#49: Minister Anders Adlercreutz on state ownership & aid, Fortum/Uniper, SSAB investment and more

eEquity is one of the Nordics’ most active e-commerce investors. We sat down with partner Aida Jammal to discuss what it really takes to build a strong consumer brand in today’s market. We cover customer obsession, competing with low-price Chinese players, the financial metrics investors look for, common mistakes, how to think about discounting, and more.(0:00) Introduction(0:27) eEquity’s background and strategy(3:35) The current state of e-commerce(8:35) Unit economics, growth vs profitability(13:25) What a “dream P&L” looks like(23:13) Green and red flags, looking beyond metrics(34:03) What founders need to focus on(41:14) Discounting and customer obsession(49:00) Influencer brands, competing with Temu ja Shein(57:48) The future of e-commerce in the NordicsLearn more:https://generogrowth.com https://www.eequity.se/se.linkedin.com/in/aidajammal

Kim Väisänen co-founded and led Blancco, turning it into a global leader in data erasure software and 60M€ exit. Since then he’s made 140+ startup investments and helped countless companies grow as an advisor and board member. We talk about mistakes and lessons learned, what Finland’s Shark Tank is really like, why sales is critical for success, and much more.Learn more:https://generogrowth.com https://www.linkedin.com/in/kimvaisanen/[email protected]

Tom took his first startup public as CEO, later held exec and board roles in PE-backed companies, and now invests in early-stage companies through Sandwater, the VC firm he founded and raised a 125M€ first fund for.We talk about what it takes to build a successful startup, the future of AI and robotics, mental health, and why climate investing isn't dead.Learn more:https://generogrowth.com https://www.sandwater.comhttps://www.linkedin.com/in/tom-even-mortensen-27b7453(0:00) Introduction(1:15) From startup to IPO(7:10) Putting yourself in position to succeed(10:32) From operator to investor(15:44) Energy demand and the future of climate investing(23:55) How robotics will transform society(32:47) Finding new investments(38:44) Innovation and tech in Europe(47:38) Investment criteria, mental health, advice for founders

In just four years, Nimlas Group scaled from 1.5 to 10 billion SEK while maintaining strong profitability. CEO Christoffer Järkeborn joins us to discuss leadership, why profitability matters, managing a group of 130+ companies, why managers need to get out of the office, and more.Learn more:https://generogrowth.com/ https://nimlasgroup.com/https://www.linkedin.com/in/christoffer-j%C3%A4rkeborn-1670b72/(0:00) Introduction(0:30) From politics to PE-backed hypergrowth(6:40) Why efficiency and profitability matter(15:10) Nimlas’ operating model explained(21:25) “Recession is for others”(28:15) Building a culture of real collaboration and healthy competition(36:10) 'Get out of the office' and other leadership lessons(40:10) Bureaucracy and the danger of big head offices(48:00) AI and the future of practical work(57:25) How Nimlas buys and starts companies(1:02:00) Clarity, speed, and energy

Erik Modig is a researcher, author, speaker, and entrepreneur. He returns to the podcast to discuss the death of the marketing funnel, the issues with ROI, what it really takes to build thought leadership, and the thing that separates world-class CMOs from the rest.Learn more:https://generogrowth.com/ https://www.marketinglevels.com/https://www.linkedin.com/in/emodig/(0:00) Intro(1:08) Is the marketing funnel dead?(12:20) The ROI dilemma in digital marketing(20:02) Useful metrics(30:30) Moving beyond numbers and world-class CMOs(41:30) Thought leadership: why it matters and why it’s hard(52:25) Choosing the right channels, why slogans fail, and career advice

Klarna is one of the world’s most successful startups. We sat down with Head of Nordics Björn Bryngelson to discuss the company’s growth journey, making big bets, attracting top talent, and common misconceptions about Klarna.Learn more:https://www.klarna.com/https://generogrowth.com/ https://www.linkedin.com/in/bj%C3%B6rn-bryngelson-b0b80310/(0:00) Introduction(0:30) Why Björn joined Klarna(5:08) Consumer behavior and user experience(7:57) Key decisions for driving growth(14:03) Entering and succeeding in the US(19:02) Rebranding Klarna and building a bold global brand(23:38) Competing by providing value(27:39) Making big bets and moving fast(30:24) Nordic advantages in building startups(33:03) How Klarna uses AI(38:38) Attracting top talent(43:38) Misconceptions about Klarna and closing thoughts

Enfuce is a fast-growing fintech with a bold goal of becoming the #1 issuer processor in Europe and reach billions in ARR. We sat down with co-founder and co-CEO Monika Liikamaa to talk about what it takes to build a successful startup in a conservative industry: earning trust, hiring top talent, and moving fast while doing the right thing. We also talked about entrepreneurship as a mindset, the stress of building a company, and how small teams can do big things.Learn more:https://enfuce.com/https://generogrowth.com/https://www.linkedin.com/in/monikaliikamaa/(0:00) Introduction(0:30) Fintech and the insight behind starting Enfuce(9:10) Earning trust in a conservative industry(14:37) Why Monika became an entrepreneur(30:33) Building a top team and attracting early talent(42:23) Compliance, fraud, and doing things right(49:15) The future of fintech and reaching 250M€ ARR

Ilkka Kivimäki built and sold a company to SAP, was the first investor and chairman of Wolt, and now runs a 260M€ seed fund. We sat down to discuss everything from startup investing and growth to quantum computing and food innovation.Learn more:https://maki.vc/https://generogrowth.com/https://www.linkedin.com/in/ilkkak1/(0:00) Introduction(0:31) Building a company during the dot‑com crash and exiting to SAP(6:35) Finland’s startup ecosystem(13:00) Becoming an investor and Wolt’s success(18:00) Starting Maki.vc and investing in 50+ startups(23:20) Quantum computing(30:25) Robotics and autonomy(35:55) Innovations in food and material sciences(43:30) Lessons from startups and investing

Pia Lemmetty is an Investment Director at Tesi, Finland’s state-owned investment company. We talk about Finnish startups and scaleups, Finland’s international reputation, and what it takes to attract more talent and capital. We also cover M&A, IPOs and what growth companies can do better when it comes to corporate finance.Learn more:https://tesi.fi/https://generogrowth.com/ https://www.linkedin.com/in/pia-johanna-lemmetty-tarasiuk/(0:00) Introduction(0:35) Pia’s career in investment banking, M&A and venture capital(6:30) What Tesi is and how it operates(13:00) Growth funding and capital availability in Finland(21:45) Finland’s startup ecosystem and international reputation(28:53) Succeeding globally and attracting top talent(37:18) Enabling billion-euro industrial investments(43:18) How growth companies can improve on corporate finance(48:45) M&A as a growth driver(56:50) Should Finland have more IPOs?

SATS is the largest fitness chain in the Nordics, with over 270 gyms and 10,000 employees. CEO Sondre Gravir joined us to talk about creating a great customer experience and strong culture at scale, how SATS continues to innovate, and what it was like leading the company through the lockdowns. We also covered fitness trends, the role of technology, and the impact of gyms on public health.Learn more:https://satsgroup.com/https://generogrowth.com/ https://www.linkedin.com/in/sondregravir/(0:00) Introduction(0:30) Why Sondre joined SATS(3:00) Public health, fitness trends and the Nordic gym market(11:08) Growth drivers and the power of group classes(16:52) Technology, opportunities and limits of digital fitness(21:59) Growing the market as a category leader(24:56) Scaling culture and values across 10,000+ employees(33:19) Covid, lessons learned and what’s next