The tech savvy North

One would think this development is merely down to a few gifted individuals with PhD 's and Silicon Valley aspirations. Yet, fund managers tell me that, in fact, it comes down to a very high penetration of new technology. For example, the Nordic region has one of the highest numbers of mobile phones per person. In short, our hunger for the latest gadgets fuels venture investing, which in turn drives further innovation.

This could in part explain the attraction of Nordic start-up businesses to international investors. In this issue alone, Hasso Plattner Ventures, Index Ventures, Capricorn Venture Partners and corporate venturer RWE Innogy, have all committed capital to Nordic companies.

Regional funds also remain active, with Creandum, one of the backers of the peer-to-peer music streaming service Spotify, joining a consortium of investors in a EUR12.5m expansion round for Nanoradio, a developer of semiconductors with wireless capability for the cellular and handheld market. Creandum invested in the business after Nanoradio acquired parts of Imsys, also a fabless semiconductor business, and a Creandum portfolio company. One of the benefits of the technology is that it allows you listen to, for example, Spotify via wi-fi on your mobile phone (see page 21). There is obviously a long way to go, but the Swedish venture investor seems well on its way to building an eco-system of technology companies.

The chances are you'll first hear Spotify streaming from a mobile phone user rocking down Birger Jarlsgatan.

Yours sincerely,

Rikke Lilla Eckhoff

Editor, Nordic unquote"

Tel: +44 20 7484 9824

rikke.lilla-eckhoff@incisivemedia.com.

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