![]() ![]() When the company acquired SOFORT in 2014 the Klarna Group was formed. Klarna offers direct payments, pay after delivery options and instalment plans in a smooth one-click purchase experience that lets consumers pay when and how they prefer to. Klarna is the leading global payments and shopping service, providing smarter and more flexible shopping and purchase experiences to 147 million active consumers across more than 400,000 merchants in 45 countries. In the last 17 years, technology has evolved, excited and transformed the world around us, yet our mission remains as relevant as ever, to make paying as simple, safe and above all, smoooth as possible. JEL Codes: F14, F23, L25, M13.Klarna was founded in 2005 in Stockholm, Sweden with the aim of making it easier for people to shop online. Klarna, for instance, is backed by Atomico, the investment firm launched by Skype co-founder Niklas Zennstrm. Thus, although we find positive born global effects at the firm level, policymakers must be aware that encouraging more born globals need not necessarily lead to large benefits for the overall economy. A common refrain is that Klarna’s success will trickle down into new Scandinavian startups, much in the same way that Skype’s success in the first decade of the 21st century led to its founders investing into the nation’s startups. Moreover, only 1.5% of computing startups founded 2007-2015 were computer game publishers, which arguably have the highest propensity to be born global. ![]() ![]() Our analysis also indicates that very few computing firms fit the profile of born globals only 15% of the 250 largest computing employers in 2015 were born globals. We also find positive, yet weaker, evidence that born globals in computing grow faster in terms of. Using data on all Swedish startups in the computing sector founded 2007-2015, we find a systematic positive relationship between the propensity of a computing firm to reach customers globally via digital platforms and its long-run employment growth relative to domestic-oriented computing firms. Policymakers must therefore be aware that encouraging more born globals need not necessarily lead to large benefits for the overall economy, especially in terms of employment. Thus, the notion that born globals are superior to firms that follow a more gradual internationalization process, a conclusion largely based on case studies and surveys, does not withstand scrutiny. We also show that removing continuing firms and spinouts from the analysis is crucial for obtaining correct results. Using detailed register data on the universe of Swedish manufacturing startups founded 1998–2014, we find that born globals are a very small group of firms whose long-run size and growth do not outperform other exporting firms. These measures are motivated by studies claiming that born global firms are disproportionately important for job creation and. The goal of these policies has been to create successful export-intensive startups, which are often referred to as born globals. Policymakers in several countries have recently taken steps to promote the rapid export expansion of small- and medium-sized enterprises (SMEs). We argue that the latter area has been overlooked in the policy discussion and that a coherent innovation policy framework must include tax policy, labor market regulation, savings channeling, competition policy, housing market regulation, and infrastructure to foster growth and future prosperity. ![]() To secure industrial dynamics and growth in the long term, institutions must be designed both to encourage sophisticated knowledge investments and to stimulate the creation, diffusion and productive use of knowledge in all sectors of the economy. In 2005, when Klarna was founded, there were 28 broadband subscriptions per 100 people in Sweden, compared with 17 in the United States - where dial-up was still far more common - and a global. Knowledge is a necessary but far from sufficient condition for growth. In so doing, we suggest an innovation policy framework based on two pillars: (i) the accumulation, investment, and upgrading of knowledge and (ii) the implementation of mechanisms that enable knowledge to be exploited such that growth and societal prosperity are encouraged. This paper examines policy measures that foster the creation of innovations with high inherent potential and that simultaneously provide the right incentives for individuals to create and expand firms that disseminate such innovations in the form of highly valued products. ![]()
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