#57: Risto Siilasmaa – lessons from dot-com bubble, transforming Nokia, and investing in unicorns

Risto Siilasmaa co-founded F-Secure in 1988 at just 22, and later became Finland’s richest person during the dot-com bubble. As chairman of Nokia, he led the transformation of the company from a struggling handset maker to a global leader in network infrastructure. He has one of the best startup investment track records, with multiple unicorns in this portfolio. In this episode, Risto shares 30+ years of insights on entrepreneurship, leadership, and tech. Learn more: https://generogrowth.com/ https://www.linkedin.com/in/siilasmaa/ (0:00) Introduction (0:55) Starting F-Secure: early challenges and IPO (8:50) The dot-com bubble and how money changes people (24:50) Tough decisions and building resilience (34:20) Nokia: crisis, disruption, and transformation (58:53) Investing in unicorns and how to spot great founders (1:12:35) Future tech trends: AI, quantum computing and clean energy

Sanna Suvanto-Harsaae is one of the most respected and sought-after business leaders in the Nordics. She currently chairs the boards of companies like Finnair, BoConcept, and Posti Group. We discuss the six essentials and superpowers that drive leadership success. Learn more: https://generogrowth.com/ https://www.linkedin.com/in/sannasuvantoharsaae (0:00) Introduction (1:30) How to lead yourself (12:00) Why results matter and how to achieve them (26:40) How to keep learning and avoid stagnation (35:29) Future orientation: stop fault-finding, start forward-thinking (40:40) The most important thing (50:25) Why fun and trust make teams perform better (58:19) Europe’s challenges and lessons from Denmark

Bob W. is a fast-growing, profitable startup that’s raised €70 million to transform hospitality through technology. What began as an Airbnb side hustle is now Europe’s top-rated hospitality brand, operating in 10 countries. We sat down with CEO and co-founder Niko Karstikko to discuss their incredible growth journey. Learn more: https://bobw.co/ https://generogrowth.com/https://www.linkedin.com/in/nikokarstikko/ (0:00) Introduction (0:30) From corporate life to entrepreneurship (3:15) How an Airbnb side hustle and travels in Asia sparked the idea for Bob W. (7:45) Finding a German co-founder (12:30) Lessons learned from his first startup (16:30) The insight and journey to finding product-market fit (21:30) Building a leaner, tech-powered model for hospitality (25:00) Early challenges: water damage, bad press, and starting up in Estonia (30:00) Navigating the pandemic (33:50) Raising €100 million in funding (40:02) Expansion and customer acquisition (51:40) Growing as a CEO: building a strong team and creating the right work culture

Saxdor is the world’s fastest-growing boat brand. We sat down with CEO Erna Rusi to discuss the journey to 100 million euros in revenue, scaling a team of over 600, driving innovation, and building a global brand. This podcast was recorded live at a Genero Growth Event. Learn more: https://saxdor.com/ https://generogrowth.com/ https://www.linkedin.com/in/erna-rusi-b677a25b/ (0:00) Introduction (0:45) Erna’s journey from telecom to boating CEO (3:11) The Steve Jobs of boating (5:07) Demand creation vs. demand capture (7:17) Managing the operational challenges of growing to 100 million euros (10:28) Capital efficiency and financial discipline (13:15) Building a strong team culture with 600 people (17:10) Global expansion, innovation, and customer experience (32:37) Being fast in actions and decisionmaking (34:30) The best and the worst parts of being a CEO

Fredrik Heinonen is a partner and Deputy Managing Director at Miltton, a Nordic consultancy specializing in communications, insight, and strategy. We discuss the agency’s journey from 4 to 400 employees, navigating the different phases of growth, the rising importance of stakeholder management, effective communication in a noisy world, attracting top talent, and more. Learn more: https://miltton.com/ https://generogrowth.com/ https://www.linkedin.com/in/fredrik-heinonen-42a58b1/ (0:00) Introduction (1:18) The early days of Miltton (5:15) Why is Sweden so good at communications and marketing? (8:10) Attracting and retaining talent (13:45) Internal communications at Miltton (19:15) The stakeholder economy (22:30) Developing insights that drive strategy (25:15) How to communicate effectively in this day and age

