The power of entrepreneurs
Challenges and solutions, isolation and integration, inequality and equality.
The world we live in is changing rapidly, for good and for bad ...
… Can innovation and true entrepreneurship be the solutions to the challenges we face today?
Craving answers, I decided to do some interviews with entrepreneurs.
In February 2021, I had the pleasure to interview seven start-up founders from SSE Business Lab to share their stories of being an entrepreneur. In addition, Isabella Melkersson, the Partnership Manager for SSE Business Lab, elaborated on how SSE Business Lab can help realize entrepreneurial dreams.
Magnus von Perner
LEANalyser, a company that develops and sells data analytics software for businesses.
What is the idea behind it?
Our vision is to rewrite the entire market of data analytics and create the possibility for equal competition between large players and small enterprises in terms of data analytics.
We challenge the status quo of traditional data analytics by providing a user-friendly desktop-based analytics tool that can handle 1000 times more data points than, for instance, Excel. Our tool enables you to analyze your own data without the need for IT-support or programming skills. As far as we know, we are the only tool on the market that can handle these quantities with this flexibility on an ordinary computer.
How did your journey of entrepreneurship begin?
As a kid, I was always inspired by these great entrepreneurs of our time, such as Elon Musk and Steve Jobs. To strive to become someone like them is close to impossible, so that has never been the goal. If you are too focused on the end result, you miss the fun along the way. The fun for me is trying to solve problems and create values for people, which is the very idea of being an entrepreneur according to me.
When I first realized the issue with today’s data analytics was when I sat in the Bunker at SSE during the Excel course. The atmosphere was melancholic, and I got frustrated how hard it seemed to perform relatively basic analyses. I thought to myself: There must be more intuitive and faster ways to do this than sitting for hours to write complex formulas and mix up all the data sheets with each other.
The thought grew stronger after a few years. During my last year at SSE, I met a team with experience in commercializing a previous analytics tool within accounting with that very purpose – to make data analytics as efficient as possible. That was the beginning of my start-up journey.
How to communicate with different stakeholders?
LEANalyser is a complex product with a lot of technicalities. In addition, every company has their unique pain points when it comes to data analytics. Hence, it becomes extremely important to adapt the communication depending to who you are talking to. For instance, when talking to customers, the focus is placed on the value creation in terms of time and money spent, as well as improved quality on the analyses. We have to be very specific and keep their specific use case in mind.
In contrast, when we talk to decision makers, investors or to the public we have to communicate with our vision rather than technical details. When talking to these stakeholders you have to sell your vision rather than the product. Do these stakeholders have the same beliefs as we do? If so, that’s when trust is created between the parties. They don’t invest in us because of all the technical features but our shared visions and purposes.
As for the internal communication, we believe that we should always be honest and transparent with each other, because that is the best way of communication in the long run.
Ece Kural
Scrintal, a GDPR-conscious automated transcription and analysis software.
What is the idea behind it?
The vision is to totally change how research and learning is done; that is, to revolutionize the life of researchers and students. One of our focus areas is to free up the user’s time by helping the user with transcribing and analyzing audio or video recordings.
How did your journey of entrepreneurship begin?
The idea came up when I was doing my own research for my PhD project at the Stockholm University. So, the idea was based on all the difficulties I was having, for instance, I could not find a platform that I could easily collaborate with my teammates. I could not share my research findings or my interview materials, which made it difficult for us to do the analysis together.
What facilitated the process was me going to the Innovation Office of the Stockholm University. There was an innovation officer that really believed in me, and that was kind of what sparked the fire. Because I was never an entrepreneur before, and I did not really believe that this idea could turn into a company even though I had this real-life problem. Meeting with her kind of made me an entrepreneur.
How does the internal communication look like?
As for the internal communication, we found that updating each other with what we are working on is really important. Additionally, we have weekly meetings and brainstorming sessions within the team. So, I would say that more interaction is good for solving internal communication issues.
Erik Enger Karlson
Team Together, an app which makes sure the retailers you shop at donate to your favorite charity.
What is the idea behind it?
Our vision is to become the biggest impact maker in the world. The desire of making an impact is what drives us. In the meantime, we want to democratize impact, that is, make the ability to make an impact accessible to everyone.
For you as a consumer, our product provides a possibility for you to donate to a cause that you care about for free. While for retailers, it is not only a way for them to invest in their CSR but also a possibility for them to have the most positive impact on each individual customer.
(Erik Enger Karlson is actually engaged in two start-ups, and I asked him to briefly introduce the other one as well)
Another company that I have is called Catcher Games, which started off as what we call here in Sweden, a UF company (UF Företag), back in 2017. It is an app that uses games as a connection point to organize social events for people to engage in their communities and make new friends.
