Morten Lund is a Danish serial entrepreneur and early Skype seed investor. He describes the sale of his Scandinavian digital advertising agency to Leo Burnett early in his career.
Opinion
Banks spend $1B on tech because of incompetent staff
“Every bank, just to simplify it, every bank has a budget of a billion a year in technology spend, yeah? Mostly because they have an immense amount of stupid people running around doing nothing.”
Assertion Contradicted
European startups seeking billion-dollar exits must sell in Silicon Valley
“Well, you endgame, you have to take a plane to San Fran at some point to sell your company, because nobody can swallow a company in Europe over, you know, a billion dollars.”
Opinion
The Scandinavian middle class faces a dark future without growth
“Here in Scandinavia, the middle class is, is not super happy because there's no growth. They're, they just have what they have, but there's a pretty dark future.”
Prediction Not checkable as stated
Legacy bank contracts with IBM will unwind, creating fintech opportunities
“The web bank is a media, and nobody's using it as a media, and it could do a lot of interesting things, from accounting to all kind of interesting things, and the banks are just sleeping, and they're locked in in stupid contracts with IBM, managing their whole…”
Disclosure
Why Morten Lund passed on investing in Kazaa
“They, you know, ended up calling me whether I wanted to invest in Kazaa, And I was not really convinced, convinced that it would be a healthy business because It was actually a business plan one-to-one with iTunes, but they didn't have, or we didn't have the n…”
Assertion Not publicly verifiable
Skype reached 400,000 users within 20 days of launch
“It was three, 400,000 users after 20 days, and the rest is more or less history.”