CW+ Premium Content/CW Nordics

Nordic Tech Startups face cutting staff numbers, with falling sales and a lack of funding amid the Covid-19 pandemic, according to research from Danske Bank. These job cuts are inevitable as sales slow amid the pandemic and investment capital dries up. For many entrepreneurs, this will be the first time they have faced such financial challenges, said the research report. “The survey shows that the biggest and most pressing concern [for startups] is declining sales in general, which trigger a lower revenue,” said Danske Bank. “In addition, business owners are particularly concerned about the current and future funding opportunities and the risk of them as founders having to staff down among their employees.” A total of 468 startups in Denmark, Norway, Finland and Northern Ireland were questioned. Most startups surveyed (81%) expect income loss during the current crisis. Over a third (37%) questioned by the bank expect to lay staff off, found the survey, which was done with Nordic startup portal The Hub. Danske Bank also said many...