Sweden is the country of many thriving, innovative companies. A report in British Wired Magazine stated that Sweden has the most digitalized economy on earth, and its forward-thinking practice fosters innovation. Here are six pacesetting Swedish companies.
Ericsson is a renown mobile technology company and remains at the cutting edge due to the company’s innovative strategy, which involves strong partnerships with numerous universities and research institutions across the world. Ericsson was established in 1876 by Lars Magnus Ericsson as a telegraph equipment repair shop. Today it has grown to more than 104,000 employees worldwide.
The popular fashion company started in 1947 as a ladies' clothing store called Hennes in Västerås. Founder Erling Persson later purchased hunting and fishing equipment store Mauritz Widforss, formally changed its name to Hennes & Mauritz, and included men and children’s clothing in 1968. Since then, H&M has expanded to over 2,500 stores globally.
Swede Niklas Zennström and Dane Janus Friis co-founded Skype in 2003. The video chat and voice call app brought grandparents residing on different continents closer to their grandchildren, through laptops, personal computers, and mobile gadgets. Skype was so revolutionary that eBay bought it in 2005 and it was later sold again in 2011 to Microsoft for USD 8,500 million.
Daniel Ek and Martin Lorentzon started Spotify in 2006. The Swedish company provides online music streaming services as a legal option to pirated music file-sharing sites. Thus users can freely listen to, stream and share millions of songs on their computers and mobile devices.
This Swedish company is the world’s 2nd largest home appliances manufacturer. The company which began in 1919, originally sold Lux vacuum cleaners and later included washing machines, dishwashers, refrigerators, and a host of other appliances to its product line. In 2011, the Ethisphere Institute named it as one of the World’s Most Ethical Companies (just 110 exemplary companies were selected across 38 industries).
Founded in 1943 by Ingvar Kamprad, the home furnishing giant has grown to over 325 stores in over 38 countries. IKEA is known for stylish do-it-yourself (DIY) home décor and furniture and continues to bring out the handy craftsman in people and is a must for many college students on low budgets.
With the introduction of its basic ‘flat pack’ concept in the 1950s, this Swedish company has been able to produce affordable Scandinavia-inspired furniture with best-sellers such as ‘Poäng’, ‘Billy’ and ‘Klippan’.