New Report On The Growth Challenges For Cybersecurity Startup – Cybertech

1. September 2021

Today, cybersecurity should be the backbone of all digital innovation. As citizens, customers, and individuals, we need to be able to trust the many different digital solutions that we apply every single day at work as well as in our private lives. Thus, cybersecurity is not only a vertical tech area in line with fintech, proptech, healthtech, etc. Cybersecurity is also an integrated part of every single vertical tech area, every single tech solution, and every single digital journey of companies and organizations. There can be no digitization without cybersecurity.

The aim of Cyber Hub is to improve the growth journey for innovative Danish startups in cybersecurity and strengthen the growth potential and competitiveness of cybersecurity in Denmark. With our report, The Danish Cybertech Ecosystem 2021, we provide an understanding of cybertech startups, the Danish ecosystem for cybersecurity innovation, and the growth challenges facing cybertech startups and small development companies. The report is based on a quantitative survey with 18 Danish startups and scaleups and qualitative interviews with 32 Danish cybertech startups in June 2021.

Based on our findings, we may conclude that:

  • Denmark has the potential to foster a growth adventure for Danish cybertech startups. However, startups need help with sales processes, communication, business strategy, business mentors, and easier access to development environments and knowledge-sharing with established companies and research and educational institutions. 
  • All founders of cybertech startups are male! Why is that? And how may we encourage more women to participate in the cybertech adventure?
  • Most of the interviewees find that they have a unique solution with special technical features. Therefore, they prefer to talk with peers who understand the technicalities. However, they may benefit greatly from sparring with people with business-oriented and customer-oriented insight. It may also be more beneficial for them to talk about their solutions and cybersecurity in news ways to reach further out.
  • Many of the startups find it difficult to sell a new product or service to CIOs and CTOs. They experience that CIOs and CTOs are afraid to lose face with management and the board by talking about potential security breaches and challenges in the organization. However, we need to change the perception of cybersecurity being something we only talk about when things go wrong. Cybersecurity is changing at a fast pace, and a continuous management focus on cybersecurity is absolutely necessary.
  • Startups are challenged by the fact that it is difficult to find the right competencies. Product development requires enormous confidentiality, so trust is very importing when hiring. Therefore, outsourcing is not the best option. How may startups find the right competencies? How may the Cyber Hub ecosystem help them?

Read and download our new report here.