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 boost your innovation intensive company.
1. Innovation districts are great for business
When large research institutions and small nimble businesses co-locate within limited geographical areas both flourish. This has been shown in several research projects as well as in real life. Innovation districts such as Silicon Valley, Bostons Kendall Square and yes; Copenhagen Science City, are proof of this principle.
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 350 companies have set up shop in six 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.
4. Denmark is seriously good at R&D
Being part of an inspiring scene can spur you on to great things. If you want to inspire your co-workers to be innovative, there are few settings better than Denmark. The country ranks as one of the most innovative countries in the world. Fourth in the EU. Eighth in the world.
When it comes to specifically to digital government, the Danes are actual world champions according to the United Nations. This provides an interesting business opportunity for tech-companies hoping to develop solutions for fair and efficient public administration for the world.
5. Doing business is easy here
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 ranks 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, it 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. Copenhagen is third in Europe in its ability to grow, attract and retain talent. According to the 2020 Global Talent Competitiveness Index from business school INSEAD, Denmark as a whole is 5th in the world in their talent competitiveness while its capital, Copenhagen, scores an impressive 15th place over more globally known tech- talent destinations such as Seattle, Amsterdam, Seoul and Shanghai.
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 fire. 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 is 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 6 in the world when it comes to personal freedom.
11. Don’t worry. Your staff will be happy
Ever since national happiness evaluations started in 2012, Danes have ranked as possibly the happiest people in the world. We may have finally surrendered our top spot to Finland in 2020, but we are still cheerful. National happiness may be an unusual business metric, but researchers have found that a significant explanation for Danish happiness is, that we trust each other and our government institutions. An environment of trust can encourage innovation, and thus strengthen your start-up.
12. Expats love living in Denmark
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. 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 not 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 “One of the best places in Europe to start or grow an innovation based business”, and we welcome you and your tech start-up to join us.