choi Danielsen, Chief Strategist at PFA Pension Tine Choi Danielsen has worked with investment, strategy and analysis for many years at both Nordea, Nykredit and Danske Bank, before she was hired in 2019 as chief strategist at PFA Pension. Here, she is responsible for investment advice and recommendations regarding the management of the pension company's large amount of money. This is a big responsibility, because PFA Pension is Denmark's largest commercial pension company and among the largest pension companies in Europe. PFA manages more than DKK 600 billion for more than 1.3 million Danes. Tine Choi Danielsen knows her metier and has strong competencies in the area of investment strategy with extensive experience from the largest banks, where she for several years has analyzed the markets and advised clients at the very highest level. Among her competencies is also a special ability to convey the often complicated contexts and issues that characterize the financial markets. The media has also discovered this, which is why she is among the most quoted economists in Denmark in relation to comments on equity investment and potential perspectives for the financial markets.
Anna-Sophie Hartvigsen, Co-Founder & Partner at Female Invest In 2019, Anna-Sophie Hartvigsen founded Female Invest together with Emma Due Bitz and Camilla Falkenberg driven by a mission to close the financial gender gap. They founded the company while studying, and it quickly took off. Today, Female Invest has members across 77 countries and the team counts 30 full time employees across 6 countries. The company has raised USD 7million in funding, breaking glass ceilings in the entrepreneurial world where female founders get less than 2% of funding. During this time, Female Invest has also won the world's largest startup competition and Anna-Sophie has co-authored the bestselling book Klar-parat-investér.
Christina Sahlberg, savings economist at Compricer Christina Sahlberg is a savings economist at Compricer and helps people get a better everyday economy. She often appears in the media as a private finance expert and in 2018, she was named The Bank Profile of the Year by Privata Affärer. She has written three books: 1) Fixa din privatekonomi – smarta lifehacks för mer pengar och ett rikare liv. 2) Egen ekonomi – smarta ekonomitips för dig som f lyttat hemifrån. 3) konomikalendern (2022). Christina has a master's degree in economics from Stockholm University and a bachelor's degree in psychology from Swinburne University (Australia). And the psychology angle comes in handy when providing advice about personal economy. Because, we are not created to plan and look ahead, and it is not possible to change how the brain works, she argues. Instead, Christina points out, we can learn how the brain works and find strategies to trick ourselves into saving more easily.
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Ruth Brännvall, CEO of Impact Invest Ruth Brännvall is CEO of Impact Invest – a company focused on investing in sustainable and inclusive companies. The company also help financiers who want to achieve increased growth in companies and contribute to a positive societal development. Ruth Brännvall is very experienced in Impact Investing. She started investing as a business angel already in 2003 and today she is one of Sweden's most knowledgeable and experienced people in Impact Investing. Which is basically about providing venture capital for projects and companies with the aim of generating beneficial social or environmental effects in addition to financial gains. Ruth Brännvall has personally worked with more than 500 businesses in emerging markets and in Europe to strengthen their product development and go-to-market strategies, with a goal of delivering greater social impact and profits for stakeholders. She has engaged with companies in different roles; interim CEO, board member and advisor/mentor. Ruth Brännvall has a PhD, based on scaling of social ventures and innovation management in a cross-cultural context (Africa/Europe), human-centered design, gender perspectives in management and venture capital.
Michaela Berglund, CEO of Feminvest Michaela Berglund is CEO of Feminvest – presently, Sweden's largest network for women entrepreneurs and investors with almost 25,000 members. The company's ambition is to actively work for a more equal ownership and society. Feminvest educates and inspires around investments and entrepreneurship digitally via the website, podcast, social media and via network meetings. Feminvest arranges, among other things, equity clubs that are open to all women who want to develop as investors around Sweden. Feminvest also has an angel investor network where female investors are offered investment opportunities in women entrepreneurs or equal companies. For this regular pitching events are arranged where only female entrepreneurs are allowed to pitch. Michaela Berglund is a strong advocate of impact investing. And she has pointed out that it’s a common misconception that you don’t earn as much profit on impact investing compared to other types of investments, and that you can’t claim the same return rate. She acknowledges that sustainable investing can be tricky but also emphasizes that you as an investor has a big responsibility.
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Hannah Gunvor Jacobsen, COO of Summa Equity
Hannah Jacobsen is the Chief Operating Officer and Head of IR at Summa Equity, a private equity company seeking to invest in and develop companies that provide solutions to the increasing challenges we face as the population and economy are growing and technology transforms society. Summa Equity has focus on companies in industries supported by megatrends within three themes: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. Summa Equity argues that investments
across the three themes have the potential for long term sustainable outperformance because they address some of the social, environmental, and business challenges we need to solve as a society. Hannah Jacobsen was the first employee at Summa and has been engaged in a variety of Summa Equity’s initiatives as well as developing Summa’s ESG approach and routines for reporting on the UN Sustainable Development Goals. Earlier this year Summa Equity announced that it had raised EUR 2.3bn in four months for its third impact fund – making it Europe's largest impact fund to date.
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Siri Kalvig – CEO of Nysnø Climate investments
Siri Margrethe Kalvig is a Norwegian meteorologist and has a doctorate in offshore wind technology. She is CEO of Nysnø Climate investments– a climate investment company owned by the Norwegian state. Before Nysnø, Siri Kalvig worked as Head of the research network for sustainable energy at the University of Stavanger. She has been involved in starting several companies, in addition to being an active investor in environmental technology. Siri Kalvig started her career as a weather presenter on TV2 Norway. In 1997, she started and led the weather forecasting company Storm Weather Center, which changed it’s name to StormGeo in 2010. Siri Kalvig has a strong commitment to the climate issue and has created several national campaigns to spread knowledge and awareness about climate issues. The climate fight continues at Nysnø and now with finance and investments as tools to help turn the flow of capital towards a development in line with the Paris goals. Nysnø invests in technology, solutions and services that can move Norway faster towards the low-emission society and at the same time contribute to global greenhouse gas cuts. Kalvig was awarded the European Meteorological Society's communication prize in 2013 and the HR Norway Leadership Prize in 2021.
Camilla Andersson, CEO of WIN Norway
Camilla Andersson is a busy woman. She is a serial entrepreneur and investor, founder of various crowdfunding companies and is now most active in raising capital and investments. She also works as an advisor and board member. At present, she is investor contact at Feddie Distillery and Chairman of the board at Fjåk Chocolate. Since October 2020 she has also been the Chairman of the board of WIN in Norway which she also joined as the CEO of the company since January 2022. WIN is short for Women Investment Network. The networks mission is to increase the participation of women in wealth-creation activities - investment and entrepreneurship - and to give visibility to financiallyempowered women as role models for future generations. The Network is created to empower women to strengthen their financial position and participation in innovation by learning to invest and by investing together in startup companies. WIN aims to lower the barriers that hinder women's participation in direct investments by offering start-up investment training, access to relevant investment opportunities, and a co-investment network. WIN will also now be focusing on investment training of listed companies, funds etc.
