Around 1,000 local business people gathered at the old paper mill, Dalum Papirfabrik, a cold Thursday in mid-January 2019. A lot of business networking was one of the main reasons for showing up. At Mayor Peter Rahbæk Juel’s New Year’s Reception three of the main foreign investors entertained the audience with their stories about investing in collaborative robots, medical cannabis and music festivals.
Teradyne needed change!
Andrew J. Blanchard, Vice President of Corporate Relations at Teradyne Inc, who acquired Universal Robots (UR) and Mobile Industrial Robots (MiR), explained what Teradyne saw in the two robotics companies:
“Our business couldn’t grow much faster than the markets we served. That was a problem. Growth energizes all of us, it attracts talented new employees, and it delivers value to both customers and investors. Teradyne needed change!”
Teradyne began to look at several potential areas for growth including advanced industrial automation.
Cobots were an entirely new part of the automation market with the potential to fundamentally change the way people work. In the industry, Teradyne found a lot of hype and promotion, with companies talking about how wonderful their products were – but only UR was succeeding where it mattered, in the marketplace!
Another company with a vision of using advanced technology to drive change in industrial logistics was Mobile Industrial Robots. Teradyne was impressed with the innovative culture and customer focused business model of MiR and the way their mobile autonomous robots relieve people from uninteresting, low value add tasks so that they can focus on activities more rewarding for both them and their companies.
Teradyne sees a lot of potential in Universal Robots, Mobile Industrial Robots and the ecosystem in Odense and continues to invest in the companies.
“Teradyne has been impressed by the ecosystem in place in Odense and our investments reflect our confidence in that system. Since they joined, we’ve more than tripled UR and MiR’s quarterly investments in R&D, sales, and administration and in 2018 this global investment exceeded 100 million US dollars,” Andrew J. Blanchard said.
Odense will become a major medical cannabis production facility for the entire EU
John McNeill, Director of Global Marketing at Spectrum Cannabis, explained why Spectrum Cannabis established in Odense, Denmark:
“In Denmark there is a strong political commitment and deep experience in pharmaceutical and horticulture which will help lead global revolution in medical cannabis.”
In Odense, they found values closely aligned to the values of Spectrum Cannabis with a strong tradition of horticultural excellence and a commitment to quality, a highly educated and specialized work force, and a strong sense of community. With Spectrum Cannabis’ commitment to Odense they will make stronger communities and be a positive force for good – and create more than 70 direct jobs. According to John McNeill, Odense will become a major production facility for the entire EU.
Are brands becoming the new religion?
Jesse Du Bey, Managing Partner at Orkila Capital, who acquired 40 % of Down The Drain Group – the company behind the Tinderbox Festival – gave the crowd a view into his decision-making processes and how he sees the market trends.
According to Jesse Du Bey, consumerism is becoming increasingly ideological.
“There is a growing generational rift on role of ideology between [Gen Z + Millennials] and [Gen X + Boomers]. Millennial/Gen Z ideological views – driven by social media â€“ are evolving and spreading much more quickly than ever before. And today, we see experiences more than things as expression of consumerism and luxury.”
A festival like Tinderbox is a better expression of your lifestyle than any product would be. When Jesse Du Bey looks at investments, he studies demographic and cultural change and sees these changes as an opportunity to make (or lose) money.
The three investors from very different business backgrounds shared some opinions about why Odense is the right place to invest. Their message was clear, it is the willingness to change, collaborate and grab the opportunity combined with focusing on unique capabilities that makes Odense the right place to invest.
Head of Investment
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