Findings & Insights SACCNY Covid-19 ACTION Study: Phase II How Swedish-American corporations and entrepreneurs are coping with and adapting to the Covid-19 pandemic.
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about this STUDY SACCNY Covid-19 Action Study Phase II serves as a follow-up to Phase I, previously published in May 2020, and with the intention of shedding further light on how organizations are continuing to respond and adapt to the disruptions caused by the Covid-19 pandemic. Again, the Swedish-American Chamber of Commerce in New York (SACCNY) and Applied Value Group have teamed up to not only look at how companies are continuing to cope and retool as the pandemic wears on, but also to analyze the impact on bottom-line and growth projections, sustainability initiatives, internationalization plans, as well as how different country approaches to addressing the pandemic may have impacted businesses’ responses and competitive edge. Participants. More than 100 management level executives from corporations representing seventeen sectors responded to the survey. Survey participants’ seniority is broken down as follows: • • •
C-suite executives, including Board of Director Members and Chairpersons (39%) Senior-level executives, including Vice President/General Manager, and Head of Business Unit/ Department (42%) Other (18%)
In addition, the study includes 20+ in-depth interviews with management level executives, broken down as follows: • •
C-suite executives, including Board of Director Members and Chairpersons (43%) Senior-level executives, including Vice President/General Manager, and Head of Business Unit/ Department (57%)
Pandemic Phases. This study defines the first phase of the pandemic (Phase I) as the spring of 2020 and the second phase of the pandemic (Phase II) as summer through winter of 2020. Segmentation. This report consists of two different sections that each reviews the pandemic’s impact on Growth, Digitalization, Sustainability & Collaboration and Internationalization Plans & Efforts. However, the different sections segment the data differently to capture the most potent insights revealed in the survey and interview responses. Section 1 evaluates the data with respect to industry group and company size, and contrasts the findings to those found during the first phase of the pandemic. Section 2 evaluates the data with regards to company nationality and whether the study respondent is stationed in the U.S. or in Sweden. SACCNY Covid-19 Action Study Phase I. See the previously published Phase I study findings here.
Supported by:
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1 - 49 employees 50 - 499 employees >500
49 16 39 104
47% 15% 38%
Respondent distribution over company size
Chart Title
38%
Small Companies: 1-49 Employees
47%
Medium Companies: 50-499 Employees Large Companies: >500 Employees
15%
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50 - 499 employees
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Respondent distribution over industry and sector (excluding ”Other”) 12% 10%
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Distribution of study respondents according to company nationality and location (excluding ”Other”)
U.S. Companies: Respondent Stationed in the U.S. Swedish-U.S. Companies: Respondent Stationed in the U.S., Swedish Headquarter Swedish Companies: Respondent Stationed in Sweden
56% 21% 37%
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table of contents
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Purpose & Framework - SACCNY President
PAGE 5
Summary of Insights & Key Findings
PAGE 8
Insight 1: Economic Rebound & Future Growth
PAGE 13
Insight 2: Digitalization
PAGE 17
Insight 3: Crisis Response & Impact on Sustainability Initiatives
PAGE 21
Insight 4: Impact on Internationalization & Expansion Plans
PAGE 25
Insight 5: Economic Rebound & Future Growth
PAGE 30
Insight 6: Crisis Response & Impact on Sustainability Initiatives
PAGE 35
Insight 7: Impact on Internationalization & Expansion Plans
PAGE 40
Insight 8: Image and Interest in U.S. vs Swedish Industry & Markets
PAGE 43
Summary Remarks
PAGE 49
PURPOSE & FRAMEWORK - SACCNY PRESIDENT As the Covid-19 pandemic has raged on and upended business-as-usual, challenged capacity to adapt and stay both afloat and relevant, including the ability to accurately and effectively foresee the future and “new normal” - the team at SACCNY continues to keep our finger on the pulse and help our members best approach these many challenges. This Phase II of our Covid-19 Action Study follows on the heels of Phase I, completed and published this past spring, and with the intention of understanding continued viability of early actions, as well as take a look at updated or tweaked response strategies, additional lessons learned, and, a look into the future. Similar to Phase I, we compiled questionnaire generated responses, while also deep diving through numerous personal interviews. To our knowledge, this comprehensive review is unique in its scope and perspective and continues to garner interest and response from our diverse and important member industry leadership, as well as a number of academic, media and other interest organizations. As described in “About This Study”, this report is divided into two different sections with data segmented accordingly, and to best demonstrate findings from questionnaire responses and interviews. The goal of Section 1 of this Phase II study is to evaluate how early response and adaptation strategies reported as part of the Phase I study, held up and remained relevant as the pandemic progressed. Section 1 evaluates data with respect to industry group and company size, and contrasts the findings to those found during the early phase of the pandemic. The ability to act nimbly in the short term may not always be a good indication of ability to anticipate in the longer term, and knowing the difference may prove lessons well learned for future challenges and crisis management. The goal of Section 2 of this Phase II study is to explore how, as the crisis prolonged, yet another set of adaptation strategy emerged, and what impact this has had on other areas of business and industry, including potential differences between Sweden and the U.S. As such, Section 2 evaluates the data with regards to company nationality and whether the study respondent is stationed in the U.S. or in Sweden. A heartfelt thank you and word of gratitude to the many who gave of their time and thoughts – all of whom are busy and pre-occupied with both the traditional, but now compounded by new, challenges and workload. Thank you! It is our sincere hope you will find the findings and content of our Covid-19 Action Study Phase II both interesting, insightful and useful. Please don’t hesitate to reach out with thoughts or comments you might have – we are eager to hear them! Anna Throne-Holst President The Swedish-American Chamber of Commerce, New York
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“This study focuses both on how actions taken early stage are holding up six or eight months later, while also attempting to shed light on more peripheral consequences of the crisis, including action to mitigate climate change and new models for collaboration.” --- Anna Throne-Holst, President, SACCNY
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summary of insights & key findings SECTION 1: ”phase I successes & failures” Insight 1: Economic Rebound & Future Growth Companies are more optimistic about continued survival and future growth now as compared to during early stages of the pandemic. While this holds true across all studied segments, small and medium-sized businesses remain more vulnerable compared to large companies.
Insight 2: Digitalization The pandemic has markedly accelerated business’ need to adapt to new and disruptive digital practices, seemingly benefiting both industry norms, bottom line and the environment.
Insight 3: Crisis Response & Impact on Sustainability Initiatives Covid-19 has resulted in growing recognition for pressing global challenges beyond this pandemic, creating a momentum for corporate agendas focused on climate risk management, social justice reform, and beneficial collaborations.
