There is a common misconception that early-stage investing is primarily about identifying the next great idea. In practice, it is almost entirely about people.
Ideas change. Markets shift. Timing is rarely perfect. But founders who are genuinely curious, technically capable, and resilient enough to adapt — they create value regardless of whether the original hypothesis holds.
What I look for
Having been on both sides of the table — as a founder and as an investor — I have arrived at a few qualities that are simple to articulate but genuinely hard to observe:
Clarity about the problem, not the solution. The best founders I have met are obsessed with a specific problem. They can explain who suffers from it, why existing solutions fall short, and what makes this particular moment right. The solution will and should evolve. The problem does not disappear.
Respect for distribution from day one. A product without users does not exist. Founders who believe a good enough product will sell itself consistently underestimate the cost of user acquisition. The best think about distribution as a core design element — not an afterthought.
The ability to say "I don't know". This sounds obvious but is genuinely rare. It requires enough self-assurance to acknowledge uncertainty without losing credibility. Founders who pretend to have all the answers learn more slowly.
The Nordic context
The Nordic market has some characteristics that shape early-stage dynamics in distinctive ways. Capital availability is good by European standards, but risk appetite remains more conservative than in the major hubs. This means companies that manage to convince Norwegian institutional investors tend to have built a more solid foundation than comparable companies operating in environments with more freely available risk capital.
Receipts.no is a good example. They are solving a fundamental infrastructure problem in the payments chain — something banks and retail chains actually need — and have built credibility through DNB Ventures as a strategic partner. It is a slow process, but the right foundation for something lasting.
Minority stakes and long-term orientation
I typically invest as a minority owner. This is not incidental. I believe founders perform better with control over their own companies. My role is to support, not to steer. Network, experience, and capital — in that order.
That means I am selective. I cannot — and do not want to — have a hand in everything. Depth beats breadth.
Jarle Holm is the founder of Nuko AS and was previously founder of Monner and CEO of Kron prior to its merger with Storebrand Bank.