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Stockholm School of Economics starts evergreen fund backed by renowned investors

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The venture capital industry is hampered by its own focus on short-term returns, according to the startup incubator of the Stockholm School of Economics. SSE Business Lab is now closing a new 40 million SEK fund backed by Bonnier Ventures and well-known profiles like Anna Nordell-Westling, Sven Hagströmer, Anna Kinberg Batra and Sebastian Knutsson. “Long-term thinking amplifies the potential returns”, says CEO Julia Delin.

Venture capitalists with unrealistic expectations on short-term returns have become an increasingly talked-about problem among startups. Fredrik Hamilton, founder of Budbee which got its start at SSE Business Lab, believes that short-sighted investors are hampering the potential of innovative new companies.

“Long-term growth and sustainability have to be more important than short-term profitability. Otherwise, startups risk losing their momentum”, he says.

Larger follow-on investmentsIn addition to Budbee, successful companies like Klarna and Voi Technology got started at the Stockholm School of Economics’ incubator, SSE Business Lab. Startups at the incubator have been able to receive support in their growth journeys, but SSE Business Lab has not made any investments in them – until now. With its new fund, the incubator will be able to both support its companies with early capital and make larger follow-on investments.

“We’ve chosen an evergreen structure, where a portion of the returns will be reinvested. This means that we’ll only raise one fund with a long-term investment horizon, where investors see the value of letting companies grow over time and realize their full potential. Something the classic VC firms don’t allow them to do today”, Julia Delin says.

There are several well-known names among the investors in the first closing of the fund, which will be called SSE Ventures. Among others, Kobalt Music’s founder Willard Ahdritz and Johan Hägglund, founder of Tioex and DigiExam, are participating in the fund. In addition to these successful entrepreneurs, experienced angel investors such as Pia Engholm and Christine Ahlstrand have committed capital. Bonniergruppen’s investment arm is the largest investor and will also take a seat on the investment committee.

“Bonnier has been fostering creators and innovators for 200 years. The ecosystem around the Stockholm School of Economics offers a unique opportunity with its impressive history, its close ties to the business sector and its talented students. The collaboration with SSE Ventures means that we will be involved in building the companies of tomorrow, says Johan Skagerlind, Investment Director at Bonnier.

Higher proportion of female investorsIn addition to the well-known names and companies among the investors, SSE Business Lab’s fund stands out for its gender equality. In the fund’s first closing, a whopping 46% of the private investors are women. Sana Lab’s co-founder Anna Nordell-Westling is one of them, and is delighted by the statistics.

“SSE Business Lab’s relentless work with gender equality is undoubtedly impressive, the result of which can be seen both in the fact that a majority of the incubator’s companies have a female co-founder and that the fund has a significantly higher proportion of female investors than other VC funds”, she says.

The fund will make its first investments in the companies admitted to SSE Business Lab’s Incubate program at the start of October.

For more information, please contact:

Julia Delin

CEO, SSE Business Lab och SSE VenturesEmail: julia.delin@hhs.sePhone: 073 724 94 12

About SSE Business Lab

SSE Business Lab is the startup incubator of the Stockholm School of Economics. The incubator is an integrated part of the School, working to encourage entrepreneurship among students, alumni and faculty. Through coaching, mentorship, workshops, and access to a first-class network of investors, SSE Business Lab helps startups develop their ideas, accelerate their growth, and create impact. The incubator provides access to a wide variety of partner offers from organizations like Microsoft for Startups, Scrive, PE Accounting, and Grosshandelssocieteten as part of Stockholms Borgerskap. Since its inception in 2001, SSE Business Lab has supported over 250 companies – among them well-known successes like Klarna, Budbee and Voi Technology.

About the Stockholm School of Economics

Through creativity and collaboration, the Stockholm School of Economics provides an environment where ambitious students and accomplished researchers meet to address contemporary challenges within business and economics, particularly those concerning sustainability, diversity and innovation.

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Canada’s Denis Shapovalov wins Belgrade Open for his second ATP Tour title

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BELGRADE, Serbia – Canada’s Denis Shapovalov is back in the winner’s circle.

The 25-year-old Shapovalov beat Serbia’s Hamad Medjedovic 6-4, 6-4 in the Belgrade Open final on Saturday.

It’s Shapovalov’s second ATP Tour title after winning the Stockholm Open in 2019. He is the first Canadian to win an ATP Tour-level title this season.

His last appearance in a tournament final was in Vienna in 2022.

Shapovalov missed the second half of last season due to injury and spent most of this year regaining his best level of play.

He came through qualifying in Belgrade and dropped just one set on his way to winning the trophy.

Shapovalov’s best results this season were at ATP 500 events in Washington and Basel, where he reached the quarterfinals.

Medjedovic was playing in his first-ever ATP Tour final.

