Two Years Is Up, Jaiku Founders Leave Google

petteri koponen-jyri engeströmWe just heard yesterday that Jyri Engeström, Jaiku co-founder, is leaving his Product Manager job at Google after his two year earn out is up. Today Petteri Koponen, the other Jaiku co-founder announced that he is leaving Google and joining Lifeline Ventures, a Finnish startup accelerator that’s part of the Vigo program (See our previous stories on Lifeline Venture here and here).

This not such a big jump as Petteri worked at Google in a wide variety of roles that gave him an ideal view into what was happening in the market. First Petteri worked at the Android product team and subsequently on Google’s New Business team, which continuously searches for and works with startups that partner with Google. It’s exciting to follow how the Vigo program evolves. At least Lifeline Ventures seem to be already hard at work. Petteri told me that they have already done some investments even though the whole program is just coming together.

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Seluxit – Monitor And Control Your Energy Usage

SeluxitLogoSaving energy is an important and simple way to ease the burden on the planet. What’s not so simple is to find out where you can save energy. Enter Seluxit from Denmark, one of the 18 cleantech start-ups to present at the Nordic Venture 50 Forum on October 19th in Copenhagen.

Seluxit, which was established in 2006 by Morten Frederiksen and Daniel Lux, develops and markets software and hardware solutions to monitor the energy consumption of buildings. The company is already marketing two different sensors which use the Z-Wave wireless standard, offer two different Gateways and are currently developing a Mobile Phone programme which will run on all mobiles that support GPRS and Java. The mobile phone app will allow you to monitor and control your house on the go, which could be useful if you’re traveling and aren’t sure if you switched off the heating system. Continue reading »

Thoughts On Iceland And Its Startup Scene

IcelandI’m in Reykjavik, Iceland, hosting an ArcticEvening event for the local startup scene tonight. I thought I’d do a little write up of the thoughts and discoveries regarding the startup scene up here. First of all, to put things into perspective, you need to understand the size of things we’re talking with. Iceland has a population of around 320 000 people and that’s scattered across the island. On the other hand, they’re a relatively wealthy bunch of people, despite the current economic crisis, with a GDP per capita a little over $40 000 USD for 2008. Talking about the econmic crisis, it is definitely the biggest subject in discussions these days. On my way to meet up with some local entrepreneurs last night, the cab driver said that he’s sure there will be something happening in the coming months. According to him, “regular people are tired of paying the mess of the large companies.” I can understand his rage completely.
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How To Build A Successful Financing Strategy: From Seed Funding To A €120m Round?

noponen_lassi_8

Finnish wind turbine manufacturer WinWind raised €120 million in September 2008. Lassi Noponen, Chairman of WinWind at that time, agreed to share his experience building a successful investment strategy from the initial seed round to a successful exit.

During the early 90’s, Lassi worked for Neste Plc in various legal,technology and M&A positions and (with an MBA from London Business School)as VP and Group Controller at Neste. In the late 90’s he left Neste for investment banking and joined Evli Corporate Finance as a partner.

The story starts in the early 2000’s, when Lassi was co-founder and CEO at Proventia, a cleantech venture fund. Proventia made the first investment (of € 1 million) in WinWind’s first round. Later on, Lassi negotiated the later rounds with the Finnish pension fund Varma and Finnish Industry Investment. In 2006, Lassi managed the rounds with the Indian Siva Ventures as the Chairman of WinWind. Finally, he managed a €120 million round with Masdar of Abu Dhabi in 2008.  Continue reading »

Win Exclusive Tickets To GoodMorning2019!

GoodMorning2019

ArcticStartup is glad to be partnering with Stockholm School of Entrepreneurship to celebrate its decennial year with Good Morning 2019!

Good Morning 2019! is a full day event aiming to explore the future and investigating how organisations can become more entrepreneurial and innovative in order to stay competitive. Whether you represent a large company, a young start-up or you’re a student, this is the day you shouldn’t miss!

We have two exclusive tickets to give away to one lucky winner. Take a chance to get inspired, mingle and network with the industry in the beautiful Vinterträdgården at Grand Hotel in Stockholm!

The impressive list of speakers include so far an exciting mix of people such as Stefan Persson, Chairman of the Board H&M, Dr. Li Gong, CEO Mozilla Online Ltd, Jonas Hombert, CEO JayCut, and Anna Omstedt Lindgren, Tasteline and one of Sweden’s 101 top super talents by Veckans Affärer.

When: Friday, November 13th 2009 (9 Am – 5.30 Pm)
Where: Grand Hotel, Södra Blasieholmshamnen 8, Stockholm, Sweden

UPDATE Congratulations to the winner! Thank You all for tweeting!

All you need to do is to send a following tweet on Twitter:

I want to join @arcticstartup at #GoodMorning2019! + link to this article

Last chance to tweet before we draw a winner is on Wednesday October 14th at 12 Pm (GMT +1).

Hope to see you in Stockholm!

Advant Games Successfully In The Money Gaming Business

Advant Games LogoI talked to Sami Kuivasaari, one of the people behind a Finnish spin-off startup Advant Games, a little while back about their company and the way they see the money gaming market. Advant Games is a young spin-off company from a joint research project between the Tampere University of Technology, Tekes (the Finnish Funding Agency for Technology and Innovation) as well as Veikkaus (the money gaming monopoly of Finland). I titled this post explicitly as successfully, because in 2008 just 2 years after their founding Advant Games turned over close to 400k€ with a 20% profit margin.
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ArcticEvening Reykjavik – Reminder: Be There!