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MASSIVE INCREASE IN CORPORATESTARTUP COLLABORATIONS - IS IT TIME TO TRY IT? By Michael Ambjørn, Managing Director of PropTech Denmark “Within the past year, almost every third of established corporates in the real estate sector answer that they have collaborated with one of more startups regarding development of implementation of new digital solutions. This shows a rapid increase compared to 2021, where only 18 % - less than 1 out of 5 - showed collaboration.” - The 2022 Danish Proptech Report Usually startups have really good ideas, but often they can't scale them fast enough to keep up with demand when they achieve product-market fit. And then we have the corporates who have the scale, but don’t innovate fast enough to keep up
with the need for change. If you smash the two together, you can actually spark something that's quite remarkable, quite interesting - and achieve scale in a new way. What is needed to solve the urgent challenges of today in other words. PropTech Denmark and Colliers have recently worked together on a survey of real estate companies, proptech startups and scaleups - as well as established tech suppliers. And one of the takeaways is that more and more startups and corporates are experimenting together. And in the Nordics we have the unique cultural quirk that we tend to have fairly flat hierarchies, what
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is also known as a low power distance. So whether you’re the CEO or a recent graduate, you might be thinking about working with startups. Here are some questions to help you think through the opportunity as you pitch it to a friend, colleague or indeed the board. Start with the end in mind As Kierkegaard suggested: “Life can only be understood backwards; but it must be lived forwards.” And one way to make it easier to go forward is to start with a clear end in mind. In other words: what does shared success look like? A project like this is sometimes called a pilot. Here are some quick ideas to get you started. If you already have a good working relationship with a prospective partner you may be ready to try and finish this sentence together: 'we believe that by doing this pilot we can deliver…' and then add in some or several of these: increased margin / reduced cost / reduced risk / higher efficiency / reduced CO2 / other positive environmental effect(s). It is not enough just to want to ‘just do something together’. To make it through the shared effort you’ll need tangible, practical and measurable ways of tracking shared progress. Because even if the hierarchy is relatively flat, you still want to be accountable for your results. That said, what you’re each looking for might differ significantly: The startup side of the partnership might want to find sites to test a new solution on a larger scale, validating a specific feature or approach. For the other side it could be about gaining insights into new technology or perhaps a way to practice working in more agile ways. Either way, for both parties, learning has to be a high priority - and for both it has to eventually fit their respective existing or prospectively new business models. In my experience, having overseen 40+ corporate startup pilots over the years, a good pilot: • Has a clear and ambitious hypothesis • Has a real focus on sustainability - and innovation • Draws on strengths from both the startup and the corporate - both human and tech • Is limited in time and scope - (say, 12 weeks) - and resourced to succeed • Is a value driver for both parties - a win-win - including learning that’ll inspire onward Now if you haven’t found the right counterpart for such an exploration then one place to meet other potential like-minded people is through an association. Big events can also be a way to kick-start new relations, and on that note, I hope to see you at our annual Proptech Symposium, with decision makers from across the Nordics and across the value chain.
Michael Ambjørn is the Managing Director of PropTech Denmark - a non-profit association that brings together leaders across the real estate ecosystem with a common purpose to drive sustainable innovation and digitalisation within the industry.
ABOUT Michael Ambjorn is the Managing Director of PropTech Denmark - a non-profit association that brings together leaders across the real estate ecosystem with a common purpose to drive sustainable innovation and digitalisation within the industry. Members include both significant real estate players and a large number of proptech startups and technology suppliers. Michael is also a Chartered Director - and has advised startups, impact organisations and change makers across five continents. He serves on a range of advisory boards and has previously held management roles at IBM, Motorola and The RSA.
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Panel discussion:
HOW DO WE TURN HYBRID WORKING INTO A NEW DIGITAL COMPETITIVE PARAMETER?
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9 out of 10 companies work more digitally now than before the Covid pandemic. This is digitalisation on a massive scale. But we need to be careful that we don’t just ‘plug in’ the old-fashioned way of working.
By Pernille Erichsen, director of management and business development at Dansk Industri (DI), the Confederation of Danish Industry
Hybrid working enables a completely different mix of where the work is done. Many companies now offer working from home on a wider scale, allowing more f lexibility of work and for many staff members a better work/life balance. And companies now realise that digital working is an important competitive parameter for attracting and retaining workers. But hybrid working is so much more than home working. It is a completely different mix of working online or meeting in person – to collaborate with our colleagues or our clients and contractors. Sales teams have found, for instance, that much of the sales process can happen with no travel involved. Even internally, organisations have started to cut back on travel activities. All in all, there is so much more work we can now do virtually, compared to before the pandemic.
An analysis from Dansk Industri published in February 2022 showed that an impressive 87 percent of the companies surveyed now solve more work tasks online compared to before Covid-19. If we look more closely at the tasks that have been digitised, they mainly relate to meetings – both internally within the organisation and externally with collaboration partners, contractors and clients. This basically means that we can do more than we did before. Our learning curve for new ways of working through online forums has been extremely steep over the past 2 years, and the implementation and use of new digital systems does not always happen in a flash. If thrown into deep water, there is no option but to learn how to swim. This is how the Covid
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pandemic has probably felt to a lot of companies: abrupt, unexpected and overwhelming. We got a lot of things right during the pandemic, but we also acted really fast. We moved our established work processes online, and it worked. We reduced our costs – and that has been crucial to a lot of companies.
But let’s be careful not to think we have successfully achieved the great hybrid transition. It is not enough to just ‘plug in’ our usual ways of working. But let’s be careful not to think we have successfully achieved the great hybrid transition. It is not enough to just ‘plug in’ our usual ways of working. If anyone thought that Covid would lead to a revolution in how companies organise themselves physically, think again. In fact, a recent survey from Dansk Industri showed that these new ways of working more digitally and f lexibly have not actually had a major impact on the
physical set-up of companies. Some 69 percent of the companies surveyed said they have not changed their physical space. This indicates that much remains to be done in terms of organising the physical environment to be in harmony with new and more flexible ways of working. But it also reflects how many companies are only just finding their feet with more hybrid ways of working and have sensibly chosen to hold off on changing their physical space until they have a better picture of what they will actually need. And there will be many new questions to consider as we increasingly work digitally. This goes for what happens internally in the company as well has in relation to our clients and our contractors. And this is where the creativity and innovative force that made it possible for us to drive our businesses forward, in spite of wide-ranging restrictions, now really need to come into play: to make the most of this digital push from the Covid pandemic, we need to look more closely at how we can use our stronger digital capabilities to do business and to open up new business areas. What is needed for hybrid working to become – or remain - a digital competitive parameter for Danish companies?
