Startup Guide June 2017 - Stockholm

start-me-up-sweden

Startup Guide

Stockholm

Location opportunity

Stockholm has one of the most active startup communities around the world both when it comes to companies, community and funding. To get an introduction into the Stockholm world of high-tech and startups, here's a guide to what you need to know if you would like to start a startup company.

NOTE: This is a long blog post, if you would like to download this guide, go to the end of the post!

EU portal for Startups

The portal above will take you to the national portal for Sweden, see below:

Local rules and regulations

There are a number of Swedish government agencies that are dealing with the issues around starting a business. I would recommend starting at Verksamt.se, that is the business portal for the agencies.

How to Register a Corporation?

To register a Swedish corporation "AB" like Ltd in many other countries you need to have 50,000 SEK about € 5160 or $ 5800 as share capital. If you have a registered Ltd company within EU, you can register an EU subsidiary company and do not need to fulfill this requirement. This is by many businesses and local banks not seen as recommended. Bolagsverket (Swedish Companies Registration Office) deals with registration services. See the guide, http://www.bolagsverket.se/polopoly_fs/1.7771!/Menu/general/column-content/file/starting_up_a_business.pdf

The fee for registering an "AB" or "Ltd corporation" is currently 1900 SEK (about €195 or $220).

About SNI - Choose an SNI code(s) for your company registration:

How to get a residency permit?

Migrationsverket Or Migration Board for work and residency permits.

If you are a Nordic citizen (Denmark, Finland, Iceland, Norway, Sweden), you do not need to register with the Migration board or apply for a residence permit. If you are from EU/EEA/Switzerland you need to register and apply. Once approved you can file for a personal identification number / tax id at Skatteverket (Swedish Tax Agency).

If you are from other areas of the world, you need to apply for residency with the intent to start business before you come to Sweden.

How to get a personal identification number / Tax id?

https://www.skatteverket.se

https://www.skatteverket.se

Skatteverket or the Swedish Tax Agency will guide you at http://www.skatteverket.se/servicelankar/otherlanguages/inenglish.4.12815e4f14a62bc048f4edc.html

Once you have got your id(s), you can apply for a bank account at one of the banks:

How to get a Swedish Business Banking Account?

Danske Bank https://danskebank.se
Nordea https://www.nordea.se
Svenska Handelsbanken https://www.handelsbanken.se
SEB https://www.seb.se
Swedbank https://www.swedbank.se

About Stockholm - Sweden

Do your research before you jump into Sweden and the Swedish market.

Business Sweden

Business Sweden, The Swedish Trade and Invest Council can guide you and have a network of regional contacts.

business-sweden-2

Startup Stockholm

Startup Stockholm is an organization with cooperation between the City of Stockholm, SEB bank and ALMI Business partner where you can get free advice.

Cost of Living in the Stockholm area

NUMBEO is an excellent site for comparing cost of living in Stockholm with the city and country you are living in today. Food and alcoholic beverages are with exception of Oslo, Norway more expensive than the neighboring countries. The alcohol tax is with exception of Norway much higher in Sweden than other countries. The biggest headache for moving to Stockholm is the severe shortage of apartments so second hand rent is very expensive. A popular place to look for apartments is Blocket.

Startup Support Services and Local Ecosystem Resources

Stockholm Tech http://stockholmtech.se/

stockholm-tech.png

Stockholm Tech is a portal for co-working spaces and events.

SUP46 - Startup People of Sweden http://sup46.com/

sup46.png

SUP46 is one of the biggest startup hubs with co-working space in Stockholm and is frequently arranging events in downtown Stockholm. They are also well known for their startup cafe with food and open workspace. See more at http://sup46.com/startupcafe/

Stockholm Fintech http://stockholmfin.tech/

stockholm-fintech.png

Stockholm Fintech hub is the latest startup hub focusing on the financial ecosystem. A summary of companies and activities below:

stockholm-fintech-2.png

For a list of companies, see the interactive map here: http://data.stockholmfin.tech/

The Stockholm Fintech hub is a member of the Global FinTech Hubs Federation and thereby provide international access to 40+ hubs around the world. See: http://thegfhf.org

Two good reports to read to learn more about the fintech industry in Sweden:

http://www.investstockholm.com/globalassets/2.-understartsidor-investment-opportunities/fintech/stockholm_fintech_report.pdf

https://www.hhs.se/contentassets/b5823453b8fe4290828fcc81189b6561/stockholm-fintech---june-2015.pdf

STING - Stockholm Innovation and Growth http://www.stockholminnovation.com/en/

STING.png

STING has two main programs, accelerator and incubator in addition to financing. For a list of all startups companies see http://www.stockholminnovation.com/en/sting-companies/

Stockholm Impact Hub http://stockholm.impacthub.net/

stockholm-impact-hub.png

The Stockholm Impact Hub has co-working space and office space. The Stockholm hub is part of the Global Impacthub Network http://www.impacthub.net/ which allows you to use temporarily hub space in 80 impact hubs over the world.