Rolf Ladau is the CEO of Paulig, a 148-year-old family-owned food company. We discuss the fundamentals of consumer branding, growth playbooks, the business case for sustainability, how Santa Maria grew to become the European leader in Tex-Mex and more. Learn more: https://paulig.com/ https://generogrowth.com/ https://www.linkedin.com/in/rolf-ladau-458b892 (0:00) Introduction (1:10) Working at Unilever, P&G, Coca-Cola and more (4:15) How to build and maintain world-class consumer brands (11:40) Do brands spend too little on marketing? (14:25) Becoming the CEO of Paulig (20:30) Santa Maria’s growth journey, playbooks, and the future of snacking (33:07) How Paulig has succeded for 148 years (40:15) The art and science of brand positioning (46:05) Feedback loops and learning from mistakes  (49:33) The business case for sustainability

Marianne Vikkula joined Wolt as a small startup with fewer than 100 employees. Today she’s the COO, overseeing a global operation with 10,000+ people across 27 countries. We discuss operational excellence, how to hire well, lessons learned from DoorDash, and how leaders can increase speed, raise the bar for quality, and narrow the focus. Learn more: https://wolt.com/ https://generogrowth.com/ https://www.linkedin.com/in/mvikkula (0:00) Introduction (1:08) Marianne’s background and why she joined Wolt (4:42) Operational excellence and bringing energy into an organization (10:34) Increasing speed (17:07) Raising the bar of quality (25:30) Narrowing the focus (32:24) Doing hard things (37:45) How to grow and develop as a leader (41:25) Lessons learned from DoorDash after the acquisition (47:57) How to hire (57:56) The future of Wolt

As CEO of Pilke, Mari Puoskari has driven rapid growth and achieved profitability at Finland’s largest private early education company. Now also CEO of Dibber Sverige, Mari joins us to discuss the Nordic model of early childhood education, employee well-being, leadership, personal habits, the future of childcare, and more. Learn more: https://generogrowth.com/⁠⁠ https://www.linkedin.com/in/mari-puoskari-b0ab69 https://pilkepaivakodit.fi/ https://www.dibber.com/ (0:00) Introduction (0:45) The business of early childhood education (5:40) Priorities as a CEO (9:30) Employee well-being and labor shortage in the industry (15:18) Growing from 100 to 150 million euros and turning profitable (18:00) The Nordic approach to early childhood education (22:10) Sweden vs Finland (26:00) Screen time, physical activity, and other trends related to children (32:53) How curiosity drives success (35:50) Corporate strategy and internal communication (41:11) Routines, habits and personal productivity

The Finnish state is an investor or owner in over 70 companies. We discuss with Minister Anders Adlercreutz the state's role as a shareholder, lessons learned from the Fortum-Uniper deal, challenges with subsidies, and more. Learn more: ⁠https://generogrowth.com/⁠⁠ https://www.linkedin.com/in/andersatz https://valtioneuvosto.fi/omistajaohjaus/yhtiot (0:00) Introduction (0:30) How the Finnish state manages its portfolio of 70+ companies (3:28) Government ownership of public companies (12:05) Northvolt and the challenges with state aid (18:30) What can we learn from the Fortum-Uniper deal? (21:54) Political strikes and SSAB’s 4.5 billion euro investment (24:20) Should Finland be more ambitious with our state-owned investing and ownership?

Antti Kummu, a founding partner of CapMan Growth, joins us to discuss their take-private of Silmäasema, what makes companies valuable, the importance of storytelling, Elon Musk, and much more. Learn more: https://generogrowth.com/⁠ ⁠https://capman.com/private-equity/growth/⁠ ⁠https://www.linkedin.com/in/antti-kummu-cfa-a85aa11/⁠ (0:00) Introduction (0:40) Antti’s background and Finnvera and Tesi (3:35) Working as CFO at a rapidly growing company (6:53)The role of metrics and data in understanding a business (14:07) The insights behind the Silmäasema take-private (18:47) CapMan Growth’s investment strategy (23:55) Working with strong-willed entrepreneurs (26:25) What makes companies valuable? (31:17) Storytelling (36:37) Timing the market vs building a good business (38:55) Raising 130 million euros (44:45) Private equity in Finland, Elon Musk