The Far North’s unique style of leadership

Last week, Polar Bear Pitching in Oulu was the place to be for the whole startup ecosystem. While the event’s concept—CEOs pitching investors from an avanto (ice hole)—is one of a kind, it is not the only reason why entrepreneurs dedicate their time to attending, some traveling from as far as India, Japan, and the USA.

Rooted in Finnish culture, ice-swimming is known for its mental and physical benefits. Even Finland’s President, Alexander Stubb, swears by it: “When the world around you is in flux: stay calm, take an ice bath, followed by a sauna.” A mindset that resonates well with entrepreneurs, who must stay composed while navigating uncertainty—especially when pitching from an avanto.

This year’s contestants proved their resilience, some staying in for over five minutes while pitching for a €10,000 grant. The 2025 winner, Maximilian LeRoux, CEO of Acouspin, impressed everyone by staying cool—literally—while explaining a complex deep-tech product, nanofibers. Though this Helsinki-based company took first place, the other two podium spots went to international startups: Fanheaven (USA) and Swijn (Switzerland).

The Far North Has What It Takes for Businesses to Thrive

A Forward-Thinking Young Generation

“Young adults who grew up in remote areas have been exposed to the world thanks to technology. Many are now eager to tackle today’s global challenges,” explains Julie Sørensen, from Pro-Tromsø.

Beyond traditional Nordic industries, healthtech and waste management are booming. Iiro Kankaansyrjä, CEO of Kapasity Oy, is turning waste management circular:
“Make no mistake, the most urgent reasons to go circular are not environmental; they are geopolitical and financial.”

Strong Public Sector Support

Nordic grants and programs are key drivers of entrepreneurship. A few examples include:

• GENGREEN Project – A project focused on green female entrepreneurship, creating networks, sharing information, and fostering collaboration between businesses in Sweden, Finland, and Norway. It is implemented with the support of the Interreg Aurora program, co-funded by the European Union. In Finnish Lapland, for instance, a group of female entrepreneurs is guided by the Municipality of Inari and the Lapland University of Applied Sciences.
• Team Nordic Arctic – A collaboration between Tromsø (Norway), Oulu (Finland), and Umeå (Sweden), funded by the Norwegian Ministry of Foreign Affairs, fostering networking and business growth in the Arctic. This initiative supports economic development as a means of strengthening communities and reinforcing human presence and security in the region.

Harsh Conditions Turned Into Opportunities

In the Arctic, extreme weather is not a setback but rather a testbed: if a product works up here, it works everywhere.

While a sparse population makes local customer acquisition challenging, it also helps businesses gain visibility more easily. Entrepreneurs in big cities often face tougher competition for recognition.

For foreigners living in the North, where job opportunities in their field can be scarce, entrepreneurship often becomes the most viable way to leverage their expertise while contributing to the region’s development. In Oulu, for example, 50% of the participants in the pre-startup incubator program are foreigners.

“They bring new perspectives and approaches and often use entrepreneurship as an alternative to employment,” says Jan Schmidt from Crazytown, the organization operating the pre-startup incubator for Business Oulu.

A Strong International Reputation

While the Nordics welcome the world through tourism, they have also become a hotspot for international business.

Takako Uchida, Japan expert at Business Oulu, explains:
“Nordic countries have a good reputation in business, innovative technologies, sustainability, education, and culture among Japanese stakeholders. Many of them have a growing interest in the Nordic region, specifically the capital areas… I have a feeling that interest towards the Arctic region is slowly getting higher.”

Future Challenges and Opportunities

• Thinking bigger – Nordic entrepreneurs, especially women, should aim for global impact and leadership in their industries.
• Funding gap – The lack of local investors often forces promising startups to seek foreign funding, leading to HQ relocations abroad.

Hope is strong in the Far North. Cool-minded individuals acknowledge that the future is being shaped in the region—and they want to play a part in it.

About the Author

Based in Finnish Lapland, Soraya Lahlou helps businesses shape growth strategies that support the responsible development of the Arctic region. With a background in corporate strategy, marketing, and communication, she is passionate about showcasing the region’s unique potential on the global stage.