Peter Møller Kristensen, Managing Director at HPE Denmark:
HYBRID WORKING REQUIRES A HEALTHY BALANCE BETWEEN WORK AND OUR OWN TIME Hy br id work i ng , where we sometimes work at the office, sometimes on the go, and sometimes at home, has brought us a multitude of positive and by now wellacknowledged opportunities. But this hybridity relies on a greater degree of digitalisation that can also contribute to blurring the lines between working and not working. So, hybrid working can only be a competitive parameter for Danish companies if they succeed in creating a healthy working culture that extends to the home office too. It is well documented that hybrid working, where workers can easily switch between being physically present at the office and working from home, is good for both staff well-being and productivity in so many cases. Handing more of a say to
workers allows them to structure their own time individually, making it easier to combine everyday chores with work. There is no doubt, then, that flexibility is an essential element in the modern future workplace. But there is also a potential downside to this f lexibility of hybrid working. If we are constantly reachable by email on our mobile phones and at our home offices, and if we are constantly switching between our work and private life, the pressure to be online and available outside of office hours may feel much greater. The ability to distinguish between work and life may be eroded. This makes it essential to focus on creating a healthy balance between work and our own time. The companies that manage to both use the potential of hybrid working and create the right circumstances for a healthy culture that highlights work/life balance and worker wellbeing – these are the companies that will be much better placed to compete in attracting and retaining workers in today’s labour market. This is a process where trust and aligning expectations are crucial elements.
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Laura Lindahl, Managing Director at Dansk Facilities Management:
WE NEED BOLD FACILITY MANAGERS Courage is crucial to make sure that all the good things that Covid brought with it don’t just disappear again. During Covid we learnt that we can work efficiently from home; we can reduce travel costs by meeting online; and we can have a better work/ life balance by working more f lexibly. The fact that we now have a taste for f lexible working, and that working from home suits so many of us, especially those who feel the pressures of having young children, forces us to relate to what kind of role we would like the office to have in the future. If many people prefer to work from home two days a week, there simply isn’t a need for the same amount of space at the office or the same number of desks. But what should that space then be used for? Do we
use the space creatively – for fitness equipment, badminton courts or other facilities that help attract and retain workers at a time when there is a shortage of skilled workers? Or do we reduce the space to get the positive financial benefits of that? These are questions being asked in so many of our member companies. There are so many options available, but it should be clear that we need to use every square meter available somehow. This requires IT systems to coordinate who is present and when, so we can manage the availability of desks as well as the amount of food available at the staff canteen. It requires an understanding of what our workers need – and of what makes it attractive to turn up at the office in person, including how sharing knowledge and working across teams can thrive in this new set-up. I really encourage facility managers to be bold and have the courage to set out an ambitious plan for the workspace of the future. It will benefit each individual company as well as all their staff.
Ole Væhrens, Director Sales & Marketing, Corects:
FLEXIBILITY AND WORKER FOCUS ARE A COMPETITIVE ADVANTAGE Time has run out on the traditional concept of staff having to report physically to work every morning at 9am. More and more companies have opened their eyes to the opportunities that arise from downsizing the number of permanent desk spaces and channelling these savings into staff benefits that add far greater value and will help attract the best talent. There are major savings to reap from hybrid working. As an example, a full, single workspace costs about 5000 Danish kroner per month, whether the staff member is present or not. For going to see clients, there are
costs involved in parking, transport to and from meetings, and the time consumed. On top of that, heavy investment is required to run an IT environment that is scaled up to service all workers at the same time. These are all costs that don’t create any new value for the business or the workers. Long term, the point is what it takes to build a more sustainable company with a strong sense of cohesion between your workers. Seen from a helicopter perspective, it means that companies need to make sure they remain relevant for the future. They are simply better placed if they are not limited by their physical environment and continue to adapt to the actual needs of workers, clients and their business. Whatever the future may look like, the best performing companies will be the ones that are the most agile, that attract and retain the best workers, and that scale their costs effectively.
Fintech:
INVESTORS CREATE SUSTAINABILITY THROUGH ACTIVE OWNERSHIP Engagement International works for many institutional investors and ensures that the companies in which they invest comply with international standards for sustainability and accountability. The controversial companies are being influenced in a more sustainable direction through active ownership.
“It wasn’t until the ’90s that sustainability or at least a fragment of it became part of the strategy in some companies.”
The UN Environment Conferences in 1972 and 1992, Limits to Growth in 1972, the Brundtland Report in 1987 and a large number of gloomy environmental reports had also indicated for many years that something was fundamentally wrong about our way of life. But it wasn’t until the ’90s that sustainability or at least a fragment of it became part of the strategy in some companies.
By Flemming Østergaard Sustainable or responsible investing is hot. But it’s only in recent years that it really has started to take off. However, Erik Alhøj has worked with the concept for many years - even before the term ESG was first coined back in 2005. “Originally, I was trained as an economist, and I worked as a journalist for many years, among others for Mandag Morgen, a Danish media company and thinktank. I worked a lot with financial stuff, and in the mid-90s environmental accounting gradually started to appear. Then we started talking about stakeholder accounting and how we could make environmental and social issues more visible to investors. The debate was fuelled by events such as Shell's Brent Spar and the French nuclear tests in the Pacific Ocean, which led to a boycott of French wine,” says Erik Alhøj, CEO of Engagement International, headquartered in Copenhagen Finlab. The concept of responsibility on a corporate level had appeared in different shapes and sizes earlier back in the 60s. For example, as criticism targeting tobacco producers or companies trading with the apartheid regime in South Africa.
"Someone started to call it CSR. More and more companies were striving to behave more responsibly and sustainably, by integrating issues such as the environment, human rights and corporate governance into their financial considerations. However, it was still new. In 2001, I was employed by Caring Company, which soon changed its name to GES - as the first person in Denmark with a full-time job within responsible investments. There were not many who knew anything about it. Occasionally, pension funds wrote some letters to companies stating that they were not allowed to have child labor or the like. It was to a very limited extent in the beginning, but gradually the focus on sustainability issues increased.” GES was a Swedish company that had worked on these topics for a number of years, and Erik Alhøj's job was to introduce the concept of responsible investments in Denmark. "It was uphill in the beginning. 2001 was the year of the terrorist attack in New York on the two towers. I didn’t work long hours in those years, because there were not many who had the mental surplus to think about the environment and human rights in that sense for a while." Sustainability after the financial crisis But then it started peeking out during the 00s. However, the financial crisis was a severe setback for many projects, but it also led to reflexions on how the system was actually working. “We learned that ESG is not only about the individual company but also something purely systemic. We were subsequently forced to set up the financial system in a sounder manner. We also learned that we need to look at a much wider range of values that were important to corporate stakeholders or stakeholders. It all started with the 'church values' - you
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must not invest in tobacco, alcohol, weapons, etc. These were 1st generation responsible investments. However, that was just a small part of the world. The second generation was about shedding light on whether companies complied with international conventions for human rights, labor law, the environment, etc.,” says Erik Alhøj. That was a special Scandinavian approach. In France, it was a widespread practice to identify the companies who excelled in handling business in a responsible way – and then invest in those. The focus was on a positive option, while in the Nordic countries we looked more at an opt-out of the bad guys, the CEO explains. Then came the 3rd generation of responsible investment, which was more nuanced.