Insight 4: Impact on Internationalization & Expansion Plans In contrast to Phase I, small and medium-sized companies are re-prioritizing and stepping up internationalization efforts, while several large companies are cancelling or postponing internationalization plans as compared to during the first phase of the pandemic.
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SECTION 2: ”phase II continued adaptation & FUture” Insight 5: Economic Rebound & Future Growth Swedish-U.S. Companies project lower growth rates compared to both Swedish and U.S-based companies, pointing to the many challenges international corporations are facing in the midst of the pandemic. The study further shows a clear connection between digital adaptation success and respective growth rates.
Insight 6: Crisis Response & Impact on Sustainability Initiatives Study findings reveal U.S. Companies are not only ramping up their sustainability efforts as a result of the Covid-19 outbreak, but responses also point to new and evolving approaches to this and other challenges, and, many are turning to Swedish industry and business for guidance and related commercial opportunities.
Insight 7: Impact on Internationalization & Expansion Plans A majority of responding Swedish and Swedish-U.S. Companies adjusted their expansion strategy in light of the pandemic. While a small fraction of those have adjusted by cancelling or postponing international expansion plans, a much larger portion are in fact ramping up those plans.
Insight 8: Image and Interest in U.S. vs Swedish Industry & Markets In stark contrast to Insight 6, where Americans report a more positive view of Swedish businesses, Swedes have instead recently developed a more negative image of the U.S. business climate as compared to before the pandemic. Also highlighting the interconnectedness between business and politics, study findings show how the opinion of the business sector to a large extent is shaped by the political climate and actions of the current administration – both in Sweden and in the U.S..
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”A crisis always brings opportunities to re-think and challenge existing processes and ways of doing business. Especially for large companies. We now have an excuse to create real change.” --- C-suite Executive, Telecommunications Company
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SECTION 1: ”phase I successes & failures”
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“’No good crisis should go wasted’ and ’Disruption is the mother of innovation’ have indeed both proven apt and highly accurate predictions for silver linings in the midst of hardship and unprecedented challenges.” --- Anna Throne-Holst, President, SACCNY
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Economic Rebound & Future Growth Insight 1
Companies are more optimistic about continued survival and future growth now as compared to during early stages of the pandemic. While this holds true across all studied segments, small and medium-sized businesses remain more vulnerable compared to large companies.
Participating businesses are across the board feeling more optimistic about the future than they were during the first phase of the pandemic, despite it having dragged on for longer than what was originally anticipated. 59% of Study Phase I participants anticipated having to make further cost reductions and seek additional liquidity in order to operate 12 months into the future, whereas only 20% of Study Phase II participants are experiencing a similar level of distress. The above does not, however, take into account the number of businesses unable to raise necessary additional funding or forced out of operation as a result of the pandemic. It is unclear whether Study Phase I respondents were able to create continued survival without funding infusion during this time, or not. Nevertheless, Study Phase II findings show a clear sense of improved optimism and belief in their ability to stay in business in the future, as compared to during the earlier stages of the crisis.
Survey question: How long do you expect to be open for business without cost reductions and/or additional liquidity in the current climate? 80%
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Study Phase I
Study Phase II
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In contrast to Study Phase I, where data demonstrated that the effects of the pandemic were largely sector specific, Study Phase II shows that over time the pandemic has impacted actors within the same industries differently. To illustrate, the Marketing & Advertising and Management Consulting segments were almost equally among the most hard-hit sectors during the first phase of the pandemic in terms of revenue loss, while in the second phase of the pandemic only 38% of Marketing & Advertising participants and 50% of Management Consulting participants expect a decreased bottom line and growth for 2020. A similar pattern, demonstrating the complex relationship between short and longterm effects of the pandemic, can be seen in the retail sector, where 70% of retail companies are projecting a net-positive effect growth in 2020, while 40% still don’t expect to survive beyond the upcoming 12 months without further cost reductions and/or additional financing. An even closer look reveals the following: Similar to Study Phase I responses, which pointed to a substantially higher projected survival and ability to adjust rate among larger cap businesses, this remains unchanged as the pandemic wears on, while smaller businesses remain more vulnerable, but to a lesser degree. In Study Phase I, 66% of small and 67% of medium-sized businesses reported fearing for survival and anticipated having to raise capital and make drastic cost reductions in order to stay in business for an additional 12 months, with 39% of large businesses reporting sensing a similar threat. During the second phase of the pandemic, only 33% of small, 12% of medium and 9% of large size organizations report similar levels of insecurity about the upcoming 12 months, signaling an increased sense of security and optimism across all segments, but among medium-sized businesses in particular.
Survey question: How long do you expect to be open for business without cost reductions and/or additional liquidity in the current climate?
Small Companies
24%
Medium Companies
6% 6% 88%
Large Companies
6% 3% 91%
< 6 months
9%
6-12 months
67%
> 12 months / not affected
“We’re estimating a 12-14% growth instead of our previously projected 4% growth.”
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KEY TAKEAWAYS, INSIGHT 1: • 59% of Study Phase I participants anticipated having to make further cost reductions and seek additional liquidity in order to operate 12 months into the future, whereas only 20% of Study Phase II participants are experiencing a similar level of distress. • Study Phase II findings show a clear sense of improved optimism and belief in companies’ ability to stay in business in the future, as compared to during the earlier stages of the crisis. • The effects of Covid-19 were largely sector-specific during the first phase of the pandemic, but has impacted actors within the same industry differently in the second phase.
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“This will have long-lasting positive effects. If you just look at the number of meetings that I’ve been able to attend, I’m up 40%.” --- Board of Director Member, Life Science Company
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Digitalization Insight 2
The pandemic has markedly accelerated business’ need to adapt to new and disruptive digital practices, seemingly benefiting both industry norms, bottom line and the environment.
A large share of respondents attribute nimble digitalization as one of the foremost actions in benefiting their business as part of addressing the early stages of the pandemic, and now perceive the crisis as continuing to further and permanently accelerate the shift to digital operations and communications. “This will have long-lasting positive effects. If you just look at the number of meetings that I’ve been able to attend, I’m up 40%.” - Board of Director Member, Life Science Company Moreover, important to note is the degree to which digitalization efforts have had a positive impact on both business and environment. Numerous businesses report digital processes as not only faster and more cost-efficient, but resulting in less environmental footprint as compared to previous operations and future expansion and growth plans. “Previously it was far more challenging to set goals for lesser carbon footprint and the like, such as international travel, while embarking on an internationalization effort – while now that we have been forced to switch to online operations and sales, we see that it works quite well.” - C-suite Executive, Retail Company Study Phase II findings also show how the degree to which companies have implemented digitalization efforts largely varies between different industries. 50% of respondents in both Marketing & Advertising and Education ramped up their digitalization efforts in the second phase of the pandemic, whereas only 8% of participating companies from the Financial Services sector and 0% of both Media & Entertainment, CleanTech and Life Science companies were inclined to continue to make further adjustments.
