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May 25, 2012
Swedish business incubator Iqube closes its doors
Published: 11 Sep 09 18:13 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22032/20090911/
A high-profile business incubator that many hoped would bring forward a new generation of Swedish entrepreneurs has shut its doors.
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According to Staël von Holstein, who made his name in the IT boom, the move would enable Iqube to "best take advantage of the value of the existing portfolio."
The decision will mean Iqube leaving its premises in Stockholm's Östermalm, where many of its companies have offices. In an email to those affected, Staël von Holstein said that the decision was taken "against the background of the current market situation and the economic climate."
"It's a business decision that needed to be made," Staël von Holstein told The Local. He said that he had spent much of the past year trying to raise the necessary capital to keep the incubator going, but the recession had meant he had only raised about half the money he needed.
Despite the setback, Staël von Holstein said the idea would live on, and that he was already working on 'Iqube 2'.
Iqube owns a minority share in The Local Europe AB, publisher of The Local. The latest developments will have no effect on The Local.
Iqube's success stories include mobile software developer Kennet Works, which was sold to Yahoo in 2006 for $22 million.
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Your comments about this article:
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The following statement made me chuckle:
Iqube's success stories include mobile software developer Kennet Works, which was sold to Yahoo in 2006 for $22 million.
Yes, 2006, peak credit, peak vanity, peak cheap energy, peak stupidity and peak demographics.
We are entering a deflationary depression, as in 1930's. This means that all businesses or the stock market won't suddenly collapse overnight, it does mean however a 10 year period of increasing business failures, loss of savings for the middle class, loss of pensions and poverty for many as all asset values collapse over that 10 year period.
We are following the Depression exactly, the bounce in the stock market and coming out of recession follows what happended in the Depression. The brown stuff hits the fan big time next year and 2011.