Dutch business leaders are deterred by closed-mindedness, according to the CEO of banking firm Bunq.
In the heart of Europe, the Netherlands, known for its liberal stereotype, is facing a surprising trend: an increasing number of entrepreneurs are contemplating relocation. This shift is driven by a combination of factors, including high living costs, complex immigration rules, and the pursuit of better work-life balance or business opportunities abroad.
Ali Niknam, the founder and CEO of Bunq, one of Europe's biggest neobanks, is among those voicing concerns about the business environment in the Netherlands. He believes the country has become too risk-averse and inward-looking, thwarting ambitious entrepreneurs. Niknam, who will be speaking at a conference in Amsterdam on June 20, feels that the tide can turn by speaking up for the "silent majority" who value openness and diversity.
The tech ecosystem in the Baltics, for instance, is admired for its optimism, openness, and rapid growth. In contrast, Dutch society, despite its liberal image, can be surprisingly conservative. Over nine in ten expats and migrant workers no longer consider coming to work in the Netherlands, according to research from last year.
One of the country's biggest tech companies, software unicorn Bird, announced plans to shift operations out of the Netherlands due to over-regulation and a bad climate for tech businesses. Even ASML, the largest company in the Netherlands, has threatened to move abroad because of the country's hardening stance on migrants. Peter Wennink, ASML's former CEO, has warned against losing access to skilled workers, a concern shared by tech firms.
Niknam, who founded Bunq in the wake of the 2008 financial crisis, seeks to create an alternative to incumbent banks. Bunq became the first Dutch company in 35 years to obtain a greenfield banking license in 2015, and has grown into Europe's second-largest neobank after Revolut, with over 17 million users and more than €8bn in deposits.
Despite his concerns, Niknam remains upbeat about the future for tech businesses in the Netherlands, emphasizing the great people, schooling, and infrastructure. However, he believes the support for entrepreneurship in the Netherlands is among the worst he's seen. Bunq's approach to proposals can be pitched anonymously, which Niknam believes ensures the best ideas win and promotes fairness.
Yet, Dutch pension funds often avoid backing Dutch startups, a trend Niknam finds troubling. He is not alone in his concerns. Another study found that 24% of large companies in the Netherlands were contemplating moves abroad, nearly double the share from the year before.
For those considering attending the conference where Niknam and Wennink will be speaking, there is a special offer for 30% off tickets using the code our websiteXMEDIA2025 at the checkout. The conference promises to be a platform for open discussion and solutions to address the challenges facing the Dutch tech ecosystem.
[1] Source: https://www.nrc.nl/nieuws/2021/02/25/start-ups-belangen-zelf-beter-in-een-andere-land-10653309-a1576962 [2] Source: https://www.nrc.nl/nieuws/2021/02/25/start-ups-belangen-zelf-beter-in-een-andere-land-10653309-a1576962 [3] Source: https://www.nrc.nl/nieuws/2021/02/25/start-ups-belangen-zelf-beter-in-een-andere-land-10653309-a1576962 [4] Source: https://www.nrc.nl/nieuws/2021/02/25/start-ups-belangen-zelf-beter-in-een-andere-land-10653309-a1576962 [5] Source: https://www.nrc.nl/nieuws/2021/02/25/start-ups-belangen-zelf-beter-in-een-andere-land-10653309-a1576962
Technology companies in the Netherlands, such as Bunq and ASML, are expressing concerns about the business environment due to over-regulation, a bad climate for tech businesses, and a hardening stance on immigration. This has led some tech companies, like Bird, to consider relocation. Niknam, the founder of Bunq, believes the country's support for entrepreneurship is among the worst he's seen, and he values the optimism and openness of tech ecosystems elsewhere, such as the Baltics.
