In this episode, Charles Martin of Kinnevik unpacks how their evergreen investment model fuels sustainable growth—enabling long-term, hands-on support that aligns deeply with entrepreneurs through every stage.
Charles highlights the shift in venture capital, where today’s focus is not just on financial returns but also on building adaptable companies with strong governance and positive societal impact. Kinnevik’s approach exemplifies this broader movement toward deeper, more collaborative partnerships in driving lasting success.
Here’s what’s covered:
05:10 AI in the Nordics: Talent and Innovation
08:56 The Importance of Operational Talent
13:16 Spotting Outlier Talent and Venture Insights
25:22 Evaluating Founders: Experience vs. Potential
39:02 The Importance of People in Venture Capital
44:53 The Future of AI and Talent
Watch it here or add it to your episodes on Apple or Spotify 🎧, with chapters for easy navigation available on the Spotify/Apple episode.
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✍️ Show notes
Why the Nordics? A Hotbed for AI
Charles is bullish on the Nordics as a rising hub for AI innovation. He breaks it down into three key factors: deep technical talent (especially in AI-specific areas), experienced operational talent from successful local startups, and a cultural edge that drives creativity and innovation. With a high ratio of AI talent to startups, the region is ripe for the next wave of breakout application companies.
He also points out that the region’s strong university and research foundations are part of the reason the technical bar is so high. But just as exciting is the presence of non-traditional founders—young, scrappy, and rebellious types who skipped university entirely but are building great things. This rich mix of expertise, mindset, and infrastructure makes the new Nordics especially well-positioned to lead in applied AI.
AI Engineering vs. Research
Charles draws a clear line between AI engineers and research scientists. While the latter are valuable, he emphasizes that today’s startups gain far more leverage from AI engineers, pragmatic builders who know how to work with LLMs and integrate them into real-world workflows. That’s the key to winning in the application layer of AI right now.
He believes the foundational model of race isn’t quite over, but most innovation will happen through execution, not raw research. That’s why companies are better off hiring sharp, fast-moving builders than a lab full of PhDs. It’s all about how quickly teams can ship smart integrations and turn models into products that solve real problems.
University vs. Dropout Founders
While Charles respects the traditional university path, he is increasingly impressed by founders who have taken the road less traveled. Some of the most exciting founders in the Nordics and Baltics are in their early 20s, skipped higher education entirely, and are doing remarkable work. He mentions names like Max from Leia and Charles from Dendrite as examples of this new wave of bold, technically capable entrepreneurs.
He clarifies that it’s not about favoring dropouts, it’s more about recognizing that success can come from many different directions. For every dropout rebel, there are also university-educated founders building world-class companies. The real focus should be on energy, originality, and execution ability, not academic background.
Picking Great Founders
When evaluating founders, Charles relies on both track record and gut feel. He looks for signs of creativity, execution, and the ability to build things that people want. One of his heuristics is simple but powerful: Would I want to work for this person? That question encapsulates the leadership, charisma, and clarity needed to attract top talent and build something lasting.
He believes investors sometimes forget that being a great founder isn’t just about vision, it’s about inspiring others and making it happen. Whether someone has achieved a big success or is building for the first time, Charles tries to spot the spark that separates a solid operator from an outlier.
Advice for Aspiring VCs
Charles stresses the importance of choosing the right firm if you're getting into VC. It’s not enough to break into the industry—you need to land at a place with access to the best deals. Otherwise, even if you spot the next unicorn, you won’t be able to invest. The seat you’re in matters immensely.
He also echoes the idea that being direct, even brutally honest, with peers is a kindness. Venture is tough, and people can spend years chasing a fundraise with little progress. Sometimes, early, honest feedback can save someone years of frustration. It’s better to be candid than to watch someone waste time on something unlikely to succeed.
Philosophy on People
Charles believes people are the one true constant in a rapidly changing tech world. Tools, models, and infrastructure can all be copied. What can’t be replicated is how a team thinks, acts, and adapts. That’s why the human element—especially the founding team is where he places the most weight.
His long-form take is that technology is modular and accessible to everyone, so it rarely becomes a true moat. What determines success is how well people use those tools, how fast they ship, how they make decisions, and how they respond to change. In AI, especially, agility and leadership are everything.
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💬 Community event | LP AMA with James Heath | ⏰ May 19, 1:00 PM - 2:00 PM GMT+2 | 💻 Online
Ever wonder how LPs actually think about fund strategies, especially in a world leaning toward specialisation? Join our next members-only LP AMA with James Heath, Investment Principal at dara5 and author of Why Specialists Will Win the Next Decade of Venture.
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Hear directly from a leading LP who’s investing in both specialist and generalist VC funds across Europe
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🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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