Nearly
50%
of medium-sized companies mention digitalization as one of the key actions benefiting their business in the first phase of the pandemic.
“Previously it was far more challenging to set goals for lesser carbon footprint and the like, such as international travel, while embarking on an internationalization effort – while now that we have been forced to switch to online operations and sales, we see that it works quite well.”
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A closer look reveals the following: With regards to internal digitalization and work-mode adjustments, Study Phase I shows that 22% of small and medium-sized companies downsized office space in the early stages of the pandemic, while only 4% of large cap businesses made similar adjustments. Study Phase II findings reveal that 30% of large companies now have made, or are making, adjustments to their office solutions, also anticipating these are more permanent rather than short-term adjustments. In contrast, only 11% of small and 0% of medium-sized businesses have further adjusted during the second phase of the pandemic.
% of respondents who reports increased digitalization efforts in the second phase of the pandemic*
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*Industries with less than 3 participating companies are not included
“Covid-19 is an opportunity to challenge traditional work habits and environments and to test how technology can be used.”
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% of respondents mentioning digitalization as one of the key actions benefiting their business in the first phase of the pandemic
Small Companies
29%
Medium Companies
50%
Large Companies
34%
% of respondents reporting increased digitalization efforts in the second phase of the pandemic
Small Companies
24%
Medium Companies
19%
Large Companies
14%
KEY TAKEAWAYS, INSIGHT 2: • Nimble digitalization is reportedly one of the actions benefiting business best in the early stages of Covid-19. • The crisis is further and permanently accelerating the shift to digital communications across the board. • The degree to which companies have implemented digitalization efforts largely varies between different industries.
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“Sustainability initiatives are at the top of the corporate agenda.” --- Head of Business Unit/Department, Management Consulting Company
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crisis response & impact on SUSTAINABILITY initiatives Insight 3
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Covid-19 has resulted in growing recognition for pressing global challenges beyond this pandemic, creating a momentum for corporate agendas focused on climate risk management, social justice reform, and beneficial collaborations.
Study Phase I pointed to a reported concern for the pandemic overshadowing focus on, and the addressing of, other pressing global issues, such as climate change and social justice challenges. Interestingly, Study Phase II shows marked contrast and rather, respondents across the board report beyond the pandemic, and Q1 sensing noticeably increased awareness for Q4other pressing global issues Q4a Q5 where climate risk management and increased collaborations are increasingly prioritized. Moreover, Company name: In which country is your company Please How currently specify long has headquartered? which yourcountry company your hadcompany a presence is cur in t several study builder enabling a greener Rookie Startups AB respondents refer to the pandemic Sweden as an important momentum Less than 1 year Telia focus and tool for recovery. Sweden 10+ years social justice PHD Media Other UK10+ years transition to a more sustainable society is more attainable now.” - Vice Manager, Prime“The Weber Shandwick Sweden MyPresident/General company does not have a presence in the U. Financial Services Company IDUN Minerals Sweden 1-4 years Aggancio Other United 5-10 Kingdom years Study Phase II findings confirm this development, with almost half of all respondents (46%) having Asite LLC Other UK5-10 years launched new initiatives targeting one or more of the United Nations’s Sustainable Development Goals Axel Johnson United States 10+ years (SDGs) Inc. since the outbreak of the pandemic. Ernst & Young AB Sweden 10+ years INVEST IN SKÅNE AB Sweden My company does not have a presence in the U. KPMG LLP United States 10+ years Survey question: How has your company’s efforts to address issues related to climate Organofuel Sweden Sweden Less than 1 year change and social justice changed, as compared to before the Covid-19 outbreak? SnackCo of America (Utah Chips C) United States 10+ years Stora Enso North America Sweden 10+ years Q1 Q4 Svenska Handelsbanken AB 1 2 3 Sweden 10+ years Company name: In which country is y Volvo Car USA Sweden 10+ years 0 Rookie Startups AB Sweden KARV Communications United States 5-10 years 0 Telia Sweden AstraZeneca Other Great 10+ Britain years social justice climate 0 PHD Media Other 2% 5% beate karlsson Sweden My company does not have a presence in the U. 0 Prime Weber Shandwick Sweden Bonnier Sweden 10+ years 0 IDUN Minerals Sweden BTS USA inc. Sweden 10+ years 0 Aggancio Other Changes Music United States 10+ years 0 Asite LLC 40% Other Emerging Media United States 10+ years 48% 0 Axel Johnson Inc. United States FirstVet Inc. Sweden Less than 1 year 0 Ernst & Young AB Sweden GIANT Innovation United States 5-10 years 0 INVEST IN SKÅNE AB Sweden IPscreener 47% Sweden 1-4 years 58% 0 KPMG LLP United States Kreab Worldwide Sweden My company does not have a presence in the U. 0 Organofuel Sweden Sweden Linklaters Other UK10+ years 0 SnackCo of America (Utah Chips C) United States Nasdaq United States 10+ years 0 Stora Enso North America Sweden The Lexington Company AB 1 2 3 Sweden 5-10 years 0 Svenska Handelsbanken AB 1 2 3 Sweden World Childhood Foundation USA Sweden 10+ years 0 Volvo Car USA Sweden Increased N/A Sweden Unchanged My Decreased company does not have a presence in the U. 0 KARV Communications United States Efforts Efforts A FISCH INC doing business 1-4Efforts years with swedes United0States AstraZeneca Other climate W4p Waves4Power AB Sweden 5-10 years 0 beate karlsson Sweden Anonymous United States 10+ years 0 Bonnier Sweden 21 Founders Loft Sweden My company does not have a presence in the U. 0 BTS USA inc. Sweden Scandinavian Airlines Sweden 10+ years 0 Changes Music United States
Climate Change
SOCIAL JUSTICE
A closer look reveals that a full 48% of respondents report an increase in planned efforts related to addressing the climate crisis, and 58% of study participants now stepping up social justice efforts – most probably attributable to the Black Lives Matter movement which swept not only the United States, but many other parts of the world, as well. Here, a closer look reveals the following: Size appears to matter in the ability to launch and support the undertaking of both new and growing sustainability endeavors, with medium and larger size companies leading the way, particularly as relates to focus on the UN SDGs. In addition, a majority of respondents say they have actively worked to help address the spread of Covid-19, and again, with larger companies able to do so to a higher degree than small and medium-sized companies. Lastly, a majority of companies in Marketing & Advertising, Retail, and Legal Services report that they target one or several SDGs, however, only a third or less of respondents in these industries are currently using KPIs to measure the impact on the targeted SDGs. Additionally, only 68% of respondents in Marketing & Advertising and 60% of respondents at Legal Services companies lack formal sustainability programs to evaluate the effects of these initiatives.
