Polar Bear Pitching, which attracted over 70 investors and nearly 500 ticket-holding participants, celebrated startup entrepreneurship for the tenth time in Oulu. In keeping with the theme of the Capital of Culture, startup culture took centre stage at the morning seminar, where the importance of emotions in marketing was also discussed. The evening event was filled with anticipation as the ice-pitching presentations unfolded and the winner of the 10,000-euro prize was announced.
The startups were warmly welcomed to Oulu the day before the main event with a dip in an ice hole, but the cold could not dampen the competitors’ spirited attitude. Preparations in a warm and friendly atmosphere, paved the way for participants from around the world to get acquainted with the toughest competitor of all: the icy open water.
Startup culture and the power of emotions meet
The atmosphere at Thursday morning’s seminar was certainly not lacking in flair, as Radisson Blu’s Ainola Hall was adorned with brand-appropriate coloured lights, as well as ice cube and polar bear props that proved hugely popular for group photos. This year, the seminar’s theme combined cultural capital with the growth of startup companies.
A recurring theme in the presentations was a people-centred approach to entrepreneurship and its challenges, with a particular focus on emotional well-being. The dismissive mindset of small-towners was cited as a counterforce stifling big dreams, and the new entrepreneur’s own cognitive biases and illusions also came up as topics of discussion. Attempts were made to bring a more realistic perspective to overconfident self-assurance by reminding participants that roughly 90 percent of startups, so to speak, never get off the ground.
A friendly tone garnered support in several discussions, though actions are always required to back up kind words. Merely speaking beautifully about the importance of diversity, for example, is not enough on its own; rather, this should ideally be reflected in a company’s composition and operations. Such consistency requires the courage to swim against the current at times, which also helps in standing out in the market.
Those seeking to stand out were encouraged to think more boldly, for example, by aiming to break down categories rooted in everyday language through their innovations. An example of this, increasingly mentioned in the discussions, was booking an Airbnb or Uber instead of a hotel or a taxi.
In addition to the entrepreneur’s personal emotional labour, the product itself should, based on the discussions, evoke the strongest possible emotions, for example through a backstory. This principle was illustrated using the automotive industry as an example, where today it is no longer about moving between desired destinations, but rather about the story built around the car when discussing the formation of a purchase decision.
However, unlike consumers, artificial intelligence is not capable of emotion-based decision-making in the same way; the seminar also discussed the development of AI into a more proactive decision-maker. In this area, it was noted that entrepreneurs must go back to school, as the situation is constantly evolving at a rapid pace, and one cannot keep up with that change without learning new things.
Toward the end of the seminar, participants also reflected on how a hobby and a passion can be transformed into a business idea and a source of income. The blurred line between work time and recovery, which can easily become unclear in such a scenario, was examined from multiple angles.
Polar Bear Pitching day conference once again filled the Ainola Room at Radisson Blu.
Put on your beanie and pitch
As the evening’s anticipated programme segment began, the atmosphere was somewhere between a sporting event and a television game show, as the audience started gathering along the edge of the Oulu Market Square and the competitors prepared for their elevator pitches with enthusiasm, ready to convince the entire jury of investors.
International media – some having arrived with a full film crew – losely monitored the event’s progress from their designated press area, and the live broadcast was projected onto the facade of Oulu theatre. The atmosphere was heightened by the array of food stalls and startup tents set up in the square, along with an impressively sized sauna truck. A fire show combining pyrotechnics and music, also left no one cold.
As the audience danced about – some to ward off the cold, others inspired by the joyful atmosphere – the startup entrepreneurs’ turn came to brave the ice hole adorned with majestic ice decorations. With the audience’s energetic cheering, the competitors managed to deliver elevator pitches lasting up to seven minutes. Cheeks and noses were red in the stands, but that was a mere mosquito bite compared to what the competitors experienced in their icy arena. After their pitches, each startup entrepreneur was allowed to warm up their limbs in a hot tub.
In the ice hole, the competitors battled both the cold, which threatened to cloud their thinking, and the nerve-wracking tension. According to the judges’ assessments, the one who handled the elements best this year was Donato Rubinetti, representing the Swiss startup Ionic Wind. The winning concept involves coolers designed for electronics that move air using the power of electromagnetic fields instead of fans. Thanks to this innovation, computers, for example, can be made quieter and more durable. There was no limit to the excitement as the winner was awarded in a festive ceremony, and the event reached its well-deserved climax.
Polar Bear Pitching's Avanto competition also attracted dozens of international media representatives, BBC and ZDF camera crews among others.
A significant message behind the event
Polar Bear Pitching’s project manager Shefat Islam sums up the essence of this year’s event.
– Courage, community, and creativity. Seeing the competitors step into the ice hole with determined strides, supported by an incredibly enthusiastic audience, was a true highlight for us organisers, Islam describes the experience for the organising team, particularly regarding the evening’s proceedings.
According to her, Oulu’s year as European Capital of Culture also lived up to its potential.
– This year, in particular, I was struck by the event’s natural connection to Oulu’s European Capital of Culture celebrations. We got to see a more diverse range of people, ideas, and collaborations, which is a testament to both our concept’s evolution and its loyalty to its roots, says Islam.
The project manager’s insight aptly sums up the day’s events:
– Above all, we received confirmation of our belief that Polar Bear Pitching is more than just a few elevator pitches. It is an experience designed to inspire each of us to take bold steps with confidence – without forgetting to have fun.
Polar Bear Pitching was again organised with the help of a large, multi-national group of volunteers, mostly students from the local universities.