We all love where we live, but that doesn’t mean your local roots are the right place to foster growth for your startup. Where is? We’ll explore, but first, have you ever thought about whether startup founders are executives?
DO YOU — OR YOUR CO-FOUNDERS — NEED AN EXECUTIVE COACH TO SCALE?
Here’s a riddle: If you blanch when people call you an executive, could you still be in need of executive coaching? Come ask Co Ventures’ Maxine Minter:
Spoiler alert: Minter thinks executive coaching is awfully important. A big part of that motivation comes from a perceived increased motivation and optimism, traits which are enormously influential to a company’s chances for growth.
Listen in for more from the most recent release from The Founders Blueprint on Apple Podcasts here, on Spotify here, right here on iHeart Radio, or here on Podchaser.
THE BEST CITIES FOR STARTUPS, ACCORDING TO … INDIA?
The Times of India is a relatively reputable journalism outlet, though it’s not exactly The Financial Times. Still, the appetite for building growing businesses across the country has inspired interest in the growing startup industry, and what makes for a fertile civic environment for these companies to grow.
Hence, the ToI’s Top-10 global cities for startups list.
Unsurprisingly, American cities topped the ToI’s list, but which other countries and continents showed growth? Here’s how the whole list played out:
San Francisco, Calif. (Development Score: 89.5)
New York, NY (76)
Beijing, China (75.6)
Shanghai, China (72.9)
Los Angeles, Calif. (71.4)
Boston, MA (70.4)
London, UK (64)
Shenzen, China (62.7)
Seoul, S. Korea (61.1)
Tokyo, Japan (60.2)
Some interesting results there for sure. China with three of the top-10? That would seem to fit with what we’ve all been reading about their race to catch up with American Gen AI. What may be more surprising is the large gap between some of these different cities. An almost 14-point gap between San Francisco and New York (which would include both the markets of Manhattan and Brooklyn)? That seems enormous. Are we also supposed to believe that there is just one city in all of Europe that does an even decent job of fostering startup innovation?
Color us skeptical … though also relieved that the U.S. is still driving this bus with the most passengers aboard.
SWEDEN LEANS INTO STARTUP FUNDING FOR GOOD
Perhaps it should come as no surprise that the Swedes — the same people who brought us Ikea, delicious meatballs without pasta, and a car brand so safe it has become a byword for protection (Volvo) — are also among the groups leaning in to startups with ESG goals. Particularly on the “environment” side of ESG.
As reported by Sifted.eu and ESGToday.com, the latest Swedish startup for good is a textile recycling company called Syre. The venture is the latest brainchild of Swedish billionaire innovator Harald Mix is a joint venture of sorts with Swedish discount mass fast fashion brand H&M, with additional investment coming from the aforementioned Volvo cars and the IMAS foundation, which is tied to Swedish home furnishings giant IKEA.
Interestingly, while Syre is clearly a Swedish company with Swedish roots, it will be executing its early stage work in the U.S. … in North Carolina to be specific. Syre’s genesis is essentially an acqui-hire, with the new company raising a Series A to acquire a small textile recycling company called Premirr, which Syre’s leaders feel has the technology to rapidly expand recycling capabilities. While its initial plant will come in what is now Premirr’s backyard, it also has plans for two additional plants in Vietnam and the Iberia region of Spain.
Will Syre help solve H&M’s recycling problem in one fell swoop? That may be unlikely, but it should at least make a significant dent in it’s carbon footprint, something which the clothing company itself has made clear is an important priority.
DEALS OF THE DAY(S)
— Helsing, a defense technology startup, raised more than $400 million to peg the company’s total value at $4 billion.
— Restaurant Saas management company Nori, an Irish venture, raised $16 million in its latest round.
— SaaS platform Userfront, which provides authentication, raised a $5.3 million seed round.
— Perplexity, the AI search solution, raised a $63 million traunch which lifts its valuation to $1 billion.
— A Danish industrial biotech startup raised a jaw dropping $5.3 billion in funding.
OUTSOURCING YOUR LAUNDRY … TO A FRIEND
It’s an idea that any parent will tell you should have been coming a long time ago: Uber for laundry. Seattle-based Loopie aims to be the world’s first premier peer-to-peer laundry startup.
Check out more on how Loopie works, and why it belongs in your city soon.
Is it Friday yet? Yes! Yes it is! And a holiday Friday, at that. Go make the most of it, starting … now! (we’ll see you back here next week)