The Nordic countries have strong framework conditions for entrepreneurship and many startups. However, the report finds that Nordic countries struggle to scale up young growth firms into large companies. While Finland has more gazelle growth than other Nordic nations, the region overall lacks entrepreneurial capabilities and skills needed to accelerate firm growth and realize global potential. The report recommends developing entrepreneurial ecosystems to provide young companies with complementary skills, experience, and networks to stimulate growth.
How Nordic companies innovate by Jørn Bang Andersen and Hans Christian BjørneNordic Innovation
The document provides insights from a survey of 800 business leaders from 100 Nordic companies on innovation practices. Key findings include:
1) Nordic companies primarily innovate within the "Offering" dimension, focusing on products/services.
2) Only 41% of companies have a formal innovation strategy, but those with strategies have higher innovation focus, effort, and internal alignment.
3) Most Nordic companies have an unfocused approach to innovation and put low effort into innovation activities.
The document recommends companies develop innovation strategies to increase focus, effort, and returns from innovation investments. Strategies should be based on differentiating dimensions and coordinated across internal/external partners.
Dr. Chao Yuang Shiang academic website
http://mail.nhu.edu.tw/~yschao/
http://isites.nhu.edu.tw/yschao/
https://authorcentral.amazon.com/gp/profile
http://www.amazon.com/-/e/B00IV30N1E
https://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile
Teaching experiences (1999/8/1 ~ Now)
Faculty (Full-time), Department of Finance, full-time lecturer, assistant professor (2011/8~Now), Yu Da University (1999/8/1 to 2013/7/31)
Faculty (Part-time), Department of International Trade, National Taichung University of Science and Technology (2005/2/1 to 2006/7/31)
Faculty (Part-time), National Taichung University of Science and Technology in Junior College of Continuing Education (2002/8/1 to 2005/1/31)
Faculty (Part-time), Accounting and Information Systems, Chang Jung Christian University (CJCU) (2000/2/1 to 2002/7/31)
Current Occupation:
Full-time faculty, Assistant Professor, Department of Finance and Institute of Financial Management, College of management, Nan Hua University, Taiwan.
University textbooks publication:
1. <monetary> Published in 2004
2. <principles> Published in 2005
3. <financial> Published in 2011
4. <international> Published in 2012
5. <insurance> Published in 2013
Three finance-related books published from 2012 to 2014.
1. "MNE investment strategy and risk evaluated in China"
- The Joint Effects of MNE's Diversification Strategy on Performance and Systematic Risk Evaluated in China Investment (Published on 27-April-2012)
2. "What Government Bonds and Investors Matter in Global Financial Crisis? - Evidence and Strategic Thinking" (Published on 23-August-2012)
3. "Global Value Chains and Regional Economic Integration Development" (Published on 05-September-2013)
Website linkage
https://www.morebooks.de/search/%20gb?page=2&q=+Yuang+Shiang+Chao+&search_term=+Yuang+Shiang+Chao+&via_keyword=1
********
Consultant and advisor in governmental institution and private company
1. Financial consultant, Yoau Jude construction company
2. Consultant in business management and marketing strategy,Green Deming environmental technological company
3. Consultant in education and training Joy town Investment Company
4. Counseling consultant in preparatory OTC market, Yunhong environmental company
5. Counseling consultant, the Council of Labor Affairs, Executive Yuan, R.O.C. (validity: 2012/2/22-2012/12/31)
6. Counseling consultant in creating business and career development, The National Youth Commission (NYC), Executive Yuan, R.O.C. (validity: 2012/6/1-2013/5/31).
7. Counseling consultant, Small and Medium Enterprise Administration, Ministry of Economic Affairs, Executive Yuan, R.O.C. (validity: 2014/4/1- 2015/3/31).
8. Counseling consultant ,the Bureau of Employment and Vocational Training (BEVT) ,Council of Labor Affairs , Executive Yuan, R.O.C. (validity: 2012/3/1-2013/12/31)
Oslo Business Region serves as Oslo's platform for strengthening the entrepreneurial ecosystem. In 2018, Oslo saw significant growth in its startup scene, with the number of startup investments ranking Oslo among the top 20 startup hubs in Europe. Oslo Business Region hosted various events throughout the year to connect entrepreneurs, investors, and other stakeholders, including Oslo Startup Day, Nordic Extreme Tech Challenge, and Meet the Community. These events helped foster partnerships, ideas, and growth within Oslo's growing startup community.
Key numbers, evaluation on strategy goals and feedback from event organizers, press, and attendees from Oslo Innovation Week 2019, 23-27 September. By Oslo Business Region.
How to lead successful mergers and acquisitions (M&A) and partnerships in China ? This presentation provides insights based on a finance book published in 2015.
Key numbers, evaluation on strategy goals and feedback from event organizers, press, and attendees from Oslo Innovation Week 2018, 24-28 September. By Oslo Business Region.
