In the Spotlight: Norway’s Thriving Startup Scene
More and more startup activity in Norway.
Due to the dramatic drop in oil and gas prices in the last five years, Norwegian entrepreneurs are turning their attention to technology instead of depending on abundant resources as a financial cushion.
In the same way, the Norwegian government has taken several measures to diversify their economy which heavily relies on energy. These measures include a steadfast support for innovation and entrepreneurship through investment and promotion.
This has resulted in the launch of Innovation Norway, a company aimed at enhancing innovation and stimulating profitable business development throughout the country.
But government encouragement is not the only reason Norway’s startup scene is thriving.
Norway’s educated workforce is only one of the country’s strengths when it comes to technology and innovation. Students and young people have an energetic drive to navigate the world of startups. This, among other reasons, is causing more and more graduates to turn away from big corporations and to focus on small-scale entrepreneurship instead.
Students are the ticket to kick-starting the Norwegian startup revolution. With their well-rounded education, and growing skills and talents, many will continue to thrive by building their own tech companies from the ground up.
Stable Business Environment
Norway’s stable business environment is another reason the startup scene in the country is thriving. The nation’s strong economy and immaculate infrastructure make it an ideal environment for business.
More and more investors are being encouraged to assist in raising funds for these budding startups. While the present funding is still fairly modest, many startups are seeing an upward trend. In fact, Companies like Kahoot and No Isolation have raised millions in the last few years.
With a population of only around 5 million, Norway’s community is relatively tight-knit. But what does this mean for new businesses? In a world where it’s all about who you know, it means a lot.
Entrepreneurs in Norway reap the rewards of working closely with friends, as well as developing lasting professional relationships across industries.
It’s no secret that networking is a big part of business. And in Norway, entrepreneurs and innovators have ample opportunity to meet new contacts. These connections will always help lead young investors to the right people.
Emphasis on Sustainability
In the age of climate change, sustainability is a priority in all areas of business. And luckily, Norway’s startup scene has jumped on board in hopes of saving and protecting the earth. The Norwegian government, along with many communities and businesses in the country, are joining hands in pursuit of sustainable business practices.
Many notable startups are devoting their time and attention to lowering energy consumption, and finding ways to give citizens access to cleaner energy. A bulk of investments are allocated to sustainability efforts as well.
When it comes to startup innovation, Norway is the future. And for investors who want a promising venture, this nordic country is the ideal choice.
Although 70% of startups fail to reach their 10th birthday, it looks like Norway’s startups are headed in the right direction. Their startup ecosystem experienced a rapid growth in the last year, with investments pouring in from different sectors in Norway and beyond.
In the past few years, ingenuity and hard work have propelled Norwegian businesses to create groundbreaking innovations. But the question is, will the country’s startups sustain this momentum and continue growing?
Success will require time, energy, and motivation. But with Norway’s educated workforce, stable business environment, tight-knit community, and emphasis on sustainability, I’m sure we will see advancements in the next decade.
© #Norway Today