% of respondents reporting having launched new initatives targeting the SDGs in the second phase of the pandemic
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Small Companies
38%
Medium Companies
56%
Large Companies
51%
48%
of respondents report an increase in planned efforts related to addressing the climate crisis
46%
of respondents have launched new initiatives targeting one or more of the UN’s SDGs
“We will be able to reduce our emissions at a higher pace than we thought possible before the pandemic outbreak.”
KEY TAKEAWAYS, INSIGHT 3: • Respondents across the board report noticeably increased awareness for other pressing global issues beyond the pandemic — climate risk management and increased collaborations are climbing higher up the corporate agenda. • 46% of all respondents have launched new initiatives targeting one or more of the UN’s SDGs since the outbreak of the pandemic. • 48% of all respondents report an increase in planned efforts related to addressing the climate crisis. • 58% of all respondents are stepping up social justice efforts. • A majority of all respondents report they have actively worked to help address the spread of Covid-19.
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“One of our Swedish portfolio companies that sold their products and services virtually before the outbreak of the pandemic was able to capitalize on the global digitalization shift and has consequentially had the opportunity to establish on the U.S. market this year.” --- Board of Director Member, Financial Services Company
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Impact on internationalization & expansion plans Insight 4
In contrast to Phase I, small and medium sized companies are re-prioritizing and stepping up internationalization efforts, while several large companies are cancelling or postponing internationalization plans as compared to during the first phase of the pandemic.
Study Phase I revealed that 15% of responding companies placed their internationalizing plans and efforts on hold at the onset of the pandemic, a number which has now shrunk to 11%. Moreover, 23% of respondents are planning to, or already are, increasing their internationalizing efforts as part of the later and current stages of the pandemic, indicating that companies are able to re-prioritize internationalization efforts. A closer look at the above points out the following: 18% of small companies and 33% of medium-sized companies slowed or abandoned their international expansion plans during the spring, whereas only 9% of small and 13% of medium-sized companies remain on that track this fall and winter. While fewer small and medium-sized companies are decreasing their internationalization plans in the second phase compared to in the first phase, an opposite trend can be observed among large companies. With a 4% to 14% increase between the first and second phase of the pandemic, more large companies have reported cancelled or postponed international expansion plans since the spring.
% of respondents reporting making changes to their international expansion strategy in the first and second phase of the pandemic* 85% 65%
23% 15%
11%
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Survey question: Have you made any new changes to your overall internationalization strategy in the second phase of the pandemic?*
Small Companies
9%
Medium Companies
13%
63%
Large Companies
14%
76%
Decreased Efforts
33%
58%
25%
11%
Unchanged
Increased Efforts
* Does not total 100% because individual values are rounded
23%
of respondents are increasing their internationalizing efforts as part of the later and current stages of the pandemic.
KEY TAKEAWAYS, INSIGHT 4: • 18% of small companies and 33% of medium-sized companies placed their internationalizing plans and efforts on hold at the onset of the pandemic, whereas only 9% of small and 13% of medium-sized companies remain on that track in the second phase of the pandemic. • 23% of respondents are planning to, or already are, increasing their internationalizing efforts in the second phase of the pandemic.
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”We — as humanity — have learned how frail we are, and that we can end up in terrible global crises. Covid-19 is an important reminder that we have to work together on a global scale.” --- C-suite Executive, U.S. Company
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“Covid-19 is testing society as a whole—we need to make important decisions and take action.” --- C-suite Executive, Swedish Company
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SECTION 2: ”phase II continued adaptation & FUture”
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Economic rebound & future growth Insight 5
Swedish-U.S. Companies project lower growth rates compared to both Swedish and U.S.-based companies, pointing to the many challenges international corporations are facing in the midst of the pandemic. The study further shows a clear connection between digital adaptation success and respective growth rates.
Although all segments attribute nimble digitalization as crucial to effective Covid-19 response, Swedish Companies were able to undertake smoother transitions to virtual operations as compared to their U.S. counterparts. As a result of being further along with digital transformation pre-pandemic, they were thus perceived as holding an early-stage advantage. “One of the most beneficial actions was that we were already working digitally, both regarding internal communication, structure, and administration, as well as the majority of our client projects, which have also benefited by being digital.” - Head of Business Unit/Department, Swedish Company However, as the pandemic wore on and into its second phase, study findings indicate that while 28% of U.S. Companies were already making business model modifications in the first phase of the pandemic, only 9% of Swedish Companies did the same, illustrating how U.S. Companies have completed further organizational transformations as the pandemic wears on and new business environments continue to evolve - both supporting and requiring further agility and proactiveness. “We now know how to meet and sell online, and so do our customers and are now focusing on the future and anticipating our newer needs, such as office square footage, etc.. With industry trends having accelerated with 30-40%, as compared to pre-Covid-19 levels at around 2-3%, we now fully understand the importance of agility and adaptability in order to accelerate our long-term strategies.” - Vice President/General Manager, Swedish-U.S. Company Many study respondents attribute U.S. and Swedish-U.S. Companies’ accelerated digitalization and innovation to the more rigid, lockdown response adopted (albeit unevenly) across the U.S., and in the New York tri-state area in particular, in contrast to the more laissez-faire approach pursued in Sweden during the first and second phase of the pandemic. As a result, U.S. Companies explain how they were forced to adopt a more long-term and profound digital approach, whereas Swedish Companies did not feel forced to stop in-person meetings and thus maintained a more optimistic outlook as relates to the pandemic’s timeline and impact. A brand of complacency, if you will, that later proved to be less advantageous.
“The percentage increase of U.S. consumers switching to online shopping patterns as a result of Covid-19 is greater than the percentage increase of Swedish consumers switching patterns.”
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“In Sweden, companies weren’t or didn’t feel pushed to the same degree to achieve or adapt to higher or faster levels of digitalization.” - Vice President/General Manager, Swedish-U.S. Company Additionally, in contrast to both U.S. and Swedish-U.S. study respondents, Swedish Companies report they have yet to solve major aspects of the new digital normal, particularly as relates to initiating new business and sales relationships. This has not gone unnoticed or without measurable consequences. In fact, some U.S. Company representatives describe Swedish Companies as more hamstrung in making larger strategic and impactful decisions virtually, resulting in delayed processes and missed business opportunities. “It is more difficult to initiate customer contact with companies in Sweden – they are less willing to do so digitally. Within the U.S. the process has been more effective, better adapted and big deals have been consummated, whereas companies that are based in Sweden have not quite gotten it.” - Board of Director Member, U.S. Company As the pandemic wears on for longer than previously expected, some Swedish Companies report starting to ramp up their digital initiatives again and, in an attempt, to overcome some of the challenges still associated with virtual communications. “Unfortunately, 2021 will be a little worse than we predicted before. Covid-19 is going in the wrong direction again, resulting in somewhat tougher period in 2021 than what we thought.” - Vice President/ General Manager, Swedish-U.S. Company
” I would have liked to have seen more efficient and nimble decision-making in Sweden.”