How did your journey of entrepreneurship begin?
My entrepreneurial journey started with an interest in technology and programming.
I started to repair smartphones while I was in the 7th or 8th grade. At first, it was just my own smartphones. But later, I began to buy old smartphones on eBay and Blocket and resell them after having them repaired. That may count as my first business, but my first serious business was Catcher Games.
Seeing my dad working with different projects also inspired me to become an entrepreneur, but Steve Jobs is also an inspirational figure for me.
How does the communication strategy look like?
Since we work with different stakeholders, such as companies, non-for-profit organizations and end-consumers, clear communication is very important in order to convey our messages.
Internally, we have an open and direct communication. Since I study and work simultaneously, it may be difficult to know what tasks I have performed and how much time I spent on those tasks. That is why, it is essential that we have a clear and open communication within the team in order to avoid ambiguity and misunderstandings. My way of dealing with it is to share my calendar with my teammates so that they know exactly how much time I spent and how many tasks I performed on a daily basis.
Asim Khandker
Stiksen, a Stockholm-based brand focusing on premium caps.
What is the idea behind it?
Since the very beginning, the purpose of Stiksen is to bring people together and unite different cultures. With its background in sports and urban culture, the cap is a symbol for a new generation growing up in multicultural environments. We want to emphasize the importance of integration and shrink the distance between people by making the cap suitable for all kinds of settings.
How did your journey of entrepreneurship begin?
At the age of 12, I used my dad’s computer to download music and computer games to burn CDs, album and game cover arts and then printed labels on them. By selling them to my classmates, I bought myself some chocolate and clothes.
Back then, I had no idea what the term entrepreneurship meant, because no one in my nearest surroundings ran a business. On the contrary, with both my parents coming from Bangladesh, I was born into a culture where climbing the corporate ladder was considered the noble path to take.
My CD-burning occupation went out of business quite fast when MP3-players took over (yes, I’m that old), and I started to focus on my studies alongside playing basketball very actively. Fast forward a decade: halfway into SSE, I decided to take advantage of my origin and connect it with the basketball community. So, my brother and I started a promotional clothing business, producing American college inspired clothes in Bangladesh and selling them to Swedish basketball clubs. That was my first venture, whereas Stiksen is my second.
Thinking back, I can’t honestly say that I was inspired by a person, a book, nor a TV-show. I just had (and have) a dream to live life on my own premises, do what I love and create something bigger than myself.
I believe entrepreneurship is as important for society as any other employment. A society wouldn’t be functional if everybody was an entrepreneur, neither if everybody was employed by large corporations. They say that the “only thing that’s constant is the change” and I’d say that entrepreneurs play a big part in that change by always challenging the status quo.
How does the communication strategy look like?
We sell a consumer product within the fashion industry, where the brand itself plays a big part of our offering. A brand must be considered as a unique individual entity, separated from myself and my co-founder. Therefore, we have clear and pronounced brand guidelines covering language and tonality – not necessarily the same way I personally walk and talk. I usually separate this as “front-stage” and “back-stage”. Front-stage: all brand contact with customers or potential customers (website, customer service, social media, newsletters etc.) follow brand guidelines. Though, “back-stage” when I personally am in touch with people, e.g., buyers, partners and suppliers, I use my own language to keep my authenticity and credibility, regardless of whom I speak to.
Maria Paulsson Rönnbäck & Jemina Pomoell
Astrid Wild, a Nordic outdoor fashion brand designed by women for women.
What is the idea behind it?
JP: It started with the idea to challenge the traditional outdoor fashion industry which mainly focused on men. Ultimately, we want to inspire more women to live a healthier and happier life by spending time outdoors. So, this is the mission we want to achieve with our products but also with the community our brand created.
We are 100% online and direct-to-customer, so that we can have a direct communication with our customers.
MPR: The starting point was just that I needed a pair of outdoor pants for my hiking vacation in Norway and I realized that the offering for women was limited. I did not find any clothes that suit my fashion taste, so I started to think about it. It was not like a business idea back then, but I could not stop thinking about it.
Later, I joined a start-up program called Antler where I met Jemina. We found out that we both shared the love for outdoor activities, and Jemina could also see the underserved need of women in the outdoor industry.
How did your journey of entrepreneurship begin?
MPR: My journey started with the UF company (UF Företag) that I had in high school. We sold gift wrapping papers that were designed by an artist in my hometown. This experience was super fun, and I remember that I was the Head of Marketing. So, I guess I have always liked marketing. But the best thing was that we earned enough money from this business idea to go on a ski trip to the Alps.
