Entrepreneurship and a bright idea are never enough

Jury member Karina Bergstrøm Larsen is one of the country’s most successful entrepreneurs, and she shares her many experiences with startups at different levels.

Karina Bergstrøm Larsen has been part of the jury judging the applications for The Bright Idea for three years. She has a degree in engineering and in 2003 she co-founded Satcom1, which developed software that made it possible to make calls from a mobile phone and watch TV on board a plane. Karina Bergstrøm Larsen’s name really became known when the company was sold for DKK 700 million in 2015 and she could write ‘one of the country’s most successful entrepreneurs’ on her business card. Today, she runs the consulting company Q-Consulting, which specialises in satellite technology, but she spends most of her working hours mentoring a number of startups in addition to holding positions on several advisory boards and boards of directors.

You spend 60% of your time as an unpaid mentor, why do you do that?

“My efforts as a mentor mean a lot to me. When I started in 2002, entrepreneurship was not a buzzword anywhere. Nobody understood that it was a woman talking about high technology and nobody understood that I was talking about satellites for communication in aeroplanes. I could have used someone back then who had said “I’d like to have a cup of coffee with you”. We got that later in 2006, but when you’re starting out and you’re in a place where you’re not making any money, that’s actually when you need help the most.”

When you’ve run your own business from idea to global success, culminating in a golden sale, like Karina Bergstrøm Larsen, you’ve been through every phase and corner of running a business. This is the knowledge she puts in the toolbox of the startups she mentors. And it is much needed, she has learnt.

They need to be able to call a friend

“I quickly realised that many of these startups are really skilled professionally and have a good understanding of business, but what they need most of all is a coffee chat with a sparring partner. Having someone they can call when, for example, they need to draw up the first big customer contract, create partnership contracts, figure out how to hire the first employee when you don’t really have the money for it or find the right partner in another country – all the very basic things. When you’re starting out, you need someone to talk to, and I’ve found it’s super rewarding for me to offer them that too.”

Karina Bergstrøm Larsen was one of the keynote speakers at The Bright Idea Awards in 2022. Both now and in the past, she has taken the opportunity to give entrepreneurs some advice along the way.

“Entrepreneurship and a bright idea are never enough. When you leave the university environment and want to develop your idea to a global level, there’s only one thing to do – start a business. But many people forget to mention how much it takes to develop even the business part. You’ll be working hours like you’ve never worked before and need an extremely strong network and supportive family and friends.”

Karina Bergstrøm Larsen’s best advice for startups

Believe in yourself

Never stop believing in yourself and your idea, even though many will try to talk you out of it. And when the competition realises how good you are too, trust your instincts.

Align expectations

Write an email to everyone in your family and social circle and explain that you love them, but that you have a goal with the company that means you have to prioritise your time and can’t participate in everything. This makes it much more likely that those around you will understand and take an interest in the company and your development and you will (almost) never have to feel guilty.

Time to market

Think about your customers first; what do I solve for them and how do I solve it quickly. Remember that there are many other bright minds out there, and if you don’t do your homework and work quickly, someone half as good will beat you to it. It’s much more fun to be the first mover, so always think about time to market.

Remember you have to find the money yourself

You have to think: How do I make money every single day?

Your employees are your business

Make sure your future employees are loyal to you and vice versa – because they are the ones who run your business. You don’t run anything – you have a great idea. Keep them informed, have an open strategy and involve them even if there are deviations from the course. They just want an explanation.

Embrace diversity in your team

You need to hire young, old, women and men from different cultures, which also ensures you have different languages. Many different cultures can slow down some processes because there are more cultural aspects and inputs to discuss, but the benefit is to develop a global product that everyone can use. Very useful when you come from a small market like Denmark.

Be digital from the start

Think about how you can remotely service and support your product or service to save your customers’ and your own time. Many companies succeed because they have incorporated digitalisation as part of their basic ideation process.

Make friends with the bank and the accountant

When setting up your business, get the bank and accountant to visit the company and invite them for coffee once a year. This creates a relationship where they think of you. So when you’re in a situation where you need a loan or advice, you’ll be 100% happy to be friends with your bank.

Many are ready to help

If your product is going out into the world, talk to the Danish Trade Council. They have packages, embassies and consulates that can help you find the right contacts and information.