OCTOBER 26 2026
Sweden has built one of Europe’s most successful environments for entrepreneurship and innovation. But creating promising new companies is only the beginning; the ecosystem also needs to inspire them with the ambition, capabilities and support to scale internationally and ultimately shape industries on a global stage.
As a jury member for Framtidens Entreprenör (Entrepreneur of the Future), an initiative by DNB Carnegie in collaboration with Svenska Dagbladet, Elin Ljung, Partner and Head of Sustainability and Communications at Nordic Capital Advisors, meets entrepreneurs at an early and formative stage of that journey.
In this edition of Voices of Nordic Capital, she shares her perspective on what distinguishes successful entrepreneurs, the role of mentorship and ownership, and why Sweden's entrepreneurial ecosystem is vital for long-term competitiveness.
Sweden has a remarkable track record of nurturing entrepreneurs and innovative businesses. What do you think explains it?
“I think the interesting thing about Sweden is that entrepreneurship does not exist in isolation. What makes Sweden unusual is how entrepreneurial ambition, institutional capital, private equity and public markets reinforce each other throughout the growth journey.
The results speak for themselves. Sweden ranks first in the EU's 2026 European Innovation Scoreboard[1], while Stockholm ranks among the world's leading cities for unicorns per capita[2]. Sweden also invests more than 3 percent of GDP in research and development, compared with an EU average of approximately 2.2 percent in 2024[3].
People build companies, gain experience and capital, and often put both back into the next generation of businesses. Sweden has become very good at recycling not only capital, but also the ambition and knowledge needed to scale innovative businesses.”
As a judge for Framtidens Entreprenör, what do you look for in an entrepreneur and a business?
“A good idea is obviously important, but I am probably even more interested in the ambition and thinking behind it. Does the entrepreneur really understand the problem they are solving? Is there a large enough market? Can the business scale? And perhaps most importantly, are they willing to keep learning as the company develops?
Building a business requires enormous conviction and courage. At the same time, the strongest entrepreneurs I meet tend to combine that conviction with intellectual openness and willingness to explore different ways of solving complex problems. They can defend what they believe in, but they are also prepared to listen, challenge their own assumptions and change course when needed.
Those qualities are important because the skills required to establish a company are not necessarily the same as those required to lead it when it has hundreds or thousands of employees and operates across multiple markets. One of the hardest parts of entrepreneurship is evolving as quickly as the business around you.”
What role do mentors, investors and other experienced advisers play as a company scales?
“The needs of a company change significantly as it grows. A founder initially makes almost every important decision, but eventually, needs to build an organisation with the leadership, governance and operational capabilities to operate at scale.
That is where having experienced people around you can be extremely valuable. A good mentor or investor shouldn’t tell a founder how to run the business, but they should bring pattern recognition, ask challenging questions and provide access to experience that the company would otherwise have to acquire through trial and error.
The same applies to capital. Funding alone does not build a successful company. As businesses mature, the support that comes hand in hand with that capital becomes increasingly important, whether that is sector expertise, international networks or experience of scaling organisations. Different owners can be right for different stages, and finding the right fit can make a significant difference.”
Beyond the individual companies, why is it important to the economy to have a robust community of successful scale-ups?
“Ultimately, this is about competitiveness and economic growth. Sweden is a small country, and the ability to develop businesses that compete internationally has always been fundamental to its prosperity.
We are seeing a broader shift in what drives economic growth, with investment, innovation and productivity becoming increasingly important. Areas such as AI, resilience, digitalisation and sustainable innovation offer significant opportunities, particularly for countries like Sweden with strong research capabilities and a history of technological innovation.
But research and innovation only deliver their full economic potential when they translate into commercially successful businesses. Entrepreneurs play a critical role in that process, turning new ideas into products and services, creating jobs and shaping industries. Private capital is an important part of that equation. Since 2007, private equity and venture capital firms have invested SEK 783 billion in Swedish businesses, providing capital and expertise to support their development[4].
That is also why initiatives such as Framtidens Entreprenör matter. Supporting the next generation of entrepreneurs, and creating role models who can inspire others to follow, is ultimately an investment in Sweden's future competitiveness.”
What is the one piece of advice you would give an entrepreneur trying to build a lasting business?
“Be ambitious about what the company can become and stay curious about how you get there.
No business develops exactly according to plan. Markets change, technology evolves and new challenges emerge as you grow. The founders who impress me most have a clear sense of purpose and enormous persistence, but they also recognise the value of surrounding themselves with people who bring different perspectives and expertise.
You do not have to have every answer yourself. In fact, recognising that is often what allows you to take the business further."