THINGS -  http://www.thingstockholm.com/

THINGS.png

THINGS is a hardware oriented incubator with co-working space for startups who are developing software and services oriented towards hardware like IoT and wearables. THINGS is owned by STING. For a list of all startup companies, see http://www.thingstockholm.com/members/ and http://www.thingstockholm.com/things-alumni-1

THINGS has co-working space next to KTH Stockholm Campus.

Events and Meetups

Kista Science City http://www.kista.com/

kista-science-city.png

Kista Science City arranges quarterly events see  
http://www.kista.com/business-networks/
http://www.kista.com/urbanictarena/

RISE - Research Institutes of Sweden https://www.ri.se/divisioner/rise-ict

RISE ICT does applied research to provide solutions to current and future demands within Communications and Information Technology. RISE ICT consists of three divisions:

RISE Acreo https://www.acreo.se/
RISE Viktoria https://www.viktoria.se/
RISE Interactive https://www.tii.se/

RISE arranges seminars on hot ICT topics.

Stockholm Tech Meetup https://sthlmtechmeetup.confetti.events/

sthlm-tech-meetup.png

Sthlm Tech is arranging monthly events at Hilton Hotel, Slussen, Stockholm. http://www.hiltonhotels.com/sv_SE/sverige/hilton-stockholm-slussen/

Right now they have a summer break and will be back again Oct 10.

Some Meetup Groups related to Startups

Universities

KI - Karolinska Institutet

KI is focusing on education and research in medicine.

KTH - Royal Institute of Technology

KTH is focusing on education and research in technology.

HHS - Stockholm School of Economics

HHS is focusing on education and research in business and finance.

SSES - Stockholm School of Entrepreneurship

SSES.png

SSES is an independent collaboration between Karolinska Institutet (KI), the Royal Institute of Technology (KTH), the Stockholm School of Economics (SSE), Stockholm University (SU) and the University College of Arts, Crafts and Design (Konstfack). Its mission is to foster knowledge and passion in applied and interdisciplinary entrepreneurship. By uniting the region’s leading universities, SSES promotes a unique mix of backgrounds and competencies, complementing its academic course portfolio with a range of extra-curricular activities and events for training in topics relevant to its network, including workshops, international competitions and bootcamps, seminars, events and more.

Pasted from <http://sup46.com/partner/sses/>

Angels

STOAF - Stockholm Business Angels

The Focus of STOAF is " is on finding, funding and accelerating the growth of innovative B2B and deep technology companies in Life Science, Industrial Technology and Software." STOAF has 50 angel investors.

Pasted from <http://www.stoaf.se/about-stoaf/>

Crowdfunding

FundedByMe has become the rising star of Swedish crowdfunding.

Funding and Venture Capital

ALMI Invest is a government agency.

Bonnier Growth Media is part of Bonnier AB, an international media house with headquarters in Stockholm. We invest in and develop new digital and media opportunities in growing markets where we can leverage our media know-how and other assets within the Bonnier Group. We consist of a group of exciting companies with a combined turnover of SEK 2 billion and offices in Stockholm, Gothenburg, Oslo, Copenhagen, Toronto, San Fransisco, Malta, Helsinki, and New York. Some of our investments include Toca Boca, FLX, Abios Gaming, United Screens and Kit. Pasted from <http://sup46.com/partner/bonnier-growth-media/>

Creandum is an independent- and partner owned venture capital firm based in Stockholm investing in outstanding entrepreneurs building innovative and fast-growing technologycompanies in Northern Europe. Pasted from <http://sup46.com/partner/creandum/>

EQT Ventures is a new European VC fund with commitments of just over €566 million and offices in Stockholm, Amsterdam, London and Luxembourg. Fuelled by some of Europe’s most experienced company builders, EQT Ventures help the next generation of entrepreneurs with capital and hands­ on support. EQT Ventures is part of EQT, a global leading private equity group, with more than 160 investments and 70 exits. EQT has raised approximately EUR 30 billion, and its companies employ c. 100,000 people and have revenues of approximately EUR 15 billion. Pasted from <http://sup46.com/partner/eqt-ventures/>