Dr. Chao profile in Linkedin (May-2016)Edward Chao
Current Occupation:
Full-time faculty, Assistant Professor, Department of Finance and Institute of Financial Management, College of management, Nan Hua University (2013/8/1 ~ Now)
Main research is focused in five main fields,
1. International Diversification and FDI Investment Policy
2. MNE FDI Strategy and Global Strategy
3. Evaluating MNE Investment Strategy and Performance in Emerging Economy
4. International Finance and Investment Policy
5. FDI Investment Risk Management in business and emerging economies
The website linkage
http://isites.nhu.edu.tw/yschao/doc/836
http://www.worldwidebranding.com/MembersOnly/Settings/MyProfile.aspx
http://www.amazon.com/-/e/B00IV30N1E
https://plus.google.com/u/0/112211076070595678650/posts
In the process of R&D globalization, due to market demand and preferential policies, many multinational companies choose to invest in R&D in China. With the increase of labor costs in coastal areas and the rapid economic development of the central and western regions, multinational companies have already shifted from coastal areas to central and western regions when choosing R&D regions in China, especially in Shaanxi Province. Therefore, studying the character of R&D investment and operating performance of Multinational Corporation in Shaanxi Province has important practical significance. This article uses the data of the R&D investment of multinational corporation in the joint annual inspection of Shaanxi Province in 2018 as the sample and uses EXCEL software to conduct data analysis to gain an in-depth understanding of the character of R&D and investment of multinational corporation in Shaanxi Province, business characteristics and business performance. And it is concluded that the R&D investment of multinational corporation in Shaanxi Province has a series of characteristics such as concentration of distribution, concentration of enterprise scale, and overall good performance of operating performance.
How Nordic companies innovate by Jørn Bang Andersen and Hans Christian BjørneNordic Innovation
The document provides insights from a survey of 800 business leaders from 100 Nordic companies on innovation practices. Key findings include:
1) Nordic companies primarily innovate within the "Offering" dimension, focusing on products/services.
2) Only 41% of companies have a formal innovation strategy, but those with strategies have higher innovation focus, effort, and internal alignment.
3) Most Nordic companies have an unfocused approach to innovation and put low effort into innovation activities.
The document recommends companies develop innovation strategies to increase focus, effort, and returns from innovation investments. Strategies should be based on differentiating dimensions and coordinated across internal/external partners.
Dr. Chao Yuang Shiang academic website
http://mail.nhu.edu.tw/~yschao/
http://isites.nhu.edu.tw/yschao/
https://authorcentral.amazon.com/gp/profile
http://www.amazon.com/-/e/B00IV30N1E
https://www.linkedin.com/profile/edit?trk=nav_responsive_sub_nav_edit_profile
Teaching experiences (1999/8/1 ~ Now)
Faculty (Full-time), Department of Finance, full-time lecturer, assistant professor (2011/8~Now), Yu Da University (1999/8/1 to 2013/7/31)
Faculty (Part-time), Department of International Trade, National Taichung University of Science and Technology (2005/2/1 to 2006/7/31)
Faculty (Part-time), National Taichung University of Science and Technology in Junior College of Continuing Education (2002/8/1 to 2005/1/31)
Faculty (Part-time), Accounting and Information Systems, Chang Jung Christian University (CJCU) (2000/2/1 to 2002/7/31)
Current Occupation:
Full-time faculty, Assistant Professor, Department of Finance and Institute of Financial Management, College of management, Nan Hua University, Taiwan.
University textbooks publication:
1. <monetary> Published in 2004
2. <principles> Published in 2005
3. <financial> Published in 2011
4. <international> Published in 2012
5. <insurance> Published in 2013
Three finance-related books published from 2012 to 2014.
1. "MNE investment strategy and risk evaluated in China"
- The Joint Effects of MNE's Diversification Strategy on Performance and Systematic Risk Evaluated in China Investment (Published on 27-April-2012)
2. "What Government Bonds and Investors Matter in Global Financial Crisis? - Evidence and Strategic Thinking" (Published on 23-August-2012)
3. "Global Value Chains and Regional Economic Integration Development" (Published on 05-September-2013)
Website linkage
https://www.morebooks.de/search/%20gb?page=2&q=+Yuang+Shiang+Chao+&search_term=+Yuang+Shiang+Chao+&via_keyword=1
********
Consultant and advisor in governmental institution and private company
1. Financial consultant, Yoau Jude construction company
2. Consultant in business management and marketing strategy,Green Deming environmental technological company
3. Consultant in education and training Joy town Investment Company
4. Counseling consultant in preparatory OTC market, Yunhong environmental company
5. Counseling consultant, the Council of Labor Affairs, Executive Yuan, R.O.C. (validity: 2012/2/22-2012/12/31)
6. Counseling consultant in creating business and career development, The National Youth Commission (NYC), Executive Yuan, R.O.C. (validity: 2012/6/1-2013/5/31).
7. Counseling consultant, Small and Medium Enterprise Administration, Ministry of Economic Affairs, Executive Yuan, R.O.C. (validity: 2014/4/1- 2015/3/31).