Then, I started at SSE. But I have never been interested in joining a big corporation but to create something on my own. I joined a start-up after my graduation, and I have only worked at start-ups after that. I think I really enjoyed the fast-moving environment at start-ups.
JP: Entrepreneurship has been a long-term dream for me. I used to work in the banking industry after I majored in Finance. During my banking years, I have worked with a lot of entrepreneurs and their journeys and stories have inspired me a lot. Actually, it took quite a while for me to take a leap of faith, to start a company of my own. One day, I just realized that I have to quit my job and take the chance. That’s why I joined Antler.
How do you communicate differently with different stakeholders?
JP: We highlight different angles of the problem when talking to different stakeholders, for instance, we highlight the market size when talking to an investor, but the message is the same.
MPR: However, the most investors we met were men. It can be difficult for them to see the problem sometimes since the problem is not relevant for them. So, it takes time to convince them and sometimes they need to ask their wives or someone else.
Tips for future female entrepreneurs:
MPR:“Try different things while you are at school, and take the chance to learn different things and skills.”
Olle Henning
Labtrino, develops an intelligent platform for smart water security and water management.
What is the idea behind it?
Since the foundation of the company, the idea has always been to help people become water aware, through our state-of-the-art technology.
Our platform consists of our patented clamp-on sensor, called the CubicMeter. The sensor is installed on the outside of the pipe measuring water flow, temperature and detects very small leaks. The CubicMeter is then seamlessly and wirelessly connected to our software solution, where we utilize machine learning to analyze all data. This enables us to present personalized data not only regarding leaks and total consumption, but also where and how you consume your water.
How did the journey of entrepreneurship begin?
The company was founded based on a vision to increase awareness regarding one of our most valuable resources, water. We focused on solving this issue with new technology, replacing legacy technology that was available earlier. So, the key to our entrepreneurial journey was a crucial problem that needed solving.
How does the communication strategy look like?
We work with so many different stakeholders all the time, and we really try to convey the same message to all of them, describing our vision and why we exist. Of course, this will vary somewhat if we talk to an end-consumer or an executive at an Insurance company, we have to lift the essential USP for every stakeholder, but the essence is always the same.
Isabella Melkersson
SSE Business Lab is the venture incubator at Stockholm School of Economics (SSE), we support start-ups with at least one founding member that has affiliation with SSE, so a current student, an alumnus, or a faculty member.
Currently, we offer three different programs – Ideate, Activate and Incubate.
Ideate is a brand-new pre-acceleration program that will start in March this year. It is a program for entrepreneurial individuals, enabling them to meet like-minded peers, and to form teams and create start-ups together.
Activate is the acceleration program for those who already have a team in place and a business idea in mind. By joining the Activate program, you should be ready to validate the business idea, which is what we help you with during the program.
Incubate is an incubation program for start-ups that have validated their idea and are ready to scale. In this program we try to provide whatever resources you need.
Communication is super important for all start-ups, they need to be able to communicate with different stakeholders, whether it be focus groups, potential customers or investors. Given this, we have partners that can offer professional support and training, and we also offer different workshops on the theme.
How do the founders think of SSE Business Lab?
Magnus von Perner: “SSEBL has helped us a lot with networking, including branding, communication and friendly introductions to different organizations. Also, being a start-up can be mentally challenging, but being in the environment with different start-ups where everyone can relate to each other and help each other, that creates a community which I really enjoyed.”
Ece Kural: “The office space is great, but I would say that the community here is the best. The environment is very friendly, and people are willing to help each other despite being in the different start-ups.”
Erik Enger Karlson: “The motivation of the founders is a start-up’s most valuable asset and getting accepted by SSEBL is a huge confidence boost for us. We also benefited a lot from coaching and different workshops that they offered.”
Asim Khandker: “All wonderful and ambitious people with big dreams and visions are what makes the Business Lab a fantastic place to be in. If anybody from SSE has thought of an own venture, it’s really a no-brainer; SSEBL is a great incubator.”
Maria Paulsson Rönnbäck & Jemina Pomoell: “One of the highlights is that we have gotten a really good mentor who is really engaged in our business and has a relevant background. Also, you can get help from a lot of partners without costs, which is amazing.”
Olle Henning: “For me as a SSE Alumni, I have always dreamt of being accepted to SSE Business Lab in all honesty. I think they do a really good job, providing a relevant alternative to the more classic employment alternatives. Looking at their track-record of supporting great entrepreneurs and companies speaks for itself. Without trying to sound too biased, I would recommend anyone to apply with whatever idea they have.”