“What they’re doing now in Sweden is what we were doing in April in the U.S.”
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It can be surmised that U.S. Companies’ ability to adapt and retool beyond new digital ways of operating is one of the reasons U.S. Companies on average project 14% increase in growth rate for 2021, which is far more positive than both Swedish-U.S. Companies (0% or flat), and Swedish Companies (5%). Furthermore, several Swedish-U.S. Companies point to feeling it has become increasingly difficult for them to communicate and collaborate with their Swedish headquarters, in turn affecting their continued ability to pursue business opportunities in the new normal. In the same vein, the discrepancy between Swedish Companies and Swedish-U.S. Companies’ ability and action towards adapting to a digital environment could be part of the explanation for why Swedish-U.S. Companies project the lowest economic rebound and growth going forward as compared to both U.S. Companies and Swedish Companies.
Survey question: How has your 2020 growth trajectory changed as a result of Covid-19? (approximate %-change)*
U.S. Companies
34%
19%
47%
Swedish-U.S. Companies
45%
23%
32%
Swedish Companies
46%
23%
32%
Survey question: How has your 2021 growth trajectory changed as a result of Covid-19? (approximate %-change)
U.S. Companies
16%
Swedish-U.S. Companies
41%
Swedish Companies
32%
Negative Impact
53%
31%
18%
26%
Unchanged
41%
42%
Positive Impact
* Does not total 100% because individual values are rounded 32
Survey question: How has your growth trajectory changed post 2021 and beyond as a result of Covid-19? (approximate %-change)
U.S. Companies
3% 44%
Swedish-U.S. Companies
14%
Swedish Companies
7%
Negative Impact
53%
45%
41%
42%
51%
Unchanged
Positive Impact
“I’d say the biggest change since the first phase is an acceptance that this is the new normal”
KEY TAKEAWAYS, INSIGHT 5: • 28% of U.S. Companies were already making business model modifications in the first phase of the pandemic, while only 9% of Swedish Companies did the same. • U.S. Companies on average project 14% increase in growth rate for 2021, which is far more positive than both Swedish-U.S. Companies (0% or flat), and Swedish Companies (5%). • Swedish-U.S. Companies project the lowest economic rebound and growth going forward as compared to both U.S. Companies and Swedish Companies. • Several Swedish-U.S. Companies point to feeling it has become increasingly difficult for them to communicate and collaborate with their Swedish headquarters, in turn affecting their continued ability to pursue business opportunities in the new normal.
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“I hope the world will have the energy to turn talk into action and use the pandemic as an opportunity to put great ideas into practice.” --- C-suite Executive, Swedish Company
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crisis response & impact on SUSTAINABILITY initiatives Insight 6
Study findings reveal U.S. Companies are not only ramping up their sustainability efforts as a result of the Covid-19 outbreak, but responses also point to new and evolving approaches to this and other challenges, and, many are turning to Swedish industry and business for guidance and related commercial opportunities.
Study Phase II reveals an increased awareness and heightened interest in sustainable business approaches and solutions after the Covid-19 outbreak across all studied segments, and among U.S. Companies in particular. U.S. Companies are increasing their efforts related to addressing climate change twice as much as Swedish Companies (15% and 8% average increase, respectively). Study findings go on to show that Swedish Companies with operations in the U.S. have been especially active, with 64% of Swedish-U.S. respondents not only increasing their efforts addressing climate change but also having launched new initiatives targeting the UN’s SDGs post the Covid-19 outbreak. Even though the study shows that nearly half (44%) of U.S. Companies have increased their sustainability efforts and 63% have launched new initatives since the Covid-19 outbreak, 60% of respondents still consider the U.S. business sector as less sustainable today as compared to before the pandemic, indicating that a majority of respondents remain skeptical as relates to U.S. Companies’ ability to ramp up sustainability efforts. In other words, study findings suggest that as relates to sustainability, there is a disconnect or lag between the actions taken by U.S. businesses and the way they are perceived by others.
% of companies who are increasing their efforts related to addressing climate change as compared to before the Covid-19 outbreak
% of companies who have launched new initiatives targeting the UN’s SDGs since the Covid-19 outbreak
U.S. Companies
44%
U.S. Companies
63%
Swedish-U.S. Companies
64%
Swedish-U.S. Companies
64%
Swedish Companies
51%
Swedish Companies
51%
U.S. Companies have increased their climate-related efforts to a greater extent than the average study respondent.
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As part of the findings, cultural approaches appear to play a role with several respondents pointing to American companies’ long tradition of philanthropy and charity-focused initiatives, donating to and supporting worthy external endeavors, and where in current times and thinking, this outdated approach requires change and structural re-think. Survey findings go on to show sharp variation between the Swedish and U.S. business sectors’ approach to executing sustainability undertakings, with 81% of U.S. Companies currently targeting one or more of the UN’s SDGs, but with a full 69% still lacking internal operational and corporate sustainability programs. In contrast, 75% of Swedish Companies already have formal sustainability programs in place or have sustainability as part of their core business model. As the global sustainability agenda is increasingly shifting towards a more integrated approach, where doing good is now less a matter of giving externally as it is changing habits internally and operationally and study findings illustrate the sharp contrast between Swedish and U.S. Companies’ current state and progress towards a more integrated and measurable sustainability approach. This may in turn explain lingering skepticism towards the U.S. business sector’s sustainability work – despite a recent and measurable increase in related focus and initiatives. Study findings do however indicate that a growing number of U.S. Companies are shifting from a charity mindset to approaching sustainability as a way of creating additional value – in addition often looking toward Sweden and its industry norms for inspiration.
% of companies currently targeting one or more of the UN’s SDGs and % of companies that currently have formal sustainability programs in place
81%
U.S. Companies 31%
91%
Swedish-U.S. Companies
Swedish Companies
Target one or more SDGs
36
91%
86% 75%
Have a formal sustainability program in place or have sustainability as part of their core business model.
