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• W1552204585 abstract "Cold, dark Stockholm, of all places, is emerging as a serious rival to California's hot, sunny Silicon Valley. The Nordic city is evolving into the world's wireless technology hot-spot, the place to be for startups and entrepreneurial-minded corporations wishing to capitalize on the potential of nascent wireless Internet. Indisputably the leader in personal computer and Internet technologies, the United States appears to have become the Old World when it comes to wireless communications--which many analysts and entrepreneurs see as the next big wave of technology. Market researchers are nearly unanimous in predicting that in three years, more people around the world will gain access to the Internet through mobile devices than through personal computers. According to the market research company International Data Corp. (IDC), Sweden has meanwhile passed the U.S. to become the world's dominant economy, measured in terms of the percentage of citizens who have access to computers, the Internet, wireless phones, and other information technologies. And the country isn't resting on its laurels. For instance, Bjorn Rosengren, the Minister for Industry, Employment and Communications, recently promised a broadband connection in every home by 2005, at the very latest. As a result, American technology companies and venture capitalists are rushing to set up or expand their offices in and around Stockholm's fast-growing high-tech center. Every major U.S. information technology company, it seems, is here--from Intel and Microsoft to Motorola and Oracle. Not surprisingly, Stockholm now boasts the highest concentration of wireless Internet companies in the world. Microsoft CEO Steve Ballmer, in fact, has referred to the city as the mecca of mobile communications. 1,000 IT Companies The number of IT companies setting up shop in Stockholm increased by 100 percent to more than 1,000 during the first half of 2000 compared to 1999. At the same time, the number of foreign investments and acquistions also doubled through June, equaling the amount for the whole of 1999. Another indicator of the wireless startup buzz in Stockholm is the growing accessibility of venture capital. In the early 1990s, only six private VC firms operated in the city. Now there are more than 100. And despite the current turbulence of Internet stocks on capital markets, money is still flowing to the Nordic high-tech hub. Why Stockholm and not Paris or Rome--where the climate, culture and cuisine are arguably more enticing? A major reason is Ericsson, one of the world's big three mobile communication suppliers and considered by many to be the leading builder of wireless infrastructure. The company has spurred a number of startups and drawn others to set up shop nearby. Ericsson has wireless development activities spread throughout the metropolitan area, but its major presence is a few miles outside central Stockholm in the northern suburb of Kista, which has a rich tradition of research and development in the high-tech sector. The Kista Science Park has been Sweden's high-tech center for 20 years. Today, Ericsson employs around 12,000 of the park's some 28,000 tech staff and dominates wireless R&D. In addition to the more than 500 high-tech companies, the park has its own Royal Institute of Technology. Craving Mobility Another reason for Stockholm's magnetic growth as a high-tech capital is the Swedish craving for mobile technology. Mobile penetration in Sweden is around 70 percent, topped only by neighboring Norway with around 75 percent and Finland with over 80 percent. This compares to around 25 percent in the United States. To be sure, the Nordic countries, led by Sweden, have a long history of wireless communications, beginning in the early 1980s when they agreed to establish a cross-border analog standard. That move created a market of more than 25 million users. …" @default.
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• W1552204585 title "Mobile Valley Challenges Silicon Valley" @default.
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