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Technology and Stockholm have long thrived together, the Economist concludes in a story about the Swedish capital’s many tech startups – such as Spotify, Truecaller, Klarna and Skype.
One of the reasons behind the success, says Mikael Damberg, Sweden’s minister of enterprise, is the high level of programming skills among its citizens.
“Programming is the single most common occupation in Stockholm today,” the minister told the magazine.
An estimate suggests the tech sector employs 18% of workers—far above the 10% said to be typical in most European capitals.
The digital boom, the magazine explains, is one reason why the Swedish capital region has one of Europe’s fastest-growing populations (2.3m people, up by 10% since 2010). It also explains why the city’s economy as a whole is rattling along at about 5% annualised growth; the city claims to be the fastest-growing in Europe.
What’s more, since 2003 Stockholm ranks as the fifth city, globally, in nurturing unicorns, private firms valued over $1 billion. And it got one-fifth of all European investments in “fin tech” firms between 2010 and 2014, he says.
Tech firms in Stockholm have helped enhance Sweden's reputation for business all over the world, and it's not surprising that a record amount of money was invested in Swedish startups last year.
Leading private equity and venture capital firms and acceleration programs invested 6.6 billion kronor ($800 million) in 2015, according to venture capital investors Industrifonden.
Last Updated (Tuesday, 10 May 2016 02:52)