How the Nordic Market Really Works: Takeaways from the Let IT Be Event

Scandinavia operates by its own rules — where trust outweighs price and reputation is built over years. These dynamics took centre stage at Let IT Be: How Scandinavia Really Works, an event organised by IT Ukraine Association.

 

Welcome remarks were delivered by Mariia Shevchuk, Executive Director of IT Ukraine Association, and Andrii Kashperuk, Deputy Chairman of the Board and Director of Retail Business at UKRSIBBANK BNP Paribas Group.

 

Speakers included Anna Tyshchenko, CEO of JEVERA & XME.digital; Oleksandr Storokha, CEO of Itera Ukraine; Taras Tymoshchuk, CEO & Founder of Geniuse; Nataliia Babanina, Norwegian-Ukrainian Chamber of Commerce (NUCC); Maryna Shulyak, CBDO at Acropolium; and Nataliia Trubnikova, CMO at Gart Solutions.

 

The event featured the presentation of results from the TechStep Sweden programme — a long-term initiative established by IT Ukraine Association in partnership with the Swedish government agency Open Trade Gate Sweden (OTGS). The programme is designed to help Ukrainian IT companies overcome the high barriers to entry in the Nordic market through structured work on building partnerships, developing local contacts, and gaining a deeper understanding of how business is conducted in the region.

 

Key insights from the speakers:

• Scandinavia buys expertise, not resources. Swedish and Norwegian companies are sceptical of the “just a dev team” model or pure outstaffing. Instead, they value a product-oriented approach and deep domain knowledge.
• Trust opens doors. Most partnerships begin through referrals, references, and warm introductions. Cold outreach has a low success rate, and aggressive sales tactics can damage your reputation.
• Sales cycles take time. While a contract in the US might close within a few months, in the Nordic countries the sales cycle often runs from 6 to 18 months. Consistent presence and sustained relationship-building are essential.
• Decisions are made collectively. Consensus culture is the norm in Scandinavian companies: the choice of partner typically involves not just senior leadership but also engineers, managers, and other stakeholders.
• Transparency is valued over a polished pitch. Partners expect honest communication about risks, a credible business continuity plan (BCP), and clear governance processes.
• Competing on price does not work. It is far more important to demonstrate how your solution reduces risk, improves efficiency, or addresses a specific business challenge.
• Local presence builds trust. Having a legal entity, a bank account, or a local representative in the country can serve as an additional argument in favour of partnership.
• ESG and sustainability are market requirements, not trends. For many Scandinavian companies, alignment with environmental and social standards is a key criterion when selecting a partner.
• Specialised verticals offer the greatest potential. In Sweden, these include FinTech, PropTech, GreenTech, DevOps, and legacy system modernisation; in Norway — Energy, Maritime, HealthTech, and GovTech.

 

Practical advice from practitioners:

• Find your Champion — someone inside the client company or a referral partner who is willing to recommend you and drive the decision-making process internally.
• Start small: be prepared to take on a pilot project worth USD 15,000–30,000 to demonstrate your capabilities.
• Leverage the ecosystem: join programmes such as TechStep Sweden and engage with the Norwegian-Ukrainian Chamber of Commerce (NUCC).
• Be genuine: Scandinavians are strongly supportive of Ukraine, but that goodwill is a credit of trust — not a reason to accept substandard services.

 

The Nordic market is not about quick wins — it is about building high-quality, long-term partnerships. Earn the trust of this market and you will gain some of the most stable and loyal clients in the world.

 

We extend our sincere thanks to all speakers, participants, and partners for their active engagement, candid exchange of experience, and substantive discussion.

 

The Let IT Be event was organised by IT Ukraine Association with the support of UKRSIBBANK BNP Paribas Group.