“We started talking about if it actually was a smart thing to do when investors just sold their shares in companies that were 'bad', e.g. because they employed children in the workforce” "We started talking about if it actually was a smart thing to do when investors just sold their shares in companies that were 'bad', e.g. because they employed children in the workforce. Because when you sell the stock, it might be an indifferent investor who buys it, and then it would somehow be even more irresponsible. Because the indifferent investor does not intend to contact the company and reprimand the child labor or inf luence the company through dialogues or general meetings. And from that discussion and those considerations the concept of active ownership was born. Also called engagement – a process, where you try to influence the less responsible companies in the right direction.” The core of Engagement International And that is the very core of Engagement International. Erik Alhøj left GES in 2014 and founded the company, which today works with many institutional investors in and outside of Denmark - from pension funds and banks to family offices and foundations. The procedure in the company can be described in a number of steps.
"If it is an investor client who does not know much about this, then the first step is that we help make a policy in the area. In particular, we look at values and international recommendations. Twice a year we do a due diligence. Let’s say, the investor sends us an Excel sheet with maybe 2,000 global investments in stocks and bonds. We work closely with the world's largest data provider in the field, MSCI ESG Research, and this enables us to flag the controversial companies in that portfolio that do not live up to the investor's policy. So, for example, we can say to the investor - you have 20 companies in your portfolio that are very problematic in the climate field, five that violate international conventions on human rights and the environment and 10 that act irresponsibly in relation to tax. And so forth. It gives the investor customer a choice. Either the companies need to be sold or they need to ne nudged or pushed in the right direction.” And that's the third step. To inf luence companies, and Engagement International does this on behalf of all investor clients. "That is what we spend 85 per cent of our time on. We ask the investor which companies we should engage with through physical meetings around the world, video calls or email dialogue. We have meetings with the controversial companies twice a year on behalf of all our customers, because it gives us more power and inf luence. We are always two people, and the companies show up with anything from one to 15 employees at different levels. We review the critical issues on
Erik Alhøj is the CEO of Engagement International, headquarted in Copenhagen Finlab
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our agenda and come up with constructive suggestions for what their investors/shareholders expect them to do in the critical areas,” Alhøj explains.
- one of the world's three largest proxy voting companies, which enables customers to vote at corporate general meetings per power of attorney.
It works. Approximately 80 per cent of the companies choose the meetings. 20 per cent declines, but Engagement International makes sure they get the engagement report anyway, so they can see how bad they look. While they are told that all the shareholders represented by Engagement International will receive the same report. And then, they usually find it’s in the their interest to participate in the dialogue.
“If a company e.g. do not adequately address their climate challenges, we can recommend our investor clients to vote against when the company has a board member they would like to have elected to the board at the general meeting. It may also be that one votes against their sustainability report or the like. Actions like that work effectively because often times a number of the company's responsible shareholders vote against for the same reason. In cases where this method does not work, we recommend selling the shares in the company, because then we have exhausted all possibilities. But we would rather avoid that - the best way to push the world in a more sustainable and responsible direction is to influence the companies' strategies through active ownership,” says Erik Alhøj.
Proxy voting Engagement International has another tool if it does not succeed in creating any improvement over a period of time. This is done through a collaboration with Minerva in London
NEFCO PROVIDES FINANCE FOR GREEN PROJECTS BY NORDIC SMEs To solve the world’s environmental challenges, we need a bottom-up approach with a much greater focus on the small businesses that have lots of good solutions. Nefco provides the financing for green projects that Nordic SMEs are not able to obtain in the banks.
By Flemming Østergaard There is no shortage of good ideas in innovative start-up companies working with green technologies and solutions. Money is always a problem in the start-up phase, and it is often solved with the founder’s own savings, friends and families and later on, angel investors or venture capital funds. But the next phase where the company must grow and secure a better foothold in the market also requires money. However, it is still a risky phase where banks typically say no. This is where Nefco comes into the picture. The financial institution, which was originally founded by the five Nordic countries in 1990 – back then focusing on sources of pollution in the Baltic Sea - provides various types of financing in this phase. ”At Nefco, we can do almost everything in terms of loans and equity and everything in between. But our main focus is actually on the in-between – that’s what we often call the mezzanine financing. It’s between the loans that banks offer provided they get security and the equity that shareholders
Norsk Solar is a Norwegian developer of solar power plants with a long-term Build-Own-Operate strategy. NEFCO co-financed a solar power plant in Ukraine, completed in 2019. The project contributes to Ukraine’s energy-independence while at the same time reducing CO2 emissions and supporting the UN SDGs. The plant delivers approximately 11,000 MWh annually, serving 5,000 households and ensuring annual emission reductions of about 8,600 tCO2. Photo by: Norsk Solar
provide. There is a lack in the market for that kind of financing, especially critical for Nordic companies that have developed new solutions and need to grow. They are often rejected by the banks because they don’t have security and they’re considered to be too high risk. But we can provide unsecured loans, because we can take on more risk than the bank,” says Trond Moe, Managing Director of Nefco. Disruptive ideas wanted Assessing the risk in a realistic manner is of course highly important, and not an easy task. Because, often times when we talk about potential disruptive solutions and technologies, we are entering unknown territory. In those circumstances it can be tempting to be conservatively minded when deciding who gets the sufficient finance and who doesn’t. But that is not the case at Nefco.
“We cannot solve our problems with the same thinking we used when we created them.” Albert Einstein.
“We talk to specialists in the related technology and business areas and we also have our own in-house expertise. And we are not thinking conservatively. On the contrary, we like and encourage disruptive projects and new ideas. That’s actually why we exist. We are very fond of disruptive solutions. At the same time, we also need to protect our capital. We put a price on risk – a higher price for riskier loans means that the portfolio can accommodate some losses. Besides, we are not financing start-ups with untested ideas. We look at the maturity of technology, full-scale production capacity and the commercial perspectives. If those things are in place, we want to get in as early as possible,” Trond Moe says. Not all companies get through the eye of the needle. However, most rejections occur because the projects do not have sufficient environmental perspectives and potential. For example, if the project contains fossil fuels, it is quickly rejected. In other cases, it is not the idea that is wrong. The companies are just too early. In those cases, Nefco has a discussion with the companies and keeps in touch. “Very often it happens that they come back a year or two later, and then the project is mature enough for them to obtain the financing,” Trond Moe adds. Set an example for the financial industry But it’s one thing to provide SMEs with the capital to grow. It’s a different matter to make the upscaling successful to a degree so that companies’ technologies and solutions have global reach. Nefco decided in 2021 to implement a new strategy, which is to prioritize the companies that have the best opportunities to reach the global market.
Trond Moe, Managing Director of Nefco Photo by: NEFCO
“Many Nordic SMEs actually have the potential. We can provide the financing for the upscaling they are missing. We also have another goal in giving them the funding. We want to set an example for the entire finance industry so that more of the traditional financial players will do as we do. It is also an important part of our strategy. That we can prove to the big financial players that they have to take a bigger risk with green projects - and that in the end it will prove to be very profitable for them.”
