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Anne Worsoe - Innovation Norway - Stanford - Feb 7 2011

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Anne Worsoe - Innovation Norway - Stanford - Feb 7 2011

  1. 1. OVERVIEW: NORWAY Anne H. Worsoe Director, Innovation Norway, San Francisco Stanford School of Engineering European Entrepreneurship & Innovation Program February 7th, 2011
  2. 2. 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
  3. 3. 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
  4. 4. Some Norwegian finalists @Red Herring 4
  5. 5. 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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