What Is IDC? The Copenhagen Project Betting on Quantum & Life Science | Thorsten Thormann |TechBBQ

they need the big tickets, so they need to raise a lot of money to do that transition. And and we are similarly lacking the instrument in Europe to kind of raise that capital. How we can create a more consolidated capital market. It could be that we should have a European stock exchange or Nordic stock exchange. So, there's a strong tradition of quantum research both at the University of Copenhagen [music] but also at the Technical University of Denmark. There's a strong tradition for kind of computational science and mathematics and physics at both institutions as well. So, the So, the ambition of Innovation District Copenhagen is really to be a key a key innovation hub in Europe. Hey, guys. Here we are with Thorsten from IDC. And we're going to ask him some questions about his job and what does IDC do? >> Pleasure to be here. >> Tell me a bit about your role in IDC and what does IDC do? >> So, IDC or Innovation District Copenhagen, that's that's a partnership of all the all the actors in the Copenhagen region ecosystem of innovations. So, the the universities, the university college, a few hospitals, some accelerators, some of the ministries, the city of Copenhagen, and also some corporate organizations. So, a lot of the people that are involved in in the innovation ecosystem. So, we are kind of representing that partnership. And we're trying to do two two things. We're trying to I mean, the overall ambition is to to kind of create on what we already have. A leading European innovation hub here in Copenhagen. It's a It's a government ambition from the Danish government. Um and and we have all these very strong institutions of research and startups. But we we still lack the full transition into scalable companies. Um and we believe in order to do that, we need to kind of fertilize the ecosystem with more private R&D activities. Preferable for corporate companies. So we have now we have the startups, we have the universities, we have the hospitals. And then we need to add the the corporate part. >> In this conference, a general theme that I've been hearing a lot about is that Europe is lacking growth capital. What would be the main problem here? >> I think the very often when we talk about that Europe is lacking growth capital, it's it's due to that we have quite a fractionated capital market in Europe. So there's a stock exchange in Frankfurt, there's one in London, there's one in Stockholm, in Copenhagen. Compared to the US where you have you have only a limited amount of stock exchange. So you have a much more concentrated concentrated capital market and you can raise many much more money. And for some of the companies that move from the from the kind of the early phase, the startup phase and into the phase where they really need to scale, they need the big tickets. So they need to raise a lot of money to do that transition. And and we're similarly lacking the instrument in Europe to kind of raise that capital. >> Mhm. What should policymakers do if we want more startups in Europe? >> I think they are they are I mean, this is complicated. Otherwise, they would have they would have solved it. But they I think they should think about how we can create a more consolidated capital market. Uh it could be that we should have a European stock exchange or Nordic stock exchange or at least some some kind of consolidation of the of the capital market. Another another opportunity could be to to leverage that we have a lot of pension funds in Europe. We have a good tradition for kind of both public and private pension funds. And a lot of these money is today invested in the US. Uh and if we instead of investing all the money in the US decided to kind of invest just a tiny part in the in European companies and startups, I think they would that would solve a part of the problem. >> Uh I've been hearing a lot that Copenhagen has a strong deep tech quantum focus. Why is it that? Why Copenhagen specifically? >> [clears throat] >> That's true. Uh and I think we have a strong heritage from from Niels Bohr. So, there's a strong tradition uh of of quantum research both at the University of Copenhagen, but also at the Technical University of Denmark. Uh there's a strong tradition for kind of computational science and mathematics and physics at both institutions as well. So, we have a very strong kind of talent base and basic research foundation. Then on top of that, we have private funds uh like the Novo Nordisk Foundation that is actively supporting investments in quantum research and quantum scale-ups. On top of that, we also have public funds or partly public funds like IFO, which is also supporting the the scale-up of quantum. And that, of course, is is because we have the strong base and these these institutions really see the potential in kind of staying ahead or at least in the forefront of the race when it comes to quantum technologies. >> As a development director, I imagine you getting talked to and contact with a lot of stakeholders. Uh which would you say that are your main tasks or the more value tasks that you you do in your job? >> I think rightly talking to a lot of stakeholders, that is that is that is really important. Uh trying to to to bring them together to to work together to to pull in the same direction. I think that's part of what I do. Back to this partnership of Innovation District Copenhagen, that is really about about uh kind of gathering people, important stakeholders around the table uh having the difficult discussions trying to put aside uh personal agendas and and have, you know, one common or at least a few common uh agendas and have one common direction forward. >> And what is the most challenging part about these tasks? >> I think I think there's a lot of challenges to that task. There's There's uh basically to to make sure that people agree because there are many opinions on what is the right way forward. Uh and I think I think to be open to that dialogue and that discussion and still finding some common ground where everybody can see that their kind of interests and opinions are reflected. Um and to move forward in that direction. I think that that's that's the difficult part. So, there's a lot of talking. It's kind of a lot of visits, a lot of a lot of good dialogues. >> What's the vision of two of the next 5 years for IDC and also for the city of Copenhagen? >> Yeah, so the so the so the ambition of of Innovation District Copenhagen is really to be a a key a key innovation hub in Europe. To be kind of known as as a hub for for life science and quantum technology. A place where people and investors go to to go both work, but also to invest and to to grasp opportunities within that innovation space. And then in some of that, it's also to to develop a kind of a new city area, a new part of the city that is interesting, is inspiring, is a place where people living in Copenhagen and people visiting Copenhagen want to come and see what what what goes on. They want to come and eat in nice cafes and restaurants. They want to come and see nice architecture, maybe nice exhibitions or art, meet each other. A part of the city where you want to be because this is where the cool part is. >> Okay, then last question. Could you tell us a lesson for deep tech entrepreneurs that would like to make something big? >> Yeah, I think I think I think there's there's as from an experiential point of view, very often you focus on your technology and your science. There's it's equally important to focus on the business. Uh and I think I think many entrepreneurs underestimate that part. And I think uh if you are a scientist or if you are a kind of technical expert, I think really try to ally with someone qualified in business and have the right business mindset because the two things goes hand in hand.