EXAMPLES OF NORDIC SMES, SUPPORTED BY NEFCO Denmark Racell Saphire ApS (Racell), founded in 1981 in Denmark, saw great potential in solar energy as a solution ahead of the current energy transition. Originally, the company focused on research within semiconductor components, producing its own crystalline silicon cells and solar modules. Today, Racell has become a developer and producer of solar energy modules for architectural projects as well as combined heat and power (CHP) solar parks. Sweden The Swedish company Scandinavian Enviro Systems (Enviro)‘s patented technology will soon be used in a tyre recycling plant in Chile, co-owned by Michelin and Enviro through a local joint venture. The patented pyrolysis technology makes tyre recycling more efficient and helps recover valuable resources from waste tyres, such as carbon black, oil, steel and gas. Iceland The Icelandic company Thor Ice Chilling Solutions ehf. has a method to quickly and efficiently chill food such as meat and fish. Thor Ice’s solution uses slurry ice, a slush made of thousands of tiny ice crystals created by scraping the inside of a generator. The miniscule ice crystals have a large surface area and cool faster and more thoroughly than traditional methods of ice cooling. Finland Fouling in industrial equipment such as pipes, tanks and heat exchangers is a massive problem. Industrial processes must use more energy to force materials through fouled pipes. Altum’s solution uses software guided ultrasound delivered externally to clean fouling. The de-fouling process is cleaner and results in more efficient industrial processes which use less energy and cause fewer emissions.
Public money is a good first step to move things in the right direction, Moe points out. But to really move things faster it’s highly important to make private capital move as well. “We need to influence the financial markets and big financial players of the world to move the money to the right type of projects. That’s the only way to really solve things, and we are far from that today. But there is very important work going on in the European Union with the taxonomy, which is a system to classify green financing. We are using the system already although many details are still being worked out. The taxonomy will have a significant impact on financing in Europe and probably in the whole world. Investors and pension funds, I believe, will be quite interested in putting capital into projects that are verified as being green according to this classification system.” It’s about much more than climate Fossil fuels still provide the most energy in the global economy and renewables only a small part. The undeniable fact is, that we have a long way to go before we are even close to a zeroemission society. ”Unfortunately, we do have a long way to go on climate. We need to go much faster. But the climate issue is only half the problem - the nature crisis is the other half. We have extensive biodiversity loss, massive extinction rates, resource depletion, plastic pollution, chemical pollution etc. We need to focus much broader than just climate and we have supported a number of companies dealing with issues like resource efficiency and circular economy.” The importance of focusing more on other environmental issues as well has been pointed out numerous times by scientists. E.g., in a report by IPBES and IPCC in 2021 in which they basically concluded, that climate and biodiversity are inextricably connected with each other and with human futures. Humanity must solve the climate and nature crises together or solve neither. However, things are going slowly and Trond Moe finds it frustrating. “It is frustrating to see how conservative the financial industry is and how risk averse they are. I don’t think the financial
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EXAMPLES OF NORDIC SMEs, SUPPORTED BY NEFCO Norway Norsk Solar is a fast-growing solar energy company that develops, finances, constructs and operates solar power plants in emerging markets. The company makes it easy to make the transition to clean power. Norsk Solar handles the entire process, from financing, construction, operation and longterm maintenance. Iceland Polar Fishing Gear trawl doors reduce the impact of fishing gear on the sea floor, are time efficient and reduce fuel usage. The innovative solution of the Icelandic company received financial support for a feasibility study in China, which helped the company explore growth in new markets. Denmark Reusable flood prevention barriers invented by Cold, a Danish company, help protect people and buildings in flood-prone areas in an effective way. After a feasibility study, Cold established operations in Vietnam and received further financing from Nefco to support expansion in Southeast Asia.
industry really sees the global risks, because when they finance fossil fuel industry - oil and gas companies - they are taking a huge risk already, which they shouldn’t do, because in a few years, this competence will not be profitable anymore. It’s frustrating that others don’t see that the real risk is sort of not financing more green projects. So that is one point. And the other point I would make is that there is a lot of discussions and political will, papers written and so on. That’s good and all that is needed, but action remains to be seen. From the political side and the media, there is also a fascination with huge projects, which take very long time to implement – carbon capture and storage, nuclear power plants, hydrogen production and the like. We shouldn’t stop those big projects, but we can get faster results by focusing a lot more on smaller projects, ideas can spread, and the markets will start working. We need the bottom-up approach to accelerate the green transition.” And we need pricing mechanisms on the use of the natural resources, roadbuilding, deforestation etc. - overall, we need a price tag on the destruction of nature, he adds. “We have to use pricing mechanisms. We need to be willing to suffer a little bit. Because, when things are expensive, people become very innovative. That’s when companies get ideas and new companies get profitable because new solutions are needed. History shows that we will always find solutions, when people have incentives to be innovative,” Trond Moe says.
Norway PatoGen’s technology improves animal welfare and reduces negative environmental impact by preventing disease and parasitic outbreaks and providing information on fish populations. Financing helped the Norwegian company expand and build a local partnership network in Chile . Denmark Since 1950, approximately 8.3 billion tonnes of plastics have been produced globally, and 5 to 13 million tonnes of plastic waste seep into our environment and oceans every year. The Danish cleantech mechanical recycling company PLASTIX is specialized in converting plastic fibres, primarily used fishnets, trawls and ropes that would previously have ended up in the ocean or landfill, into high-quality and virgin-like Green Plastic raw materials. Finland New fields of application, such as vehicle- and building-integrated photovoltaics are becoming more common today. The Finnish technology company Valoe Oyj specializes in next-generation solar energy technology. It develops and produces more effective and environment friendly, longerlasting solar cells, panels and photovoltaic systems
The Danish company Plastix A/S has developed an innovative solution related to plastic recycling and is a forerunner in its field and when it comes to circular economy. Plastix has developed a technology to recycle old fishing nets and trawls as well as plastic fibres and rigid waste plastic to make new plastic ‘granulate’ material for the plastics industry. Photo by: Plastix A/S
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1 IN 3 TRUCKS COULD RUN ON ELECTRICITY Whereas electricity and batteries can easily cover most private car drivers’ daily transport needs, the situation is very different for heayy-duty transport. Yet a large number of HDVs could still be switched to electricity – with distance being the main deciding factor.
Photo: Volvo Trucks
By Marie-Louise Arnfast Today, some 30 % of truck traffic in Denmark goes through cities and suburban areas. This means that the distances driven are generally short enough for diesel-fuelled vehicles to be replaced with battery-powered trucks. And the big carmakers are already capable of delivering these. One of them is Volvo Trucks. To date, the Swedish truck manufacturer has supplied around 100 electric trucks to the Scandinavian market, with several models now in series production. Other manufacturers such as Man and Scania also offer electric trucks as part of their range. Yet phasing out diesel trucks in favour of electric trucks is happening slowly. In Denmark, only 19 electric trucks were registered in 2021. According to Joakim Nilsson, head of business development at Volvo Trucks Denmark, this is a matter of cost.
