Swedish business – a knack for creative thinking

Sweden is today among the richest and most technologically advanced nations in the world. The country has an impact on global business and industry far beyond its size, and companies with Swedish roots, such as IKEA, H&M and Volvo, are household names from Boston to Beijing.

The Swedish business climate is known for flat organisational structures and managers who are not afraid to roll up their sleeves. Business in Sweden is constantly evolving, becoming more competitive – but always with people and the environment in mind.

The economic miracle

During the 20th century, what is often described as the “Swedish economic miracle” occurred. In the space of a few decades, a poor agrarian country was transformed into one of the world’s most prosperous and sophisticated industrial nations. The foundation for this rapid growth was northern Sweden’s enormous wealth of forests,  ore and hydroelectric power, combined with a long series of ingenious Swedish inventions such as the ball bearing, the gas-powered beacon  and the adjustable wench, to name only a few. The national knack for creative thinking has helped making Sweden one Europe’s and the world’s most innovative nations, according to numerous surveys. Many Swedish (or half-Swedish) companies have grown wealthy off this innovativeness.

A bright future ahead

The future of Swedish business is said to lie primarily in knowledge-intensive industries, where Sweden can take advantage of its advanced technological development, sophisticated infrastructure and high general educational level. Information and communication technologies (ICT) and biomedicine are two such knowledge-intensive sectors in which Sweden has been the world leader for years.

By The Swedish Trade Council, published in SCAN Magazine issue 42 – July 2012 | Photos: Sofia Sabel/imagebank.sweden.se

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