“Europe was the leader, particularly the Nordics, and then Blackrock shook the U.S. alive and now they are all trying to figure out how they can best respond.” - Vice President/General Manager, U.S. Company Study findings reveal that 22% of U.S. respondents report approval of the Swedish business sector’s sustainability approach and efforts post the Covid-19 outbreak, in turn stimulating demand for sustainable product and blueprints from Swedish innovation. In fact, 9% of American corporate respondents report a greater and growing overall interest in Swedish industry as compared to before the pandemic, and several Swedish-U.S. Companies confirm a marked and growing demand for Swedish innovation as a result of growing sustainability efforts: “Current developments are helping us push out sustainability focused product. The demand for Swedish products has never been higher.” Manager, Swedish-U.S. Company
Q1 Q4 Q4a Q5 Company name: In which country is your company Pleasespecify How currently long has headquartered? which yourcountry company your hadcoa U.S. Companies’ view of the Swedish business sector’s sustainability approach and efforts Rookie Startupsoutbreak AB Sweden Less than 1 year post0 the Covid-19 0 Telia Sweden 10+ years social justice 0 PHD Media US on Swedish sustainability Other UK10+ years 0 PrimeWeber Shandwick 9% Sweden My company does not have a prese 0 IDUN Minerals Sweden 1-4 years 22% 0 Aggancio Other United 5-10 Kingdom years More Positive 0 AsiteLLC Other UK5-10 years View 0 Axel Johnson Inc. United States 10+ years 0 Ernst & Young AB Sweden 10+ years Unchanged 0 INVEST IN SKÅNE AB Sweden My company does not have a prese 0 KPMG LLP United States 10+ years More Negative 0 Organofuel Sweden Sweden Less than 1 year View 0 SnackCo of America (Utah Chips C) United States 10+ years 0 Stora Enso North America Sweden 10+ years 69% 0 Svenska Handelsbanken AB 1 2 3 Sweden 10+ years 1 2 3 0 Volvo Car USA Sweden 10+ years 0 KARV Communications United States 5-10 years 0 AstraZeneca Other Great 10+Britain years climate 0 beate karlsson Sweden My company does not have a prese 0“American Bonnier Sweden 10+ yearsthem companies have always done what the equity market has wanted 0 BTS USA inc. Sweden 10+ years to do, and this has changed in the past six months. It is now sound economic 0 Changes Music United States 10+ years judgement to improve and expand on the sustainability agenda, to in turn improve 0 Emerging Media United States 10+ years the economic outcome.” 0 FirstVet Inc. Sweden Less than 1 year 0 GIANT Innovation United States 5-10 years 0 IPscreener Sweden 1-4 years 0 Kreab Worldwide Sweden My company does not have a prese 0 “Current Linklaters developments are helping us push Other UK10+ years out sustainability focused product. 0 Nasdaq United States The demand for Swedish products has never been higher.”10+ years 0 TheLexington Company AB 1 2 3 Sweden 5-10 years 0 World Childhood Foundation USA Sweden 10+ years 0 N/A Sweden My company does not have a prese 0 A FISCH INC doing business with swedes United States 1-4 years 37 0 W4p Waves4Power AB Sweden 5-10 years 0 Anonymous United States 10+ years 0 Founders Loft Sweden My company does not have a prese
KEY TAKEAWAYS, INSIGHT 6:
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•
U.S. Companies are increasing their efforts related to addressing climate change almost twice as much as Swedish Companies (15% and 8% average increase, respectively).
•
60% of respondents still consider the U.S. business sector as less sustainable today as compared to before the pandemic.
•
64% of Swedish-U.S. Companies have increased their efforts addressing climate change post the Covid-19 outbreak.
•
64% of Swedish-U.S. Companies have launched new initiatives targeting the UN’s SDGs post the Covid-19 outbreak.
•
81% of U.S. Companies currently target one or more of the UN’s SDGs, but 69% still lack internal operational and corporate sustainability programs.
•
75% of Swedish Companies have formal sustainability programs in place or have sustainability as part of their core business model.
•
9% of U.S. corporate respondents respondents report a greater interest in Swedish industry as compared to before the pandemic.
“Our corporate customers are demanding sustainable solutions to a greater extent as compared to before the pandemic.” --- Vice President/General Manager, Swedish-U.S. Company
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Impact on Internationalization & Expansion Plans A majority of responding Swedish and Swedish-U.S. Companies adjusted their expansion strategy in light of the pandemic. While a small fraction of those have adjusted by cancelling or postponing international expansion plans, a much larger portion are in fact ramping up those plans.
Insight 7
A small, yet significant, number of both Swedish-U.S. Companies and Swedish Companies are canceling upcoming internationalization and development plans (9% and 12% respectively) which could in part be explained by Swedish-U.S. Companies’ pessimistic growth projections and Swedish Companies’ reported challenges with virtual business communications and tendency to put strategic decision-making on hold throughout the pandemic (read more in Insight 5). At the same time, however, numerous Swedish and Swedish-U.S. respondents also emphasize that the access to global business environment is increasing as a result of improved digitalization, leading many Swedish businesses to perceive the current environment as a great opportunity to expand internationally. In fact, study findings show how 33% of Swedish Companies and 23% of Swedish-U.S. Companies are ramping up their long-term internationalization efforts. “One of our Swedish portfolio companies that sold their products and services virtually before the outbreak of the pandemic was able to capitalize on the global digitalization shift and has consequentially had the opportunity to establish on the U.S. market this year.” - Board of Director Member, U.S. Company
Survey question: Have you made any new changes to your overall internationalization strategy in the second phase of the pandemic?*
U.S. Companies
9%
81%
Swedish-U.S. Companies
9%
68%
Swedish Companies
12%
54%
Decreased Efforts
9% 23%
33%
Unchanged
Increased Efforts
* Does not total 100% because individual values are rounded
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A number of Swedish-U.S. Companies now perceive traditional barriers associated with international expansion as having lessened with global markets’ dramatic shift to virtual operations and practices. Also, they point to numerous additional benefits, including better opportunities for relationship building and increasing sales as a result of digitalization. “We are now all used to a Zoom meeting culture. I can have meetings with folks on the other side of the globe without needing a local office to communicate legitimacy and access.” - Head of Business Unit/ Department, Swedish-U.S. Company.
Survey question: How has your growth trajectory changed post 2021 and beyond as a result of Covid-19? (approximate %-change)
U.S. Companies
3% 44%
Swedish-U.S. Companies
14%
Swedish Companies
7%
Negative Impact
53%
45%
41%
42%
51%
Unchanged
Positive Impact
“The French always go to dinner 3 times before making a deal – today’s way of doing business is more efficient and makes it easier for companies to internationalize.”
