Anne Worsoe - Innovation Norway - Stanford - Feb 7 2011
OVERVIEW: NORWAY Anne H. Worsoe Director, Innovation Norway, San FranciscoStanford School of EngineeringEuropean Entrepreneurship & Innovation ProgramFebruary 7th, 2011
Norway: Highlights- Population approx. 5 million- One of the highest per-capita income in the world: $53,000- One of the most heavily taxed countries in the world, but 28% corporate tax and zero cap gains- Unemployment rate 3.5% - lowest in Europe- Ranked 3rd in Gallup’s happiness survey- Poverty almost nonexistent – generous welfare system Norway’s total petroleum production, bnNOK (2007)- Oil & gas operations ¼ of GDP- …but will not last forever- What when the oil runs out? 2
Focus on R&D, innovation & entrepreneurship - Norwegians are ”Technology Optimists” - Rates of start-up creation among highest in the world per capita* - 12% increase in # of startups 2010 - Low business startup costs #VC investment (Norway) 2010 Oil&gas - Lots of cellphones 18% Other - Plenty of secure Internet servers 29% ICT - High quality/low cost R&D 20% Life sci/ Med Cleantech - The perception that working 15% 18% hard gets you ahead*According to Global Entrepreneurship Monitor, 2010 3
A Norwegian Silicon Valley success story- Meltwater Group: Global SaaS-provider, B2B- Established in 2001, 100mUSD in 2010- 820 FTEs in 26 countries, 18.000 customers- #25 of the 200 fastest growing companies in Europe (Dun & Bradstreet)- Always profitable, no VC funding, no debt- ”In Silicon Valley… for each new customer and employee,we compete with the world’s most competetive companies. It’s inspiring and fun.” 5
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