“It costs 3 to 4 times as much to invest in an electric truck due to the price of batteries, and the haulage industry is already operating at the margins. In Sweden, it has been decided to support the conversion to green transport in the heavy industries by having the government cover 40 % of the extra costs involved in investing in an electric truck rather than a diesel truck. But in Denmark, nothing major has so far been done,” Joakim Nilsson says. On the contrary, Denmark has decided to keep the price of diesel low to motivate truck drivers to fuel up before leaving the country – providing more tax revenues for the state. A number of European countries have also introduced emissionfree driving in urban areas, thus making it necessary to phase out diesel-fuelled trucks on shorter routes. This type of
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Joakim Nilsson, Business Development Manager at Volvo Trucks Denmark.
heavy and take too much weight and space away from the payload. Although battery technology is evolving, very few experts expect batteries to be the solution for long-distance transportation in the foreseeable future. Instead they look to technologies such as Power-to-X, where green electricity from solar and wind power is converted to hydrogen or processed into e-methanol. Hydrogen can be converted into electricity using fuel cells and can power heayy-duty vehicles for longer than electricity, with only a short refuelling time similar to what is needed for fossil fuels. E-methanol is a liquid that can be used in combustion engines adapted for this purpose.
incentive policies is in short supply across the Scandinavian countries. One exception, however, is public bus transport. In Denmark, for instance, an agreement has been made between the government and a number of major cities on reaching emissionfree bus travel by 2030. This has led to 68 % of all busses being switched to zero-emission solutions or due to be switched in forthcoming tenders. In Aalborg, Denmark’s first hydrogen buses have now been running for 3 years. Hydrogen and e-methanol for the longer distances Outside of the cities and the short routes, however, there will be a need to find alternatives to electricity for switching the heayy-duty transport to green. The batteries simply get too
The first hydrogen truck (a Hyundai) arrived in Denmark from Schweiz and was demonstrated at an event earlier this year, while the first truck in Denmark to run on e-methanol was demonstrated at an event in Aalborg in February. In Norway, a multi-digit number of hydrogen trucks are due to be introduced from 2023 onwards. Not all heayy-duty transport can go fully green However, the heaviest and most long-haul transport is unlikely to be powered by electricity or hydrogen, says Joakim Nilsson from Volvo Trucks. In this case, it will probably be necessary to continue using internal combustion engines for a number of years to come, but with the option of replacing fossil diesel with alternative fuels that are less damaging to the climate – such as BioLNG. In addition, a lot is happening in terms of optimising technologies and logistics to reduce the carbon footprint from this type of transportation.
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While range anxiety and charging stress may still be putting a damper on the desire to replace the internal combustion engine with a battery, Kristian Breitenbauch set out to prove that it’s easily possible to achieve long and comfortable drives on electricity. Even in the Arctic cold.
ELECTRIC ROAD-TRIP 3.600 KM IN 4 DAYS? NO PROBLEM!
There’s an extensive network of charging stations across both Denmark, Sweden and Norway, and with the help of a route planning app it’s easy to plan your trip.
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Kristian Breitenbauch, managing director of Advansor set out to prove that it’s easily possible to achieve long and comfortable drives on electricity.
By Marie-Louise Arnfast “It takes a bit more planning but, except for that, you get the same amount of comfort on long rides in an EV that you would be used to in cars running on petrol and diesel,” says Kristian Breitenbauch. As managing director of Advansor, which makes sustainable cooling and heating systems, he is squarely focused on climatefriendly solutions. That’s also why he drives an electric car. And in January 2022 he set out to put a brand new one – a BMW iX – to the test. His aim was to get to the outer reaches of Finnmark in Norway and back down again to Denmark in 4 days. A quick zip of 3,600 kilometres with temperatures dipping to minus 26 degrees Celsius. “The trip went smoothly. There’s an extensive network of charging stations across both Denmark, Sweden and Norway, and with the help of a route planning app it’s easy to plan your trip. The only challenge is that the payment systems haven’t yet been standardised, so you need to have several different RFID cards. But the EU is introducing regulation that would make it possible to pay across operators and platforms, just as with mobile phones,” he says. Despite freezing temperatures in Lapland, at no point did he have to turn down the heating in the cabin, driving wheel or seats of the car. Only the windscreen washer fluid froze up at the northernmost latitudes and had to be replaced with a different type. More time and less smell The environmental benefits of switching to an electric car are obvious. But Kristian Breitenbauch sees other plusses too. “I always have a fully charged car when I get up in the morning and spend far less time at service stations compared to what I did driving a diesel car. And I am never arriving with fingers smelling of diesel,” he chuckles.
Despite freezing temperatures in Lapland, at no point did Kristian Breitenbauch have to turn down the heating in the cabin, driving wheel or seats of the car.
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3 PERFECTLY DESIGNED NEW CARS
Legendary roadster in a new version With the new Mercedes-AMG SL, the German car manufacturer combines true luxury with pure V8 performance and a design that fuses modern aesthetics with seven decades of history. This seventh generation of the legendary roadster has been developed from the ground up by performance specialists at Mercedes-AMG, with a powerful 4 litre, biturbo, V8 under the hood that delivers 476 horsepower in the SL 55 4MATIC+ model and a whopping 585 horsepower in the top model, SL 63 4MATIC+. This makes the model more powerful, more dynamic, and more luxurious than ever. If you are curious to have a look, you can inspect the top model at Mercedes-Benz CPH in Hørsholm from the beginning of June. Mercedes-AMG SL 63 4MATIC+. Price EUR 507,500 (in the photo). Mercedes-AMG SL 55 4MATIC+. Price EUR 430,000 See more at www.mercedesbenzcph.dk
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Powerful V10 from Lamborghini In mid-April, Lamborghini presented this impressive Huracán Tecnica, a thoroughly potent car for those who like to combine stylish driving on the road with the sensation of racing on a closed track. The car features a V10, 5.2 litre, naturally-aspirated engine with 640 horsepower and rear-wheel drive that allows you to both hear and feel the engine when you press the gas pedal. Compared to previous versions of Huracán, this engine is more powerful, with improved acceleration that will have you blasting through the air from 0-100 km/h in just 3.2 seconds. In addition, the aerodynamics have been upgraded for enhanced performance, stability, and ease of handling – especially on a closed track. Lamborghini Copenhagen expects to take delivery of the sports car in autumn 2022, if you want to see it up close. Lamborghini Huracán Tecnica. Price upon request. See more at www.lamborghini.com
Sporty and fully electric BMW This summer, BMW launches its new electric wonder in Denmark, the BMW iX M60. It is the first fully electric BMW M in the performance segment SAV (Sports Activity Vehicles), which means you get an exceptionally powerful, all-wheel drive vehicle with maximum driving pleasure and lightning-fast acceleration. On the technical side, you will be treated to an adaptive twin-axle air suspension and integrated active steering, which adds rear-wheel steering to the drive. Further, the cabin has an exclusive interior and futuristic design. BMW in Denmark has high expectations for this car, so don’t wait too long to get in touch if you’re interested. The campaign photo was shot on the Danish island of Fanoe, by the way, so the car is guaranteed to make its way through the Danish summer! BMW iX M60. Price from EUR 185,000. Range up to 561 km. 0-100 km/h in just 3.8 seconds. See more and book a test drive at www.jan-nygaard.dk
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This year’s trilogy of modern dive watches with vintage vibes is the Seiko Prospex Save The Ocean Special Edition.
