California is hit by one of the worst droughts that we have ever seen since records began, about 100 years ago… Scary!
On the contrary, we have not seen any drought in Unicorns in California. By mid April, 16 Tech Startups have joined the Unicorn Club. Fantastic!
Still we see a flood of new startups being born every week in Silicon Valley, and Q1 2015 has hit a record high with $17B of investment according to CB Insights. However, VC-backed exits slowed in Q1’15, with a total of 138 exits (down 19% from the previous quarter). For more information please read the report
If you are looking up Unicorn in a traditional dictionary, you will read: “a mythical animal typically represented as a horse with a single straight horn projecting from its forehead”. In a modern dictionary it will say: “startup company with a valuation of one billion dollars or more, based on equity funding”.
Last year was a record-breaking year, with 38 companies reaching billion dollar valuations and as mention after just 3 months this year over a dozen startups already have joined the no-longer-so-exclusive unicorn club.
At the Nordic Innovation House we haven´t seen any unicorns - yet, but with the flow of new Nordic startups joining our community we are hopeful to soon see some in “the House”. To become one of the new successful Nordic startups we recommend you to read the series of articles: “How to approach Venture Capitalists”. Read more here.
Quantcell, GarantiBil, Now Interact, SYNQ, Blockie, Bungalo, Arundo Analytics, Corporate Spring, Essen International, and H&D Wireless are the latest startups joining our portfolio at the Nordic Innovation House. We are excited to have all of you on board!
The Nordic Innovation House actually looks very Nordic in style, from the outside, and during the last 2 months we have been almost like a tourist attraction at Ramona Street in Palo Alto. Busloads of people have arrived at the location, and groups from all over have visited us to learn more about our initiative.
For example, we had a high level visit from the Slovakian Government when the Slovak Deputy Finance Minister came to discuss the collaboration between the five Nordic countries, as the Visegrad region (Hungary, Slovakia, Czech Republic and Poland) is tracking our model to potentially establish something similar to our Nordic incubator focused on helping startups form their region.
From a Swedish perspective, it was an important day, when Mr. Mikael Damberg, Swedish Minister of Enterprise and Innovation, and his excellency the Ambassador of Sweden to the US Björn Lyrvall, accompanied by a small delegation from the Swedish Ministry of Enterprise spent time at the Nordic Innovation House to meet and talk with entrepreneurs and learn more about innovation. Read more: Svenska Dagbladet
Also, Deputy minister, Ministry of foreign affairs Norway, Morten Høglund, visited Nordic Innovation House, where he met the Tech startups participating in TINC and learned more about our Nordic collaboration and work in the area.
Other groups that have visited us this months, are for example: Blekinge Incubator, Lyse Energi, Infotech Umeå/Innovation, Novare, Slovak Television, WebOn, The Director General from Vinnova, NTNU's Informatics class and more…
In addition to all the daily action happening at the house, Innovation Norway and Vinnova are now running the 8th batch of the accelerator called TINC. 11 companies from Norway and Sweden moved in one week ago, to be coached and mentored about business modeling, pitching, PR and Marketing, Financing and more.
Our TINC Program has been nominated by the Nordic Startup Awards for best accelerator program. The Nordic Startup Awards is a series of events in the Nordic countries, to recognize and celebrate the startup ecosystems based in the Nordic region. If you want, feel free to vote for us: Link
Last but not least we would like to thank all of you for spreading the word about our presence in Silicon Valley. Approximately 450 people visited the office space in April, and around 45 Nordic Tech startups reached out during the month to get information about how we can help!
Live well and laugh often!