Nanna Elísa Jakobsdóttir, Director of Industry and Intellectual Property at the Federation of Icelandic Industries, writes about SLUSH in Finland in December, one of the world's largest networking events for investors and startups.
The challenges the world faces today, such as climate change and aging populations, cannot be solved without a new approach and a change in mindset. Innovation is the key to creating a prosperous future for us all. This was the fundamental message of the innovation and startup conference SLUSH, held in Finland in December.
SLUSH is one of the world's largest networking events for investors and innovation companies, with around 20,000 individuals attending the conference annually. This year, the conference was smaller in scale than before due to the global pandemic, but despite that, there were around 8,800 attendees, including about 1,700 investors with one trillion euros at their disposal. That is why the conference is called “the largest gathering of venture capital in the world.” About 80 Icelanders from 40 different companies participated in the conference this year.
The conference primarily focused on tech companies, with an emphasis on showcasing opportunities in the biotech industry, software development, the gaming industry, and information technology. The knowledge-based industry has seen significant growth in recent years, and the spread of the coronavirus pandemic accelerated this development, as the use of technology has rarely been as extensive as in recent months. Although recent times have taught us to communicate electronically across borders, the human need to meet face-to-face, exchange opinions in person, and breathe the same air has not disappeared. It was a unique experience, after a period of nearly two years of social distancing and gathering restrictions, to participate in an event where a strong emphasis was placed on interacting with a real person of flesh and blood rather than on a computer screen.
Recent years show that technological development must always go hand in hand with what makes us human. For instance, in a presentation on designing “iconic products,” Tony Fadell, founder of Nest and the man credited with inventing the iPod, said that the foundation for a popular product is that it actually solves a problem people face. His advice to those working in innovation and technology was to consider human needs instead of developing the most technologically advanced product possible to “impress tech nerds and engineers.”
Sustainability and green industry were prominent at the conference. The race towards carbon neutrality has triggered the creation of numerous companies that focus on the sustainable use of resources. These companies are as diverse as they are many; some are developing new ways to produce energy, others have designed solutions for established companies to revise their processes, and still others aim to revolutionize food production in the world. Incredible solutions have emerged in recent years through research and development projects around the globe. The spotlight was on companies like Solugen, which is well on its way to developing chemical compounds from sugar to power energy-intensive industries instead of using oil and other non-sustainable energy sources. Last year, Solugen raised over 350 million US dollars to develop its technology and bring it to market. Lubomila Jordanova also attracted well-deserved attention; she founded the company Plan A in 2017. Plan A has developed software that measures the carbon footprint of companies in a reliable and efficient manner. In 2021, her company received an investment of three million US dollars.
Judging by the conference, it is clear that tremendous opportunities exist if individual ingenuity is allowed to flourish. The flow of capital into sustainable, progressive, and potentially risky projects has increased in recent years. We here in Iceland must continue to seize these opportunities and promote innovation in all industries. It is important to remember that although the conference's spotlight was on opportunities in high-tech sectors, innovation occurs in all industries. In many places, you can find individuals who have decided to approach their jobs from a new perspective, make more efficient decisions, shape more sustainable policies, and conduct research and development to solve the problems of today and the future. Fortunately so, because it is much needed.