KEY TAKEAWAYS, INSIGHT 7: • 12% of Swedish Companies and 9% of Swedish-U.S. Companies are cancelling upcoming internationalization and development plans. • 33% of Swedish Companies and 23% of Swedish-U.S. Companies are ramping up their internationalization efforts.
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“We serve customers in Europe who want to do business in the U.S.. The American response to Covid-19, along with more restrictive travel and visa restrictions, make our European customers less inclined to start or develop their business in the U.S..” --- Vice President/General Manager, Swedish-U.S. Company
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Q1 Q4 Q4a Q5 Company name: In which country is your company Please How currently specify long has headqu which you 0 Rookie Startups AB Sweden Less than 1 year 0 Telia Sweden 10+ years social justice 0 PHD Media Other UK10+ years 0 Prime Weber Shandwick Sweden My company does 0 IDUN Minerals Sweden 1-4 years In stark contrast to Insight 6, where Americans report a more 0 Aggancio Other United 5-10 Kingdom years view of Swedish businesses, Other Swedes have instead recently 0 Asitepositive LLC UK5-10 years 0 Axel developed Johnson Inc. a more negative image of the United States U.S. business climate 10+ years 0 Ernstas & Young AB 10+ years compared to before the pandemic.Sweden Also highlighting the 0 INVEST IN SKÅNE AB Sweden My company does interconnectedness between business and politics, study findings 0 KPMG LLP United States show how the opinion of the business sector to a large extent is shaped by the political 10+ years 0 of Organofuel Sweden Swedenand in the U.S. Less than 1 year climate and actions the current administration – both in Sweden 0 SnackCo of America (Utah Chips C) United States 10+ years 0 Storaand Enso America Sweden 10+ years From the U.S. perspective, asNorth touched upon in Insight 6, the interest in the Swedish business Svenska Handelsbanken AB 1with 2 9% 3 of U.S. Companies Sweden reporting a heightened10+ years environment appears0 to have markedly improved, interest in Swedish enterprises compared to before the outbreak ofSweden the pandemic. More specifically, 0 Volvo CarasUSA 10+ years according to U.S. Companies, the reputation of the Swedish business United sector has seen an overall 0 KARV Communications States 5-10 years improvement in all aspects with one notable exception: 25% of U.S. Companies see the Swedish business 0 AstraZeneca Other Great 10+Britain years climate sector post the Covid-19 outbreak as less “responsible and contributing to a better world”, referring to 0 beate karlsson Sweden My company does skepticism around Sweden’s approach to containing the spread of Covid-19 0 Bonnier Swedenand its related high mortality 10+ years rate. 0 BTS USA inc. Sweden 10+ years 0 Changes Music United States 10+ years “Sweden took a high bet and so the general view of Sweden is very volatile.” - Board of Director Member, 0 Emerging Media United States 10+ years Swedish-U.S. Company 0 FirstVet Inc. Sweden Less than 1 year 0 GIANT Innovation United States 5-10 years The overall improved image and reputation of the Swedish business landscape stands in stark contrast IPscreener Sweden 1-4 years to a worsened view of0 the American corporate and business environment among Swedish respondents. 0 Kreab Worldwide Sweden In fact, 43% of Swedish Companies perceive the overall image of the U.S. as having declined since theMy company does Other outbreak of Covid-190 –Linklaters this in conjunction with a larger deterioration of the political environment. UK10+ years 0 Nasdaq United States 10+ years 0 The Lexington Company AB 1 2 3 Sweden 5-10 years U.S. Companies interest doing business with to years 0 Worldin Childhood Foundation USASwedish Companies Sweden today, as compared10+ 0 N/A Sweden My company does before the Covid-19 outbreak 0 A FISCH INC doing business with swedes United States 1-4 years 0 W4p Waves4Power AB Sweden 5-10 years 9% 19% 0 Anonymous United States 10+ years 0 Founders Loft Sweden My company does 0 Scandinavian Airlines Sweden 10+ years 0 PRZM United States 1-4 years 0 N.A United States 1-4 years 0 Ericsson Sweden 10+ years 0 Lugh Studio, Inc. United States 10+ years 0 Chalmers University of Technology Sweden My company does 0 Citi United States 10+ years 0 garten United States 5-10 years 72% 0 Innovation360 Group Sweden 1-4 years 1 2 3 0 Maria Nila Sweden 1-4 years
image & interest in u.S. vs swedish industry & markets Insight 8
Increased
Unchanged
Decreased 43
On the view of the U.S. market, Swedish Companies primarily worry about increased nationalism, and believe protectionist sentiments and actions have become extra evident as a result of the pandemic. Numerous respondents report experiencing the direct effect on businesses’ ability to expand in and on, the U.S. market as the result of new tariffs, travel and visa bans - while some of those same respondents also applaud the positive economic advantages of new and lower corporate tax rates. “We have been forced to send personnel back to Sweden after their visas expired and where they otherwise would have been renewed. Many of the current administration’s policy actions feel political rather than in true response to the pandemic.” - Vice President/General Manager, Swedish-U.S. Company Further, respondents point toward the U.S.’s non-scientific approach to pressing global challenges, and a sense of growing cultural divide both within the U.S. and towards its traditional allies, including as relates to its business and political environment. 51% of Swedish Companies believe the U.S. business sector is less responsible now as compared to before the pandemic. Swedish Companies and Swedish-U.S. Companies are especially concerned about the U.S.’s approach to sustainability (read more in Insight 6), but also Covid-19 and the current administration’s handling of the crisis and its negative effects on the U.S. market, now further deteriorated with a new wave of lockdowns and business contractions. “The U.S. approach to the pandemic has been a bit of a disaster.” Vice President/General Manager, Swedish-U.S. Company
Survey question: Has your view of the American business environment changed in terms of being responsible and contributing to a better world post the Covid-19 outbreak?
All Segments
44%
Swedish-U.S. Companies
64%
Swedish Companies
12% 51%
16%
40%
9%
27%
42%
7%
Survey question: Has your view of the Swedish business environment changed in terms of being responsible and contributing to a better world post the Covid-19 outbreak?
44
All Segments
14%
U.S. Companies
25%
More Negative View
50%
36%
59%
Unchanged
16%
More Positive View
Respondents further point to challenges evaluating U.S. market potential as a result of political uncertainty. 46% of Swedish Companies state that the U.S. market is less predictable and reliable as compared to before the pandemic. “The current administration is very unreliable. Suddenly we are slapped with import tariffs on our key materials...” - Vice President/General Manager, Swedish-U.S. Company All in all, study findings show a marked decline in U.S. market interest and focus on the part of Swedish businesses, with 34% of all respondents stating that companies in general are less invested/interested in doing business with American companies and/or on the U.S. market today and as compared to prepandemic. This is especially critical for growth companies not yet present on the U.S. market, illustrating how this affects perceived market attractiveness and opportunities, and ultimately, market expansion strategies.