Industrifonden is a Nordic venture capital investor, focusing on early-stage tech and life science companies with international potential. We back teams with bold visions and a drive to change the world. Pasted from <http://sup46.com/partner/industrifonden/>

MTGx is the digital incubator and accelerator division of leading international entertainment group Modern Times Group. MTGx is focused on leveraging MTG’s digital assets and content portfolio to provide world class video on demand experiences. MTGx is also committed to finding and developing a portfolio of new entertainment services, and provides centralized digital skills and platforms for Modern Times Group’s businesses across all of its markets. Pasted from <http://sup46.com/partner/mtgx/>

Northzone is a leading technology investment fund with over 85 companies in its portfolio. Founded in 1996, the partnership has expanded to dominate the north European investment market, with a range of notable investments including Spotify, Nimsoft, Avito, Tobii, Pricerunner, StepStone, and Lastminute. Northzone’s aim is to support businesses that truly make a difference. Pasted from <http://sup46.com/partner/northzone/>

Schibsted Growth has Sweden’s largest portfolio of successful Internet companies and brands. We are looking for new high-growth start-ups that we can build to successful companies, in both Sweden and our other 42 markets globally. Some of our local and global success stories include: Blocket, Lendo, Prisjakt, TV.nu, Let’s Deal et al. Pasted from <http://sup46.com/partner/schibsted-growth/>

VINNOVA – Swedish Governmental Agency for Innovation Systems – is Sweden’s innovation agency. We strengthen Sweden’s innovativeness, aiding sustainable growth and benefiting society. VINNOVA invests around SEK 2 billion per year and has about 200 employees, working from offices in Stockholm and Brussels. Pasted from <http://sup46.com/partner/vinnova/>

SVCA.png

https://www.svca.se/info-in-english/

The Swedish Venture Capital Association. For a list of Venture Capital companies, Public Venture Capital organizations, Growth Capital, Buyot and Limited Partners see https://www.svca.se/medlemmar/

Colocation Datacenters in Sweden

This site provides quote services for your company to get quotes from 30 providers in the greater Stockholm area.

Web Hosting Providers in Sweden

This is a popular site for comparing web hosting providers' price and services.

We can help you with International Business and Market Development. Contact Thomas Lidforss International for an initial discussion today!

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Thomas Lidforss

Senior Business Advisor & International Business Development Projects

I have a MSEE with MBA in Business and Product Planning. 15 years of experience in complex international projects, consultative business advisor activities in the IT and Telecom industry. Have worked with small (VC funded startups) and large businesses (B2B). Interacted with customers on top levels and project level among vendors and service providers. Managed in a program/multi-project environment. Good at finding cost-effective and sustainable IT solutions for the customer, both through sourcing / procurement and selection of alternative technology.

How to start a #startup and get #funding?

startup-fundraising.jpg

If you need a "cookbook" to guide you through all the aspects of documentation and planning to get funded for your startup, read Alejandro Cremades 2016 book, "The Art of Startup Fundraising" 224 pages full of useful information. 

Chapter 1: Everything Started with Onevest
Chapter 2: Raising Capital for Your Startup
Chapter 3: Setting Yourself Up for Success
Chapter 4: Crafting the Pitch
Chapter 5: The Due Diligence Package
Chapter 6: Sources of Capital
Chapter 7: Understanding the VC Game
Chapter 8: Investment Rounds Explained
Chapter 9: Deciding Investment Amounts and Prospects
Chapter 10: PR: Creating a Storm and Building Momentum
Chapter 11: What to Look For in an Investor
Chapter 12: Term Sheets and Terms
Chapter 13: Closing the Deal
Chapter 14: Avoiding Common Fundraising Mistakes
Chapter 15: Understanding the JOBS Act
Chapter 16: Recommended Tools for Fundraising
Chapter 17: Red Flags

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Thomas Lidforss

Senior Business Advisor & International Business Development Projects

I have a MSEE with MBA in Business and Product Planning. 15 years of experience in complex international projects, consultative business advisor activities in the IT and Telecom industry. Have worked with small (VC funded startups) and large businesses (B2B). Interacted with customers on top levels and project level among vendors and service providers. Managed in a program/multi-project environment. Good at finding cost-effective and sustainable IT solutions for the customer, both through sourcing / procurement and selection of alternative technology.

