Shift in mindset
Let’s start with culture. If you’re a Danish entrepreneur eyeing the Swedish market, get ready for a shift in mindset. Emelie Svensson from NJORD Law Firm, works across the Øresund region, highlighting an important difference. In Denmark, it’s all about being direct and to the point. “In Denmark, we jump straight into the business discussion and state our point of views even if the parties do not share their point of views, ” Emilie explains.
“Afterwards we can grab dinner without any hard feeling for the previous business discussions, were the parties explained their opposite views, Emelie explains. Danes see it as logical, efficient, and effective. But when dealing with Swedes, this can come off as… much too direct.”
Emelie Svensson
Advocate & Partner at NJORD Law Firm
Swedes prefer to build trust before moving on with business dealings, Emelie explains. If the parties have opposite points of view, the parties are not as direct as the Danes would be. There is also the culture of meetings, where it is a part of Swedish culture to have many more meetings than what Danes would prefer. For Danes, this might feel like a game of “jumping through hoops,” but in Sweden, this process is essential. It’s not about being slow – it’s about building trust and having a clear sense of the business partner before entering an agreement.
In short, don’t rush to the bottom line. Make your first moves personal, if you are direct aim to be diplomatic and build trust. It is an essential part of the process.
The Danish attitude towards negotiations
And then there’s the Danish attitude toward negotiation. Known for their “går den, så går den” (let’s see if it flies) mentality, Danes often treat contracts as flexible and open to negotiations for much longer than their Swedish counterparts. Swedes, however, prefer consistency and rely on discussions that took place while discussing the terms of the agreement. If you change terms midway, expect to lose trust fast. For Swedes, the deal is sacred, and revisiting negotiations late in the game can raise red flags. So, if you’re dealing with Swedish partners, keep your negotiations tight and your promises tighter.
Raising capital – it's not just about the numbers
You might also be looking across the bridge for funding. We meet up with Christoffer Lynghus Nielsen from Invest in Denmark, a key player in attracting foreign investment to Denmark, and he shares an important observation that may reflect Danish culture: Danish startups are often too modest.
“Danish entrepreneurs seem to ask for too little,” he says.
“Investors, Swedish and international, have expressed that this can be perceived as a sign that the startup isn’t aiming high enough, or that they will spend more time raising additional capital than building the business. If you only raise a small round, you risk being back on the fundraising trail six months down the road.”
Christoffer Lynghus Nielsen
Special Advisor at Invest in Denmark
Based on this trend, Christoffer suggests considering a bolder approach, “Ask for more money upfront. Show that you’re serious about scaling.” It’s not about being greedy – it’s about showing ambition. Presenting a clear plan for how the capital will be used to achieve major milestones demonstrates your vision and instills confidence in investors that their funding will drive significant growth. Investors want to know what you’re planning for the big picture. A smaller ask may suggest a smaller vision.
Swedish entrepreneurs are often bolder when it comes to raising funds. Swedish investors are accustomed to bigger asks and higher ambitions – and even more so American investors. So, if you’re a Danish entrepreneur, be ready to flex that bold muscle. Asking for less might make you seem hesitant. Ask for more and show investors you’re serious about scaling to new heights.
We meet up with Christoffer from Invest in Denmark & Emilie from Njord Law in Stockholm at the Danish Embassy. Here startup companies who are participating in DTU Science Park’s MedTech Growth Program took part in a four-day program.
The event was focused on meeting international investors, understanding Swedish regulatory frameworks, connecting with Swedish procurement professionals, building connections and community.
MedTech Growth is run by DTU Science Park and supported by Industriens Fond.