SEIKO HAS A WATCH FOR EVERYONE Whether you’re a sporty teen on a budget or an experienced watch collector with plenty of resources, Seiko is guaranteed to have a watch that will suit your taste. Nordic Business spoke to Vincent Brun, general manager of Seiko Germany and since April 1st also responsible for the Danish market, to learn more about the Japanese brand’s rich history.
By Kåre Peitersen
Not everyone is aware of it, but the Japanese tradition for watchmaking is both long and full of innovative creations. For several generations, Seiko has helped push the technological development in areas that haven’t been embraced in the same way by the classic Swiss watch industry. It all started in 1881, when Kintaro Hattori, no more than 21 years old at the time, opened a watchmaking shop in Tokyo’s Ginza district. The shop grew into Seiko, with Hattori at the helm until he died in 1934. His philosophy was that Seiko had to be ‘one step ahead of the rest’ at all times, a notion that his successors have continued to live up to ever since – including when they spearheaded the introduction of quartz movements in wristwatches in 1969 and when they launched the innovative and still unique spring drive movement in 1999.
The first wristwatch from Seiko was this Laurel from 1913.
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Vincent Brun, general manager at Seiko Germany.
Interview: VINCENT BRUN
To learn more about Seiko’s past and future, I called Vincent Brun, the general manager of Seiko Germany, which took over Seiko Denmark on April 1st. I started by asking him how he would sum up Seiko’s contribution to the world of watches? “That’s a big question because Seiko has a history of exploring many different areas of watchmaking. Technologically, for example, Seiko has contributed with quartz, kinetic, watches and solar watches – and in the last 10-20 years, we’ve seen a return to high-level mechanical watchmaking. The interesting thing about Seiko is that everyone knows the brand and has some relationship with it. It’s a brand with a rich history and a huge community of Seiko fans all over the world.” In what ways does Seiko differ from the Swiss watch industry? “Seiko is unique in having a very wide spectrum of watches in virtually all price ranges. If we include Grand Seiko, we have watches ranging from DKK 1,500 to DKK 70,000. Seiko watches come with a broad range of movements – quartz, mechanical, spring drive – no other brand actually offers that the way we do”. There has been a steady rise in the interest in wristwatches over the last 10-20 years – how has Seiko experienced this development? “It’s interesting to see that the interest in wristwatches has gone up with the popularization of smartphones and smartwatches. The amount of smartwatches on the market has been a wake-up call for the industry, but a mechanical watch offers something different from a smartwatch, and consumers are excited about that. I think it speaks to the fact that a watch no longer serves to simply state what time it is. Today, consumers value the craftsmanship, the design and the emotional connection to the brand. At Seiko, we increasingly focus on our history, identity, and mechanical know-how. Where we used to make watches as pure utility items, we now create collections that appeal to different target groups. We collaborate with things
Seiko Presage is a collection of fine dress watches. Here is the new model, Sharp Edged Automatic GMT.
like manga universes and computer game worlds to appeal to young audiences. We can tell that it works because Seiko has grown steadily, even during the pandemic.” Which Seiko collections are particularly popular in Denmark? “The most successful collection is undoubtedly Prospex, our sporty outdoor collection with many dive watches. This year, we launched three new Save The Ocean models, reinterpretations of classic Seiko dive watches from 1965, 1968 and 1970, respectively. Another sought-after collection is Presage, a series of elegant, dressy watches. We highlight some of the particularly Japanese features of our history – in the dials, for example. This history can be seen in the new Presage Sharp Edged models, where the dial incorporates a traditional Asanoha pattern that has been used in Japanese textile design for over a thousand years.” What can we expect from Seiko in the coming years? “You will be seeing more reinterpretations like the new Prospex dive watches because we have a rich history to delve into – and we want to showcase it.” Learn more about Seiko at www.seikowatches.com
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FOUR FINE FRAMES The vast majority of watches are round, but occasionally it makes sense to be a little square – at least if you’re Raymond Weil, Oris, Cartier or Nomos. By Kåre Peitersen
FEMININE AND SQUARE
A common thread throughout independent brand Raymond Weil’s collections is the prevalence of musical inspiration to a greater or lesser extent. In this Toccata collection, the musical reference is limited to its name, but we’ve seen some fun and cool designs in recent years that explicitly pay homage to The Beatles, Bob Marley, and David Bowie, among others. Toccata is a collection of ladies’ watches (that’s what they call them) with a classic art deco style and sleek lines (23.4 x 34.6 mm and a thickness of no more than 6.25 mm). Raymond Weil Toccata Ladies Stainless Steel Quartz Watch, (ref. 5925.ST.00300). Price EUR 835,-
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A MODERNIST CLASSIC
When it comes to square watches, it’s impossible to get around Cartier Tank, which has been on the wrists of celebrities and style icons since its launch more than 100 years ago. Last year, we saw the launch of a series of coloured versions of the Must model, including this one featuring a green lacquer dial, Quartz movement and a size of 25.5 x 33.7 mm. Cartier Tank Must Large Quartz (ref. WSTA0056). Price EUR 2,920,-
ART DECO FROM ORIS
We’re used to seeing an abundance of dive and pilot watches from Oris, but this winter, we saw an updated version of a classic series of square dress watches, which will be sure to find an audience, thanks to the elegant art deco-inspired lines and attractive price. As usual, Oris doesn’t shy away from colour. In addition to this muted blue, you will also find a Bordeaux red and an anthracite grey, as well as coloured leather straps. The watch is powered by the automatic calibre 561. Oris Rectangular 25.5 x 38 mm (ref. 01.561.7783.4065.07.5.19.17). Price EUR 1,895,-
SQUARE, PRACTICAL, GERMAN
German Nomos is known for its clean, Bauhaus-inspired designs, which usually focus on circular shapes, but the Tetra series offers a fine, stylish alternative with this square watch. Nomos principally categorises all its models as unisex. With this minimalist style and a diameter of 29.5 mm, Tetra is well-suited for both men and women. Inside the square case is Nomos’ in-house built mechanical Alpha movement with manual winding. Nomos Tetra Symphony Divine Spark. Price EUR 1,850,-
Photo by Shifaaz shamoon on Unsplash
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MENS WEAR
nordic business // 87 REGULAR-FIT SHIRT IN MICRO-STRUCTURED COTTON
A business shirt in a regular fit by BOSS Menswear. Trimmed with mother-of-pearl buttons for a refined look, this contemporary shirt is crafted in 100% cotton woven with a rich structure.. Buy on hugoboss.com Price EUR 215,-
CLASSIC BLAZER
Modern fit blazer, light constructed shoulders with AMF stitch. Patched pockets. Wool cotton mix in knitted jersey in “Tricotine”pattern. Slanted welt pockets.at back. Fully lined. Buy on sandcopenhagen.com Price EUR 439,-
CLASSIC HUGO BOSS
