In a globalised world, your talent for tech and your tech start-up is welcomed almost everywhere in the world. So why should you choose Copenhagen Science City over any other innovative, easy to do business in, connected to all major markets and overflowing with angel-investors- city? This article lists 14 reasons Copenhagen Science City really IS one of the best places in Europe to launch or scale your innovation intensive company in 2023. By Jes Andersen.
2. Copenhagen Science City is a pretty good innovation district
Copenhagen Science City is a two square kilometre innovation district, where a university, a university hospital and a university college collaborate to create the perfect conditions for your innovation intensive start-up.
3. Your neighbours will be innovation start-ups too
In Copenhagen Science City, more than 450 companies have set up shop in local start-up communities. Many to take advantage of the opportunities for co-creating, developing and testing high concept products. At all times, there are also on average 80 active student-start-ups. Collaborating with other start-ups can be an ideal way to integrate new technology into your own business. Co-locating with other start-ups also makes it easier to buy their products, invest in their solutions and sell your own services to them.
Running a business is hard work. The last thing you need is friction from government institutions. If you want to avoid spending your time interacting with lawyers and officials, you might want to choose Denmark. According to analysts at the World Bank, Denmark ranked as one of the easiest places in the world to do business in 2020. (No 4 after New Zealand, Singapore and Hong Kong). In other words, it is the easiest country in Europe for doing business.
6. Even starting a business is easy here
Starting a business is even harder work. Access to a functioning entrepreneurship eco-system makes the task that little bit easier. Denmark scores very highly on almost all factors. In fact, the country is one of the worlds best for entrepreneurship. According to GEDI, the Global Entrepreneurship and Development Institute, Denmark is number 1 in the EU and places 6th in the world.
7. Hard-to-find- staff is easy to attract and retain
An innovation intensive start-up usually needs staff, which is in high demand all over the world. It is wise to choose a location, which is attractive to the talent you need to hire. Denmark is best in the EU in its ability to grow, attract and retain talent. According to the 2022 Global Talent Competitiveness Index from business school INSEAD, Denmark, as a whole, is 3rd in the world in talent competitiveness while our capital, Copenhagen, scores an impressive 17th place (PP82) over more globally known tech- talent destinations such as London, New York and Paris.
8. Getting rid of staff is easier here too
When the economy hits a slump, excess employees can weigh down even the most succesful company. In Denmark, the so-called Danish Flexicurity model means that workers are easy to let go. In part, this is because they retain health insurance and a basic income if they are laid off. This makes them less risk averse. In fact, Denmark has one of the world’s most flexible regulations for hiring and redundancy.
9. You will never have to pay a bribe
Corrupt officials may be the most damaging single factor standing in the way of entrepreneurship. Having to pay a bribe to get a building permit or avoid a fine destroys faith in society and diminishes the appetite for building a valuable company. According to the corruption-monitoring organisation Transparency International, Denmark shares a spot with new Zealand as the least corrupt nation in the world.
10. You and your staff will be free and safe
At first sight, personal freedom may not seem to have much bearing on commercial businesses. Personal freedom, however, is measured in factors such as rule of law, freedom from violence, crime and discrimination and freedom to travel, share information and, yes: Do business. All of it regardless of gender, sexual orientation, race, religion or origin. Denmark has a long history of balancing the freedom of companies to operate with the freedom of citizens from unsafe products, working conditions and environments. Yet our country ranks as number one in the EU and number 3 in the world when it comes to personal freedom while Copenhagen is the safest city in the world.
Liveability is definitely a soft business metric, but think about it. Your innovation intensive start-up will want to hire the most creative and skilled co-workers, and you probably will need to recruit them from all over the world. If they do not like living where you set up your business, you will lose key workers. Thanks to great work-life balance, strong opportunities for career-development and opportunities for interesting jobs, 9 out of 10 expats in Denmark are “happy”, or even “very happy” with their life in Denmark.
13. We are extremely family friendly
Building a thriving company is important. Raising a thriving family is vital. With free universal healthcare, high quality/low cost childcare and free education from preschool to PHD, Denmark is one of the best places in the world to raise children. 6th in the world, 4th in EU. So while you get busy launching your company, you can rest assured that your children are growing up the Danish way. Safe, happy, healthy and with a great chance to live creative and innovative lives in a highly affluent country.
In conclusion; Denmark is frequently a champion- Always a runner up. We may not be the best at everything, but we do get all the important things right. Copenhagen Science City may not, in itself, be the best innovation district in the world, but in combination with the Danish society that surrounds us, we do feel entitled to call ourselves “Possibly the best place in Europe to launch or scale your innovation based business”, and we welcome you and your tech start-up to join us.