Danish Innovators … Denmark is a quiet superpower of innovation, from Lego and Mærsk, Ørsted and Vestas, to Ganni and Pleo, Topsøe and Trustpilot … where science meets design, purpose and profit

September 22, 2025

Denmark has long been a quiet superpower of innovation. A small nation with just under six million people, it has repeatedly reshaped global markets — from wind energy and shipping to enzymes, toys and pharmaceuticals. Its innovation model is distinctive: science-based, purpose-driven, and built on a culture of trust and collaboration.

Yet even Denmark’s biggest innovators face headwinds. Global competition, rising costs, political scrutiny and market over-expectation have taken their toll on stock prices and confidence. But innovation is not just about smooth growth curves; it is also about reinvention, resilience and staying ahead of the curve.

Having worked with the leaders of many Danish companies, I have a huge imagination for the country, and their quiet, thoughtful approach. At the same time, there is a need to step up and see a changing international marketplace. In a small country, they need to think creatively about how to grow beyond geography, to compete and collaborate in new ways on the global stage.

Today, Danish innovation can be seen in two waves: the established giants who remain global leaders despite near-term financial pressures, and a new generation of challengers who are reimagining markets with digital, circular and climate-tech models.

Danish Giants: Innovators under pressure

Novo Nordisk

The pharmaceutical giant has been the face of Denmark’s economic success, leading the global revolution in diabetes and obesity care through its GLP-1 drugs (Ozempic, Wegovy). Recently, its share price fell sharply after cutting guidance and announcing job cuts. But the underlying science remains transformative. Novo is investing in next-generation treatments — including oral obesity drugs and powerful combination therapies like CagriSema. Demand for obesity and metabolic health solutions is massive and growing, and Novo’s science, scale and pipeline will keep it central to the health innovation story for years to come.

Ørsted

Once a fossil-fuel utility, Ørsted reinvented itself as the world leader in offshore wind. Recent financial results have disappointed, with high interest rates, supply-chain pressures and intense competition hitting its margins. But the world still needs Ørsted’s expertise in building, operating and financing massive offshore energy systems. It is piloting hybrid parks that combine wind, solar and storage, while investing in green hydrogen. Ørsted remains at the heart of the clean-energy transition, even if near-term profitability is volatile.

Vestas

Vestas continues to be the largest pure-play wind turbine manufacturer globally. Like Ørsted, it has been squeezed by supply-chain inflation and policy delays, but it is investing heavily in digitalization and predictive maintenance to make wind energy more reliable and efficient. Its ability to combine cutting-edge turbine design with global service networks keeps it central to renewable energy innovation.

Mærsk

Shipping giant AP Moller-Maersk has embarked on an ambitious journey to decarbonize global trade. It is pioneering methanol-powered vessels, building partnerships to scale green fuels, and developing digital logistics platforms. The company’s profits have been hit by freight volatility and high decarbonization costs, but Maersk’s commitment to transforming a carbon-intensive sector remains one of the boldest industrial bets in the world.

Lego

Lego is one of Denmark’s most beloved brands and a global cultural icon. Financially, it has faced the challenge of slowing growth in toy markets, but it continues to push innovation in digital play, education, and most notably, sustainable materials. Its experiments in bio-based plastics and circular reuse models could redefine how consumer brands tackle sustainability, proving that play and purpose can coexist.

Bang & Olufsen

Bang & Olufsen is Denmark’s iconic luxury audio and design company, renowned for combining high-fidelity sound with striking industrial design. Despite recent financial challenges and volatile sales due to competition from mainstream electronics brands, B&O continues to innovate with premium product lines and strategic collaborations with Ferrari, HP, and lifestyle brands. Its focus on craftsmanship, sustainability in materials, and direct-to-consumer digital channels helps maintain brand relevance. While the company operates in a niche market, its commitment to design excellence, sound quality, and experiential innovation ensures B&O remains a global symbol of Danish luxury and creative ingenuity.

Danfoss

Danfoss is a global leader in industrial technology, specializing in heating, cooling, electrification, and energy-efficient solutions. It plays a critical role in decarbonizing industry and buildings, with advanced R&D in energy optimization and automation. Though global cost pressures and energy price volatility have affected margins, Danfoss continues to expand into electrification and renewable solutions. Its innovation strategy emphasizes digital controls, IoT integration, and sustainable engineering. With a strong international footprint and commitment to solving complex energy challenges, Danfoss exemplifies how Danish industrial firms combine engineering expertise, sustainability, and innovation to maintain global leadership in evolving markets.