Slim-fit jeans dark blue coolmax® denim. Buy on hugoboss.com Price EUR 175,-
SADDLER ORLANDO ANTIQUE BRASS
Nice and practical weekend bag model Orlando from Saddler. Produced in delicious buffalo leather. Buy on magasin.dk Price EUR 458,-
ELEGANT CUFFLINKS
EFeaturing a mother-of-pearl insert for a refined look, these cufflinks are crafted in polished brass with a hammered finish. HUGO logos are engraved for a signature touch. Buy on hugoboss.com Price EUR 81,-
Photo by Gemma Evans on Unsplash
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WOMENS WEAR
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LONG-LENGTH RELAXED-FIT BLOUSE
A casual blouse by BOSS Womenswear. Tailored to a loose silhouette with a long length and curved hem, this wardrobe essential is crafted in super-soft fabric made from 100% certified organic cotton. An aloe vera finish delivers skin-soothing properties to the material. We continuously look for more responsible ways to produce and finish our products.. Buy on hugoboss.com Price EUR 175,-
AN ELEGANT DRESS
Offered in a regular fit for easy styling, this fully lined dress features a gathered neckline, concealed closure and fabric belt with a hardware buckle. The digitally printed new-season graphic creates statement style. Buy on hugoboss.com Price EUR 417,-
LUXURY SCARF
Scarf in silk twill with handrolled edges (100% silk). This essential Hermès accessory complements any outfit. It can be worn many ways around your neck, as a top, at the waist or as a headscarf. Buy on hermes.com Price EUR 410,-
CAPPUCCINO PUMP
Elegant pointed stiletto in a light brown color, made in soft skin. This stiletto is perfect for a formal work look. Try styling it with a suit or a skirt and a nice shirt. 8 cm heel. Buy on apair.dk Price EUR 202,-
ISABEL TROUSER
Relaxed trouser in a blend of organic cotton and linen. Designed with a full-length hem, and a high paper-bag gathered waist with an adjustable belt. Detailed with front pleats, side seam pockets, and welt pockets at the back.. Buy on filippa-k.com Price EUR 202,-
3 NORDIC BUSINESS HOTELS
– TO STAY AT DURING A BUSINESSTRIP IN SCANDINAVIA By Malin Sjögren
When business travellers choose a hotel during their stay the most important criterias are ususally a central location, good facilities and a high standard of quality. Nordic Business has selected 3 of the best hotels in the Scandinavian capitals, all of which meet the requirements of todays business traveller and furthermore delivers an experience beyond what is expected.
Photo: Hotel d’Angleterre
RADISSON BLU
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Soak up the mesmerizing views of Norway's capital city from the Radisson Blu Scandinavia Hotel, Oslo. This inspiring hotel in Oslo city center rises 22 stories high, offering beautiful views of both the capital itself and the nearby fjord. Whether you're visiting Oslo for business or leisure, you'll find the Radisson Blu a convenient base for exploring Norway's rich culture and a variety of attractions. Oslo's main street, Karl Johans Gate, is just minutes away, and the Royal Palace, National Gallery, and Opera House are all within walking distance.
The Radisson Blu Scandinavia Hotel, Oslo features 499 well-appointed rooms and suites with welcoming amenities such as a top-notch Jensen Bed® and a safe to store valuables. Additionally, access to the Lagoon fitness center and pool area comes complimentary with all room reservations.
Experience Oslo's most breathtaking view from stylish Summit bar, re-designed and refurbished by Snohetta. The new Summit bar is located on the 21st f loor, utilizes f lo or-t o - c e i l i n g p a nor a m ic windows, allowing guests to soak in the grandeur of the view in all its glory. Afternoon or evening, this is the perfect gathering spot to sit down and relax in a chic and sophisticated atmosphere and enjoy the views of the city and the fjords.
Established in 2015, 26 North Restaurant & Social Club was created by two Swedes, an Irishman, and several Norwegians. The group’s aspiration was to give an out-ofthis-world culinary experience to the guests. The restaurant is inspired by the Nordic countries: the nature, the culinary treasures, and the minimalistic design. This venue’s stylish and relaxed atmosphere is perfect for business dinners, romantic meals, special celebrations, and casual dining.
The Lagoon fitness center features an indoor swimming pool, tranquil sauna, and modern exercise Equipment. Work up a sweat in the gym, then relax and rejuvenate your body and mind in the sauna and with a relaxing swim in the pool.
oslo
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NOBIS
Opened in 2010, the 201-room Nobis Hotel Stockholm is the flagship hotel in the Nobis Hospitality Group. Occupying two magnificent historic buildings in a prime location in Stockholm’s Norrmalmstorg Square, Nobis Hotel represents the concept of contemporary luxury.
The feeling in the rooms is peaceful, soothing and sophisticated, with genuine, superior quality materials and mellow color scales, inspired by the “muffled” color palette of winter Stockholm. The sense of luxury comes from optimal comfort and function and a cool, calm ambience without excesses.
Contemporary luxury hotel Nobis Hotel Stockholm — opened in 2010 in two historic landmark buildings on Norrmalmstorg square.
stockholm
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Set amongst an oasis of Scandinavian design, the restaurant Noi marries a sense of individuality with a uniquely Swedish brand of luxury. Aesthetically, this manifests itself as a low-lit subterranean space lined with circular booths upholstered with olive green leather, mosaic parquet and walnut paneled walls.
The Nobis Hotel’s more than eight hundred square meters of public spaces function as a meeting venue and setting, not only for the guests, but also for Stockholmers and other visitors in the city.
The hotel is very much a part of the pulse of the city — but also a soothing refuge when the guests prefer.
D'ANGLETERRE
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Established in 1755, the 5 star hotel d’Angleterre is an icon and a historic landmark in Copenhagen and Denmark and it is rated as one of the best hotels in Copenhagen and indeed Northern Europe. Inspired by its rich heritage the hotel has recently undergone a complete refurbishment and has reopened as a revitalized grand palace. Today, the owners and every member of staff affectionately carry on the tradition of passion for service that has earned the hotel its ’5 star Superior’ rating as the only hotel in Denmark, and the hotel strives to be the leading hotel in Northern Europe.
Many of the suites have balconies with views of either the beautiful Kongens Nytorv square, the calm side street of Hovedvagtsgade or the cozy backyard of the hotel.
Modern touches complement the traditional and elegant design, providing a welcome environment for both business and leisure travelers.
copenhagen
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All 92 spacious rooms and suites were fully renovated in 2013 and individually decorated with stylish interiors and hand-picked artworks—restoring the hotel to its former glory as one of the very best hotels in Copenhagen.
All rooms include grand modern bathrooms, individual state-of-the-art in-room climate control and the very latest entertainment systems—thus combining the best modern technology with the luxury and elegance that one would expect of a grand palace hotel such as d’Angleterre.
Balancing legacy and style with intuitive and tailored services, the d’Angleterre will complement the desires of today’s refined travelers as the best Copenhagen accommodation.
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