The 21-year-old, who won the Next Gen ATP Finals presented by PIF title last year, ends 2024 holding a 9-8 tour-level record on the season.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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Talks to resume in B.C. port dispute in bid to end multi-day lockout

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VANCOUVER – Contract negotiations resume today in Vancouver in a labour dispute that has paralyzed container cargo shipping at British Columbia’s ports since Monday.

The BC Maritime Employers Association and International Longshore and Warehouse Union Local 514 are scheduled to meet for the next three days in mediated talks to try to break a deadlock in negotiations.

The union, which represents more than 700 longshore supervisors at ports, including Vancouver, Prince Rupert and Nanaimo, has been without a contract since March last year.

The latest talks come after employers locked out workers in response to what it said was “strike activity” by union members.

The start of the lockout was then followed by several days of no engagement between the two parties, prompting federal Labour Minister Steven MacKinnon to speak with leaders on both sides, asking them to restart talks.

MacKinnon had said that the talks were “progressing at an insufficient pace, indicating a concerning absence of urgency from the parties involved” — a sentiment echoed by several business groups across Canada.

In a joint letter, more than 100 organizations, including the Canadian Chamber of Commerce, Business Council of Canada and associations representing industries from automotive and fertilizer to retail and mining, urged the government to do whatever it takes to end the work stoppage.

“While we acknowledge efforts to continue with mediation, parties have not been able to come to a negotiated agreement,” the letter says. “So, the federal government must take decisive action, using every tool at its disposal to resolve this dispute and limit the damage caused by this disruption.

“We simply cannot afford to once again put Canadian businesses at risk, which in turn puts Canadian livelihoods at risk.”

In the meantime, the union says it has filed a complaint to the Canada Industrial Relations Board against the employers, alleging the association threatened to pull existing conditions out of the last contract in direct contact with its members.

“The BCMEA is trying to undermine the union by attempting to turn members against its democratically elected leadership and bargaining committee — despite the fact that the BCMEA knows full well we received a 96 per cent mandate to take job action if needed,” union president Frank Morena said in a statement.

The employers have responded by calling the complaint “another meritless claim,” adding the final offer to the union that includes a 19.2 per cent wage increase over a four-year term remains on the table.

“The final offer has been on the table for over a week and represents a fair and balanced proposal for employees, and if accepted would end this dispute,” the employers’ statement says. “The offer does not require any concessions from the union.”

The union says the offer does not address the key issue of staffing requirement at the terminals as the port introduces more automation to cargo loading and unloading, which could potentially require fewer workers to operate than older systems.

The Port of Vancouver is the largest in Canada and has seen a number of labour disruptions, including two instances involving the rail and grain storage sectors earlier this year.

A 13-day strike by another group of workers at the port last year resulted in the disruption of a significant amount of shipping and trade.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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The Royal Canadian Legion turns to Amazon for annual poppy campaign boost

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The Royal Canadian Legion says a new partnership with e-commerce giant Amazon is helping boost its veterans’ fund, and will hopefully expand its donor base in the digital world.

Since the Oct. 25 launch of its Amazon.ca storefront, the legion says it has received nearly 10,000 orders for poppies.

Online shoppers can order lapel poppies on Amazon in exchange for donations or buy items such as “We Remember” lawn signs, Remembrance Day pins and other accessories, with all proceeds going to the legion’s Poppy Trust Fund for Canadian veterans and their families.

Nujma Bond, the legion’s national spokesperson, said the organization sees this move as keeping up with modern purchasing habits.

“As the world around us evolves we have been looking at different ways to distribute poppies and to make it easier for people to access them,” she said in an interview.

“This is definitely a way to reach a wider number of Canadians of all ages. And certainly younger Canadians are much more active on the web, on social media in general, so we’re also engaging in that way.”

Al Plume, a member of a legion branch in Trenton, Ont., said the online store can also help with outreach to veterans who are far from home.

“For veterans that are overseas and are away, (or) can’t get to a store they can order them online, it’s Amazon.” Plume said.

Plume spent 35 years in the military with the Royal Engineers, and retired eight years ago. He said making sure veterans are looked after is his passion.

“I’ve seen the struggles that our veterans have had with Veterans Affairs … and that’s why I got involved, with making sure that the people get to them and help the veterans with their paperwork.”

But the message about the Amazon storefront didn’t appear to reach all of the legion’s locations, with volunteers at Branch 179 on Vancouver’s Commercial Drive saying they hadn’t heard about the online push.

Holly Paddon, the branch’s poppy campaign co-ordinator and bartender, said the Amazon partnership never came up in meetings with other legion volunteers and officials.

“I work at the legion, I work with the Vancouver poppy office and I go to the meetings for the Vancouver poppy campaign — which includes all the legions in Vancouver — and not once has this been mentioned,” she said.

Paddon said the initiative is a great idea, but she would like to have known more about it.

The legion also sells a larger collection of items at poppystore.ca.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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