2. Geographical bias in Norway
High-growth companies in and around the major cities
Ministry of Trade and Industry: better financing for growth
Ministry of regional development: more financing,
competence and network for the less urban areas
Ministry of finance: Expensive to fund early stage, market
failure more difficult to prove in urban areas
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3. Norway: 3% of companies, 60% of the growth
UK: 6% of companies, 50% of the growth
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4. Accelleration in Norway
Still young and developing
Some challenges
- Few private investors
- Little venture capital
- Hardly any (no) seed capital
- IT cluster in Oslo, but fragmented
- Strong government- and investor
focus on oil and gas
Most high-growth companies
- Entrepreneurship not «cool»
are in IT and oil & gas
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6. More good helpers
Connect Norway StartupNorway:
• mentor service
• spring board process Start-up week-end
• meeting arenas between Started 2010
entrepreneur and investor • Oslo, Trondheim, Bergen and
Stavanger
Silicon Vikings Startup summer
Hub for connections Startup beers and open coffees
• professionals in technology Oslo Health Challenge
• entrepreneurs Nordic startupawards
• the Silicon Valley industry
• academia Soundrop (Northzone juni 3m
dollar)
GrunderTV
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7. New financing facility for early-stage, grants
Proposed to Ministry of Trade and Industry
Grant facility 250 mNOK for very early stage companies
Up to 500 000 per company, paid out in stages
External panels recommend financing, IN acts quickly to make financing decision
Response to:
• Slow procedures in IN
• Lack of competence in IN within certain business areas
• Lack of funding early stage
• Initial demand for a pollen fund
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