Survey question: Has your view of the American business environment changed in terms of being reliable post the Covid-19 outbreak?*
All Segments
45%
Swedish-U.S. Companies
55%
Swedish Companies
46%
49%
6%
41%
5%
49%
5%
Survey question: Has your view of the Swedish business environment changed in terms of being reliable post the Covid-19 outbreak?
All Segments
10%
U.S. Companies
9%
More Negative View
37%
53% 69%
22%
Unchanged
More Positive View
* Does not total 100% because individual values are rounded
“The U.S. is a fantastic market if you enter it in the right way, but I now interact with a growing number of entrepreneurs who feel the entry challenges are just too great.”
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“We serve customers in Europe who want to do business in the U.S.. The American response to Covid-19, along with more restrictive travel and visa restrictions, make our European customers less inclined to start or develop their business in the U.S..” - Vice President/General Manager, Swedish-U.S. Company It is worth noting, however, that both American and Swedish respondents report improved post-election sentiments and expectations, including positive changes as a result of a new incoming administration, and report feeling hopeful that some aspects of internationalizing efforts on to the U.S. market will not only become more attractive, but easier.
Survey question: In your experience, are companies in general more or less invested/ interested in doing business with American companies and/or on the U.S. market today, as compared to before the Covid-19 outbreak?*
All Segments
34%
56%
U.S. Companies
34%
47%
Swedish-U.S. Companies
41%
Swedish Companies
33%
10%
19%
55%
5%
4%
63%
Survey question: In your experience, are companies in general more or less invested/ interested in doing business with Swedish Companies and/or on the Swedish market today, as compared to before the Covid-19 outbreak?*
14%
U.S. Companies
19%
72%
Swedish-U.S. Companies
18%
55%
Swedish Companies
12%
More Negative View
46
24%
All Segments
61%
58%
Unchanged
9%
27%
30%
More Positive View
* Does not total 100% because individual values are rounded
“America has always been at the forefront in times of global crises with the best scientists, but this time, the U.S. did not even listen to their own science.”
“There is risk involved in doing things differently, which inevitably has an impact on business.”
KEY TAKEAWAYS, INSIGHT 8: •
9% of U.S. Companies reporting a heightened interest in Swedish industry and enterprises as compared to before the outbreak of the pandemic.
•
34% of study respondents perceive the overall image of corporate America as having declined since the outbreak of Covid-19.
•
40% of U.S. Companies see the Swedish business sector as less responsible now as compared to before the pandemic.
•
A majority (51%) of Swedish Companies believe the U.S. business sector is less responsible now as compared to before the pandemic.
47
“The interest in the Swedish growth sector is increasing, even though Sweden’s Covid approach was considered irresponsible.” --- Vice President/General Manager, U.S. Company
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SUMMARY REMARKS The Covid-19 pandemic continues to rage, exacting enormous personal and financial toll across the globe - even now as we finalize Study Phase II and insights on this unprecedented disruption. On the bright side, the very recent approval and early rollout of vaccines, now offers a glimmer of hope. In summary, this crisis has caused untold disruption, economic hardship and loss, while simultaneously leading to new and innovative practices and products – many resulting in unprecedented commercial success and growth. ’No good crisis should go wasted’ and ’Disruption is the mother of innovation’ have indeed both proven apt and highly accurate predictions for silver linings in the midst of hardship and unprecedented challenges. As demonstrated in this Phase II Study, the pandemic has permanently altered how, where, with who, we now work, conduct business and trade, as well as create value and growth. Certain sectors have borne the brunt of the downturn and loss, whereas yet others, have either been newly created or able to capitalize on the situation. Lessons learned are many, perhaps foremost the importance of nimble, agile and rapid response. As we now better understand the enormous and pending challenges around climate change, population disruption, as well as seemingly unavoidable future public health issues, comes also the undeniable recognition that complacency or disengagement is not an option. Beyond the obvious global importance of this growing awareness, is also the opportunity for Swedish Companies, uniquely positioned to now capitalize, given their track record of measurable sustainability initiatives. As illustrated in this report, Sweden and Swedish industry has improved its reputation and position as focus on sustainability and climate change mitigation mounts, and is increasingly recognized as a tool for higher returns and ability to attract top talent. On the flip side, Sweden’s approach to containing and addressing the pandemic elicited more criticism than support, and tainted the view of Swedish leadership and its public/social sector. Similarly, Swedes perceive the U.S. as having botched its response to the pandemic. Coupled with a messy U.S. political climate, protectionist policies and rhetoric, has turned the Swedish opinion of the U.S. more negative. More recently, though, and in the aftermath of the national election and pending change in administration, Swedish industry appears more optimistic about a better U.S. business climate, while also looking to position itself in ways to best capitalize on heightened demand for innovation and technology. Thank you yet again to all who gave of their time and invaluable insights. We hope to keep in touch and our hand on your pulses!
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Publishers:
Editor & Data Analyst, SACCNY:
The Swedish-American Chamber of Commerce, New York & Applied Value Group
Ebba Berbres, Business Services
Responsible Publisher:
Editor, SACCNY:
Anna Throne-Holst, President
Alva Jonevret, Business Services
Chief Editor & Project Leader:
Editors, Applied Value Group:
Emma Fredwall, Chief Operating Officer Specialist, Business Services Insights & Marketing Analytics
Lambert Rutaganda, Senior Consultant Clara Lorenius Andrén, Consultant
Survey and interviews conducted in September, October & November 2020 Date of publication: December 2020 Copyright: The Swedish-American Chamber of Commerce, New York 2020
About SACCNY:
About Applied Value Group:
The Swedish-American Chamber of Commerce, New York is a non-governmental organization. Our mission is to promote, advance and protect commercial and professional relations between Sweden and the United States, while acting as an important support agent for Swedish businesses internationalizing on the U.S. market.
Applied Value Group is a premier boutique management consulting, investment, and social impact firm with a global presence. We focus heavily on ROI and tangible bottomline results for our clients. We service both global conglomerates as well as small and medium size companies on improving their cost and capital efficiency from our offices in Helsinki, New York, Stockholm, and Shanghai.
Website: www.saccny.org
Website: www.appliedvaluegroup.com
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“I’d say the biggest change since the first phase is an acceptance that this is the new normal” --- Vice President/General Manager, Swedish-U.S. Company
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The Swedish-American Chamber of Commerce, New York 900 Third Avenue, 29th Floor, New York, NY 10022 Tel: +1 212 838 5530 info@saccny.org www.saccny.org 52