Startup business in the #Nordics - #Startup guide #Iceland

Klak Innovit - Startup resource center in Reykjavik

Klak Innovit - Startup resource center in Reykjavik

Startup centers and Startup Accelerators in Iceland

Klak Innovit | Startup center 

This is an Icelandic startup resource center. Klak Innovit is also registered on AngelList 

Startup Reykjavik

Startup Reykjavik

Startup Reykjavik 

This is an accelerator that provides seed stage capital and a 10 week accelerator program and
Mentorship, Workspace and Seed Capital. We give you USD 16k (2.000,000 ISK) and take 6% stake in your company.

Startup Reykjavik is also a member of GAN - Global Accelerator Network

Startup Energy Reykjavik

This is very similar to Startup Reykjavik but with focus on energy related business ideas and
Mentorship, Workspace and Seed Capital. We give you 40k (5.000,000 ISK) and receive 10% stake in your company.

The Golden Egg

The Golden Egg

Gulleggið - Frumkvöðlakeppni Klak Innovit

Gulleggid or "The Golden Egg" is a business plan competition for entrepreneurs to get their business ideas noticed. The Golden Egg is an excellent platform to make business- and execution plans for your business idea as a step forward in transforming your idea to a real start-up. Participants in the Golden Egg are offered courses, advice and ssistance from experts throughout the process.

The winner of the competition wins The Golden Egg trophy and 1.000.000 Icelandic krona for the business. Several other extra prices will be provided by our sponsors, but the total prize pool of The Golden Egg is over 3.000.000 Icelandic krona.

The Golden Egg is Iceland's biggest business plan competition.

Startup Weekend Reykjavik

Banks

Arion Bank

Arion Bank is directly involved in VC funding and startups. This bank provides services for;

  • Bank and savings accounts
  • Invest in Iceland and open up a Custody Account and invest through this account
  • Full range of banking services

Iceland and web hosting

Iceland is famous for efficient and good data centers. Iceland is the hub between North America and Europe. Iceland not being part of the European Union (EU), a stable and neutral country with good privacy laws. Some interesting thoughts, read  Andrew Henderson's blog post about Iceland web hosting

Orangewebsite for web hosting and VPS/dedicated servers

Ultra secure hosting solution with cPanel hosting starts at €3.40/month

  • Superior 24/7 support (response time within minutes)
  • 99.9% Server Uptime
  • 30-day money back guarantee
  • Signing Up Anonymously
  • Modern Freedom of Speech legislation
  • Bitcoin, PayPal, Western Union, Wire Transfer accepted!

1984

Green, Ethical Web Hosting from $6.99/mo

  • Safeguarding privacy and civil rights since 2006
  • Unlimited Storage Space
  • Unlimited Data Transfer
  • Unlimited Domains on Hosting Account
  • Green, Eco Friendly Energy
  • 99.99% Service Uptime
  • Secure Email Accounts, IMAP or POP
  • All Hosting Data Stored in Icelandic Data Centers

FlokiNET

FlokiNET service plans

FlokiNET service plans

FlokiNET has three locations Iceland, Finland and Romania. 

New VC funds

The Brunnur VC Fund. "The Fund aims to invest in 10-15 companies, between 100-500m ISK in each case, with a growth requirement of 30%, on average". This fund is co-founded by SA Framtak and Landsbréf. Landsbréf is a subsidiary of Icelandic bank Landsbankinn.

The Eyrir Spotar VC fund
This fund is focusing "on supporting promising ventures for international growth and value creation, fully in line with Eyrir´s “Buy and Build“ philosophy". Eyrir Invest  is managing this new fund.

The Frumtak 2 VC fund
"The fund invests in early stage innovative companies that are post seed and show great potential for growth". On a side note, Islandsbanki , the third largest bank in Iceland involved in VC funds has been voted “Best Bank in Iceland” for the last three years in a row.

How to start up a business in Iceland

EUGO - The Service Directive portal for businesses and individuals who want to offer their services in Iceland. Here you will find all you need to get going.

Contact Us for advisory services about your startup activities!

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Thomas Lidforss

Senior Business Advisor & International Business Development Projects

I have a MSEE with MBA in Business and Product Planning. 15 years of experience in complex international projects, consultative business advisor activities in the IT and Telecom industry. Have worked with small (VC funded startups) and large businesses (B2B). Interacted with customers on top levels and project level among vendors and service providers. Managed in a program/multi-project environment. Good at finding cost-effective and sustainable IT solutions for the customer, both through sourcing / procurement and selection of alternative technology.