Ugne from ByFounders show us how Nordic startups evolved from overlooked markets to global unicorn factories, with Stockholm rivaling Silicon Valley in unicorns per capita through a fundamental shift where successful founders like those from Spotify and Klarna stay home to build ecosystems rather than emigrating, creating a virtuous cycle of mentorship and capital. Operating from their pre-seed fund that backs Nordic and Baltic founders globally before anyone else sees potential, she reveals three seismic transformations: the corporate exodus creating experienced technical founders who treat startups as legitimate career paths not fallback options, European risk aversion morphing into thoughtful company building that attracts patient capital, and the emergence of specialized funds like By Founders where every team member from partners to finance must have operational startup experience. She dissects why hackathons trump conferences for sourcing ("watching someone problem-solve exhausted at 3 AM reveals more than any MBA"), how their 40+ member collective of unicorn founders provides unfair advantages in pattern recognition, and why Europe's application layer strength positions it to leapfrog US dominance in specific AI verticals. Ugne traces this evolution from nobody considering Swedish tech a decade ago to today's reality, emphasizing how generational wealth creation happens when ecosystems mature enough that founders build where they live rather than where they're told to go, positioning By Founders as the catalyst connecting quirky, obsessive builders with the capital and mentorship needed to transform regional talent into global champions.