Culture In Scandinavia is so similar, but it is also very segmented.[...] Getting everyone to cooperate on a Nordic level, is practically impossible, so that's why very few people trying it.

That is from an interview with Sean Percival, the former 500 Nordics director. Below the entire interview, google translated. The original can be found by clicking on the link at the end.

Sean Percival ends in 500 Startups Nordics: Last rest have moved to Sweden. Sweden has a much greater appetite for risk, they are much better at marketing, commercialization and internationalization, he said.
 23 September 2016 500 Startups, Sean Percival
A year ago was 500 Startups in full way into Norway. Now, the boss himself and the other half moves to Stockholm

-We Tried to put together a Nordic fund of 15 million dollars, and I had one year for me to get it to happen, but eventually we had not enough support from investors, said Sean Percival, head of the 500 Nordics, to Shifter, who will leave his position in late September / early October.

He believes the timing of the fund was not right.

Maybe we came in early with our model, which is dramatically different than what you have in the Nordic region. It is also dramatically different model in Silicon Valley. Especially it concerns that we make very many small investments, and we have a very high failure rate, he says Shifter.

Sweden is not interested in Norway
He says that the second mistake he made was to see the Nordic region as a whole.

-We Were too small team and the Nordic countries do not have a particular desire to cooperate with each other. People in Norway do not care about what happens in Denmark, and people in Sweden really do not care about what happens in Norway, he said.

It was a shade I did not understand that one from outside, says Percival.

Culture is so similar, but it is also very segmented. I think it would have been wiser to create regional funds, type a Norwegian fund, a Swedish fund etc. Getting everyone to cooperate on a Nordic level, is practically impossible, so that's why very few people trying it, says Percival .

Launched pre-accelerator
A year ago announced 500 Nordics its plans to launch a pre-accelerator in Oslo. On that occasion, Percival the online newspaper "tech.eu" that they would start in Oslo because the city is best positioned to take advantage of such a program, and he thought Stockholm was mature enough.

Pre-accelerator was launched and run in January this year.

-We Had 12 companies in the program, and it went very well. We taught them how to have a "sense of urgency", how to run growth marketing and how to retrieve money. There has undoubtedly been the accelerator program with the highest impact in Norway. Several companies have taken money and continues to grow. I am very proud to have introduced a new way to help early-stage startups, he says to the shifter.

Norway is struggling with marketing
What are the major differences between Norway and Sweden?

-Sverige Have a much greater appetite for risk, they are much better at marketing, commercialization and internationalization. Sweden is going to make the successful consumer and FINTECH companies, while Norway must do what they do best, which is (business to business) B2B and software architecture.

Finland is trying to move away from the game and to new industries. Each country has different strengths, but Norwegians are struggling very marketing and they are too slow to launch internationally, which I think you should do from day one, he says.

-So You had a year on it to get it to work, but then you did not, and that's why you quit?

Yeah, it's part of it. I have worked with 500 Startups for three years. I have had four different jobs there. For that I shall be able to commit myself for a long time, so I need an incentive. I needed capital and compensation for me, so I could have a focus in five to ten years. I'm trying to make money and to make a difference, I could not earn enough money or to make a difference without the fund, he said.

Little understanding of venture funds
-When I tried to pick up the money in Norway, there were very few who really understood what a venture fund was. They did not understand the mechanisms, they did not understand how they got the money back. That means for every conversation I had, I started on the minus side, and had to spend time just to get to the starting line, and then I have to continue to get them to invest.

There have been so few venture funds in Norway, so I think people are wary of them, they do not understand them. Property, for example, is very predictable, safe and liquid. A venture fund is not. The money can be locked for up to ten years. A good venture fund will provide a return of between two- and ten-time crack but there have been so many who have given zero in returns in Europe, so it is perhaps why many are skeptical.

Do you see any bright spots?

Yeah, I see changes. Established companies are going, I see more funds coming together. Innovation Norway makes a lot of good, but my view when we started was that we might have a two years away before it gets pretty hot in Norway. Now I think there are three years into the future, or more. We Americans are very market focused, and we will have a lot of competition in the market, where the best wins. You do not have much competition when there are only two to three funds in the city, he said.

He did not want the fund he would establish would be the only one.

I wished there were at least five to ten funds that did the exact same as us, where we could compete, so would the founders and returns decide who was the best, he says.

Will work with Norwegians in Silicon Valley
-What are you going to do now?

-Has No fulltime plans and will not jump into anything either. Now I work a bit as a consultant with growth-promotion, or helping companies to set up accelerators. I'll do a small job for Tinca application to Innovation Norway in Silicon Valley, and I am in conversation with a number of Norwegian companies to help them with growth-promotion, but nothing is signed.

-Will You continue to work with the North?

Yeah, it's something I want, I still see a big opportunity there. Everything I do is about making a difference, and I think I can make the greatest difference in the Nordic region. It's much harder in Silicon Valley. Do not throw away the last eighteen months I have built contacts and confidence out there, and you have a big challenge with growth-promotion, he says.

Program coordinator Stina Liland Nysæther in 500 Nordics also packed suitcase and traveled to Sweden and will continue to work for 500 Nordics from the Swedish capital, says Percival.

Facts
500 Startups is an American accelerator and investment company from San Francisco that was started in 2010 by David McLure.
The company has invested in over 1,500 startups in over 50 different countries.
500 Nordic was established in 2015 to find exciting startups in Scandinavia.

Original story