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In the Nordics, there's often seemed to be a lack of risk appetite among VCs at that early stage — when the team isn't fully in place yet, the company doesn't yet own its IP, there's no revenue of any kind, things like that. Those are usually the things that don't interest a traditional VC investor; they'd rather come in once you're past that stage and everything's already in order — that's when they get interested in the target. That's sometimes been a bit of a challenge, because often at that really early stage you'd manage to raise a small round, and that round maybe wasn't enough

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to carry the company far enough to make it investable. But if you can get a VC involved at a very early stage, that helps bring a bit more credibility to finding the right CEO. Yeah.