A quick reminder before the weekend regarding our ArcticEvening in Reykjavik coming up Tuesday the 12th of October. We’ll have a very interesting show planned for you so I strongly suggest all the locals and foreigners who happen to be in Iceland next week join in. The show will begin at 8pm at Grandagardi 2. You don’t have to sign up or anything, just show up!

Read more about the event and who we have on stage.

Finnish Gaming Monopoly Signs A Deal With iPhone App Maker

Helsingin Sanomat reports that RAY, the monopoly called Finnish Slotmachine Association, has signed a deal with the iPhone app maker Elias Pietilä regarding his Pajatzo game we earlier reported on. Pietilä had done an iPhone game that reminds of the popular Pajatso game, where the user taps coins into the small holes in the board. This did not go down well with RAY, even though they do not own the trademark for the game. Janne Peräkylä, the head of RAY, has stated that Pajatso is extremely important for them, “If there’s Suomi and sisu (the Finnish mentality), there’s RAY and Pajatso”.
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ArcticIndex To Make The Community Tick

ArcticIndexThere are roughly 350 startups and 200 individuals already listed in ArcticIndex. This is becoming an increasingly important destination and a resource for anyone looking for information on any startup that comes from the Northern Europe.

We have heard of cases where an investors have heard about a startup and subsequently contacted them (and sometimes even invested) when they have been able to look up a name from the ArcticIndex. Same goes for the media. We break stories on many new startups that the big media then picks up and writes about. Yes, you guessed it: ArcticIndex is where they go check out the facts on those startups.

If you have a startup and have not listed yours yet, do it now. And if you have yours listed, do update your information! Why? Because this is the information that gets printed and looked at as a fact. So if you have had subsequent financing rounds, new key employees, product releases, do yourself a favor and write it in the ArcticIndex, since this is what the readers, investors and the media will judge your startup by. This is also where we pick up new startups to write about.

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Filehill, New Marketplace For Digital Content – We Have Gift Cards!

Filehill is a new Swedish startup I ran into when first pitching their idea at TechCrunch Talk Nordic earlier this year. Filehill offers a platform especially designed to trade digital content such as reports, playlists and manuals. Besides from the music, of course. They’ve just released into open beta after a year and a half of development, and I was naturally curious to see what the new marketplace looks like.

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Kicking Off B2B Software Sales – Lessons From The Field

Photo by kaiesh (CC BY-NC-SA 2.0)I attended Software Sales Camp seminar organized by Tekes (the Finnish Funding Agency for Technology) earlier this week. The event was a two-day “bootcamp” aimed for improving Finnish software firms’ business-to-business sales and marketing skills. Going forward, I will summarize a few interesting tips and experiences shared by the seasoned speakers at the event. One main theme throughout the event was also the U.S. market entry and issues related – I will get back to that later.
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Fruugo Lays Off 40% Of Its Employees

fruugoOn Monday Fruugo, a Finnish startup that in 2008 burned through € 14.5 million, laid off roughly 20 of their 50 employees, which equals to 40% of their whole work force. Fruugo CEO, Juha Usva, confirmed the news to me yesterday evening.

When I asked how much money Fruugo still has in the bank and how long will it last, Usva emphasized that ‘the situation is tight’. According to some this means that Fruugo won’t have enough money to pay their employees’ monthly salary due on the 15th. Whether that’s true or not, the financial situation of the company is clearly critical.

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Sulake To Lay Off 20% Of Helsinki Employees

Sulake Corporation logoSulake has just announced that will initiate negotiations to lay off up to 20% of its workforce in Helsinki. Sulake is the Finnish company behind the successful teenage web service Habbo Hotel. Just yesterday we wrote that they have managed to create a one million euro profit with their 50 million euro revenue.

I actually talked about this yesterday with some net savy entrepreneurs and we all had only one question in mind. Where does the 50 million euros go to when you’re operating an internet service? A Finnish entrepreneur, of French origin, Ramine Darabiha did a very non-scientific analysis into this in his blog post last March. It may not seem a big thing, but once you break the numbers down – a lot of money is going somewhere.
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WOT Adds Support For Color Vision Deficiency

Web of TrustThis is cool in making the web more accessible to people around the world. While everyone’s keeping a lot of noise about the fact that text should be readable and scalable larger if the viewer wishes to, not many people realise that about 8% of men and about 0,5% of all women suffer from color vision deficiency. WOT has added support for these people in their service.

Web of Trust is a service that can be used to find out the trustworhiness and safety of websites. It relies on peer ratings and comments to build up its database. The service itself has a destination site, but can be more commonly found as a browser plugin.
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Cleantech Group Q3/09: Cleantech Now The Largest VC Investment Category

cleantechgrowthCleantech venture investment continued its recovery in Q3 of 2009 according to preliminary results from the Cleantech Group. Following a rebound in Q209, the Q309 total is up a further 10 percent compared to the previous quarter but down 42 percent compared to Q3 of 2008 (press release).

The global stimulus money flowing into cleantech also boosted private investment in the sector. The cleantech investments in North America, Europe, China and India totalled $1.59b in Q309. Cleantech is now the largest category for venture capital investment, eclipsing biotech and IT. According to the Cleantech Group, the sector already accounted for 27 percent of venture capital in the second quarter this year (see the graph above). Here is a link to the release. Continue reading »