To a certain extent you are right. But there are still very successful businesses only based on local markets in both Denmark, Sweden and Norway.

In Denmark for instance JustEat and Trendsales were pretty successful. Both have a heave part of logistics involved though.

If you are making something digital then always think of your home market as a market of 6Billion people.

Successful startups out of Denmark 100% digital but none of them choose to stay there.

Tommy Ahlers Zyb (aquired by vodafone) and Podio (acquired by citrix). TrustPilot.com, Zendesk (moved to the US), Unity (moved to the US)