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Skype co-founder on the lookout for talent

One of his recent successful projects is the creation of Tradeshift, a digital invoicing group founded in his basement in November 2009.

When Morten Lund was first approached to seed fund Facebook, he never thought it would be so hugely successful. Back in 2004, it was a simple social network limited to four universities only.

“I could have bought into Facebook when they were just starting out. At the time I was approached, they were confined to only four universities. I saw the potential but I thought there was a lot of work which needed to be done to scale up the platform and that’s why I didn’t invest in it,” Morten told Khaleej Times in an interview.

He doesn’t regret the missed opportunity and continues to look at new companies. Morten has since invested in more than 100 tech start-ups and knows the tech industry is full of opportunities.

His most notable investment was in Skype which was sold to eBay for $2.6 billion in 2005.

“The coolest thing about Skype is they don’t put a lot of stuff into it. The interface is still very clean and I always wanted it to be simple.”

Morten is now working on a project called the Coders Trust, which allows students and programers in emerging nations upgrade their skills by receiving funding.

“At Coders Trust, we offer loans and mentorship to students who can use it to learn coding and programing. We already have partnerships ready in 15 to 20 countries and we will start off operations in Bangladesh, because it offers a very interesting growth perspective,” he said.

Once the student receives training, the company provides a task or project and the commission earned from the project is used to pay the loan.

“Universities want their graduates to get a job and we believe in creating an alternative labour market where people can work online and earn as a freelancer,” added Morten.

When asked about the failure of most start-ups, he noted lack of clarity as one of the main reasons.

“It is because start-ups don’t know what they are doing. A start-up is a business which is trying to identify itself. More than 70 per cent of these start-ups fail.”

Morten’s journey as an entrepreneur has seen him reach great highs and lows. He started out in the advertising business and sold his web design agency to Leo Burnett at the age of 27.

In his thirties, Morten created Denmark’s first incubator, active in Skype, ZYB, Bullguard, Polar Rose, Zecco and 80 other startups.

One of his recent successful projects is the creation of Tradeshift, a digital invoicing group founded in his basement in November 2009. In March this year, the company closed a $75 million investment, driving it into the Asian market with PayPal as an investor.

Asked about his choice of tech companies, Morten says, “In reality, I look for talent in people. That’s it!”

muaz@khaleejtimes.com

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