According to DIF Innovation Lab, a number of successful companies have already put Denmark on the sportstech map internationally, and with a big push from the industry, the future looks bright.
Danish companies Trackman and VEO both focus on sport and aim to become global leaders in their field.
They are both well-established companies and have been around for a number of years. But in recent years, they have been joined by a wave of new startups operating in sports technology.
“When we started DIF Innovation Lab in 2017, almost no one had heard of the term sportstech. That didn’t mean there weren’t companies out there working with sport and technology. But in the last five years I have seen an explosion in developments. Not only with established companies like Select, who developed intelligent balls, there have also been a huge explosion in the number of startups developing new tech solutions for sport. And subsequently, the investment environment is really taking root,” said Anne Metter Trier, Head of Innovation Lab.
Innovation Lab’s experience is confirmed by an Irish analysis that shows massive growth in Danish sportstech. And with so many small and newly established companies, the future looks bright for the sporstech industry.
A broad industry in a great position
Sportstech growth is also booming internationally, with annual growth of 13 % predicted until 2027, equivalent to overall growth of USD 33 billion.
The breadth of the industry is clear to see in the Danish ecosystem and already covers a wide range of solutions such as heart rate monitor watches for runners, underwater cameras for swimmers, VR goggles for tactical training, administrative systems for clubs, fan platforms and 3D printed insoles for athletes. This breadth creates value for subcontractors, and especially in relation to the established sports industry, which through collaboration with the sportstech companies, obtains innovation and new commercial products.
Trier points out that the thriving success is because Denmark has a number of basic strengths, which means the industry is well placed for further growth.
“We are a small country – but we already have a strong position in sportstech and we will utilise this to get an even bigger bite of the growing international market. Denmark is already among the top ten in sportstech in Europe, and Copenhagen is the fifth best in entrepreneurship in sportstech. That’s an insanely strong position. We are well organised in the sports world, with federations and associations. We are excellent at entrepreneurship and we have a rich design tradition, which is a great basis for developing successful new products,” said Trier.
DIF Innovation Lab is also well-prepared for the next step – the establishment of the biggest innovation hub in the Nordic Region, which will further strengthen the Danish ecosystem in the international market.