Danish Challengers: Next generation innovators

Pleo

Pleo is reimagining business finance through smart expense-management tools. Its cards, software and analytics give companies of all sizes transparency and control over spending. It has scaled rapidly across Europe and continues to add features that integrate with accounting systems and automate admin. Pleo shows how Danish fintech can take a human-centered problem — messy expense reports — and solve it with design simplicity and tech agility.

Too Good To Go

This food-waste marketplace is now one of Denmark’s most visible global startups. The app connects consumers with surplus food from restaurants and retailers, creating a simple, win-win solution. It has scaled across Europe and the U.S., saving hundreds of millions of meals. Too Good To Go is proof of Denmark’s ability to combine social impact with commercial scale, addressing one of the world’s most urgent sustainability problems.

Ganni

Ganni is a Copenhagen-based fashion brand disrupting traditional apparel markets through sustainability, digital-first strategy, and circular business models. The company has grown rapidly via direct-to-consumer sales, global collaborations, and seasonal “drop” campaigns, creating a loyal, socially conscious audience. Circular initiatives, resale programs, and eco-friendly production differentiate Ganni from traditional fast fashion, appealing to consumers seeking style with purpose. Despite operating in a highly competitive global fashion market, Ganni leverages digital engagement, strong branding, and agile supply chains to scale internationally. Its success illustrates Denmark’s strength in creative industries and sustainable, mission-driven business innovation.

Universal Robots

Universal Robots, a pioneer in collaborative robots (cobots), makes industrial automation accessible to small and medium-sized enterprises. Their flexible, easy-to-program robots help manufacturers increase productivity, reduce labor costs, and improve safety. Owned by Teradyne, Universal Robots has maintained strong growth (~20% YoY), expanding adoption across automotive, electronics, and general manufacturing. Continuous innovation in software, AI integration, and user-friendly interfaces allows it to remain competitive while democratizing automation. By fostering Denmark’s robotics cluster and exporting advanced industrial solutions worldwide, Universal Robots exemplifies how Danish engineering, innovation, and design thinking can transform manufacturing on a global scale.

Trustpilot

Founded in Copenhagen, Trustpilot has become a global platform for online reviews. Its challenge is ensuring trust and combating fake reviews — but that is also where its innovation lies. By combining moderation systems, machine learning and transparency standards, Trustpilot is redefining how reputation is built online. In an era of declining trust, Denmark’s ethos of openness and fairness finds expression in this platform.

Haldor Topsøe

Topsoe is Denmark’s hidden industrial hero, developing catalysts and process technologies that enable cleaner fuels, green hydrogen and e-methanol. It recently invested in scaling solid-oxide electrolyzers for industrial hydrogen production, a technology with game-changing efficiency potential. While less visible than consumer apps, Topsoe’s breakthroughs are vital for decarbonising heavy industry.

Seaborg Technologies

Alongside these more mature players, Denmark is seeding a new crop of startups. One standout is Seaborg Technologies, developing compact molten-salt nuclear reactors designed to provide safe, modular and carbon-free power. It is still pre-commercial, but it reflects Denmark’s willingness to explore bold technologies at the frontier of climate solutions.

Denmark’s Innovation DNA

Looking across these companies, five strengths stand out:

  • Science-to-scale capability. Denmark excels at translating deep science — in biology, chemistry, engineering — into scalable products, from Novo Nordisk’s pharmaceuticals to Topsoe’s catalysts.

  • Systems thinking. Giants like Ørsted and Maersk tackle problems end-to-end, designing integrated systems rather than isolated fixes.

  • Trust and social purpose. Companies like Too Good To Go and Trustpilot reflect a cultural focus on fairness, sustainability and transparency.

  • Global from day one. With a small home market, Danish firms are export-oriented and internationally ambitious.

  • Policy support for green and social innovation. Danish government policies have nurtured early adoption in wind energy, biotech and sustainability, giving firms a platform to scale globally.

Denmark’s innovation landscape today is not without challenges. Novo Nordisk and Ørsted have seen share prices wobble; Maersk and Vestas face cost pressures; Lego must reinvent materials at scale. Yet their capacity to adapt and reinvest in the future keeps them at the center of global innovation.

At the same time, a new wave of challengers — digital, circular, climate-tech startups — is pushing into new spaces with agility and mission-driven zeal. Together, they show why Denmark remains one of the world’s most innovative economies: a place where science meets design, and where business is inseparable from purpose.

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