Last month ICDK’s Founders Summit 2022 kicked off and eight promising Danish early-stage tech startups, Soundmade, Appstract, Airflight, Tribe, Frontliners, Ambolt AI, SWOP, and Empatik AI, embarked on a week of exploration. Some came searching for funding opportunities, some for mentorship, co-founders, and some were looking to clarify whether the U.S. market is the right match for their business. Although the Founders had different objectives and hopes for the outcome of their visit, they shared the same international ambitions and eagerness to learn navigating the Silicon Valley ecosystem.
The Entrepreneurial Mindset of Silicon Valley
During the week in Silicon Valley, the startups were introduced to the idea of the “entrepreneurial mindset of Silicon Valley.” But what does it mean for startups to have an entrepreneurial mindset?
In Silicon Valley the startups learned that the entrepreneurial mindset is about a certain way of thinking. It is about how startups approach challenges and mistakes. It is about improving and adjusting your skillset to try again and again. This entails a different view on mistakes and the learning process of startups. Mistakes occurring in the early stages are typically not seen as failures in Silicon Valley, but as valuable experiences, from which you learn and move on from.“There is definitely something when it comes to the size of one's vision - that you dare to think big, as well as people's willingness to help one another. I do not experience this in the same way in Denmark or in Europe,” Lars Richter, Founder and CEO of SWOP and participant in Founders Summit 2022 says about his experience with the Silicon Valley mindset.
He emphasizes the collaboration between educational institutions and corporations in California, and their ability to commercialize research, as a trade that Denmark could benefit from.
Think Big or Go Home - Funding in Silicon Valley
One of the main drivers for our eight Danish startups was understanding how to gain funding to scale their business.The unique mindset of Silicon Valley is also known for being fast and concise, which means that startups should be able, and ready to pitch their business concept to investors at any given time. Learning to pitch to U.S. stakeholders, especially investors, was a prominent part of the Founders Summit program. Innovation Centre Denmark assisted the startups in their development by facilitating pitch workshops, feedback sessions, as well as investor pitching.
Therefore, as part of the Founders Summit program, our eight Danish startups also attended the Startup Grind Conference; a two day conference in Redwood City that brings together startups and scale-ups from the major Startup Grind Community and presented many occasions in which the startups could practice their pitches.
As I was pitching at the Pitch Night event, I raised my ask to $1M. But the very first feedback I got from one of the panelists was that I should be asking for much more. You should be asking for $5M - are you not ambitious? the panelist asked me.
At the conference the startups engaged with and learned from successful local innovators, educators, and investors, as well as listened to industry-relevant speakers on some of the biggest and hottest topics within entrepreneurship and the ecosystem of Silicon Valley. Besides the obvious opportunity to seek investor interaction, the conference was also an opportunity to build strong and meaningful connections with fellow startups and founders.
And the pitching practice came in handy when during the program Innovation Centre Denmark hosted a Startup Pitch and Ecosystem Networking event - gathering stakeholders from both Californian and Danish ecosystems. Here the startups had the opportunity to pitch their business in front of a panel consisting of 3 insightful U.S. investors. How visions are articulated in Silicon Valley can differ greatly from the Danish demeanor, and this came as a surprise to some of our participating Founders.
“As I was pitching at the Pitch Night event, I raised my ask to $1M. But the very first feedback I got from one of the panelists was that I should be asking for much more. You should be asking for $5M - are you not ambitious? the panelist asked me,” explains Kim Løwert, Founder and CEO of Appstract, who recalls this experience as one that had an impact on him, and his approach to funding.
