Want to know what to do in this downturn — watch this LeWeb interview of the very honest, frank, and a bit crass, Morten Lund who was just declared personally bankrupt by courts in Copenhagen. 

Mr. Lund, the ‘Rock-’n Roll’ entrepreneur, made $millions from the sale of Skype (new media) to EBay for $2.6 billion in 2005, But he says he’s not in it for the money.

Through his two venture capital firms, LundKenner, and LundXY, he currently owns 80+ startup companies all around the world. The result of his tremendous networking and self-promoting skills.

“At LundKenner we go beyond the classic venture approach. We do not believe in money as the sole purpose for success, but foremost the spirit of entrepreneurship and a vision for building great companies.”

Lund’s losses are the result of investing most of his personal wealth in Nyhedsavisen, (old media) a free Danish newspaper that shut down last August. Earlier in the year the paper had been the best-read paper in Denmark. The plan was to integrate the old media into the new with an online presence. They just didn’t make it. Their financial problems could have been affected by the falling value of the Icelandic kronur as the original partners were from Iceland. 

Lund, 36, has been an entrepreneur since the age of 19, going against his mother’s wishes to go into shipping. His blog ‘It’s all about Luck,’ expresses his values for risk taking and failure. He’s instinctive, quick on his feet and not afraid. Very unusual for a European, who usually consider failure to be shameful. Not for this Scandinavian.

“The chances are bigger now than ever . . . technology is breaking through.”

And here are some of Warren Buffett views about risk.