US tech companies can scale into a ~$21 trillion economy between the US + Canada, with barely any adjustments for culture & language. From there they can then use their considerable footing to push into any number of other foreign markets and press the scale further.
Most software businesses benefit immensely from such scaling.
If you're a Scandinavian tech company, doing something like that is far, far more difficult. It caps the upside for most companies. That's not unique to Scandinavia of course, it's true about almost all other countries / areas, other than China. US & British cousin cultures have a slightly easier time as well in general, as they can often immediately tap right into the US as an early market. That's why eg Shopify was able to so quickly scale itself, despite the smaller size of Canada's economy, they're doing a monster business in the US. Tech companies that have pulled that off coming out of Scandinavia are still semi-rare, such as Mojang or Spotify (Mojang famously was able to use the global scaling to immensely reward its employees).
