That would actually imply the point of this article, in my opinion. More startups will inevitably mean more failures due to more risks, which would drag the stock market.

But that doesn't matter. You shouldn't gauge the inventiveness and exploratory nature of a country by looking at its stock index. Especially since stock indices are irrational and get inflated for many misleading reasons.

Did someone also inject 4.5T dollars into the finance industry of Sweden?

Yes, the 4.5T quantitative programs by the US gov pushed down interest rates across the entire globe. Financial markets don't exist in isolation.

It's not like money injected is debt free.

But the effect on stock prices was to return them to pre recession levels (while growth did not). So regardless of what it did to interest rates (or perhaps in some part because of what it did), the QE has likely inflated prices of stocks - particularly US stocks. So the S&P 500 growth vs the Swedish index is hardly indicative of anything re: startups either way. If anything the increased stock prices in the US should have helped buoy the option for a IPO exit strategy in favor of the US.

Feel free to use a different starting year for those charts, whatever you like.