8. Counseling consultant ,the Bureau of Employment and Vocational Training (BEVT) ,Council of Labor Affairs , Executive Yuan, R.O.C. (validity: 2012/3/1-2013/12/31)
Oslo Business Region serves as Oslo's platform for strengthening the entrepreneurial ecosystem. In 2018, Oslo saw significant growth in its startup scene, with the number of startup investments ranking Oslo among the top 20 startup hubs in Europe. Oslo Business Region hosted various events throughout the year to connect entrepreneurs, investors, and other stakeholders, including Oslo Startup Day, Nordic Extreme Tech Challenge, and Meet the Community. These events helped foster partnerships, ideas, and growth within Oslo's growing startup community.
Key numbers, evaluation on strategy goals and feedback from event organizers, press, and attendees from Oslo Innovation Week 2019, 23-27 September. By Oslo Business Region.
How to lead successful mergers and acquisitions (M&A) and partnerships in China ? This presentation provides insights based on a finance book published in 2015.
Key numbers, evaluation on strategy goals and feedback from event organizers, press, and attendees from Oslo Innovation Week 2018, 24-28 September. By Oslo Business Region.
Dr. Chao profile in Linkedin (May-2016)Edward Chao
Current Occupation:
Full-time faculty, Assistant Professor, Department of Finance and Institute of Financial Management, College of management, Nan Hua University (2013/8/1 ~ Now)
Main research is focused in five main fields,
1. International Diversification and FDI Investment Policy
2. MNE FDI Strategy and Global Strategy
3. Evaluating MNE Investment Strategy and Performance in Emerging Economy
4. International Finance and Investment Policy
5. FDI Investment Risk Management in business and emerging economies
The website linkage
http://isites.nhu.edu.tw/yschao/doc/836
http://www.worldwidebranding.com/MembersOnly/Settings/MyProfile.aspx
http://www.amazon.com/-/e/B00IV30N1E
https://plus.google.com/u/0/112211076070595678650/posts
In the process of R&D globalization, due to market demand and preferential policies, many multinational companies choose to invest in R&D in China. With the increase of labor costs in coastal areas and the rapid economic development of the central and western regions, multinational companies have already shifted from coastal areas to central and western regions when choosing R&D regions in China, especially in Shaanxi Province. Therefore, studying the character of R&D investment and operating performance of Multinational Corporation in Shaanxi Province has important practical significance. This article uses the data of the R&D investment of multinational corporation in the joint annual inspection of Shaanxi Province in 2018 as the sample and uses EXCEL software to conduct data analysis to gain an in-depth understanding of the character of R&D and investment of multinational corporation in Shaanxi Province, business characteristics and business performance. And it is concluded that the R&D investment of multinational corporation in Shaanxi Province has a series of characteristics such as concentration of distribution, concentration of enterprise scale, and overall good performance of operating performance.
Nordic Innovation is an institution under the Nordic Council of Ministers that facilitates sustainable economic growth in the Nordic region through international cooperation. It has 25 employees and an annual budget of approximately 80 million NOK. Nordic Innovation seeks to add value through mapping initiatives, identifying best practices, finding synergies, and leading joint Nordic projects. Some current projects include the Nordic to Global Initiative to connect Nordic investors with foreign partners and measuring innovation strategies in Nordic companies. The organization also focuses on entrepreneurship through forums, education projects, and publishing the Nordic Growth Entrepreneurship Review.
As part of Team NEO’s ongoing international business attraction efforts, an International Session was held on March 16, 2011. The presentation provides an update on activities from Cleveland Plus Business Europe.
Dr. Edward Chao is an assistant professor at Nan Hua University in Taiwan. He has a PhD in International Business Management from National Yunlin University of Science and Technology. His research focuses on international finance, multinational enterprise investment strategies, and risk management. He also works as a governmental consultant for small and medium enterprises in Taiwan, advising on business plans, funding, and risk control. Dr. Chao has published numerous academic articles and books on topics related to international business and finance.
The document discusses the concept of "born global" firms. It defines born globals as businesses that seek international sales and resources from inception. The rise of born globals represents a new era of rapid globalization and internationalization among small firms. Factors driving this change include new technologies, global markets, internationally-mobile human capital, and managers with international experience. The document examines definitions, characteristics, and implications of born globals, proposing they be considered uniquely in internationalization theory and policy support programs.
The Entrepreneurial Challenge – A comparative study of entrepreneurial dynamics in China, Europe and the US is based on data from the Global Entrepreneurship Monitor (GEM). GEM is the most comprehensive worldwide study on entrepreneurship. Since the first survey, which covered 10 countries and was conducted in 1999, the study has grown to include 181,000 respondents in 62 countries in 2015, representing over 72 percent of the world’s population and 90 percent of the world’s GDP. Pontus Braunerhjelm (editor), Johan P Larsson, Ylva Skoogberg and Per Thulin have contributed to this report.
The document presents the findings of a study that aimed to identify strategies that support early internationalization and survival of born global companies. The study used qualitative content analysis to analyze literature and interview case study companies. Key findings include that born globals operate in traditional industries disrupted by new technologies, and internationalization is driven more by technological capabilities than local market conditions. Networking and a product model strategy focusing on development over market learning are important. The study could be improved by taking more time in analysis, properly applying deductive methods, better addressing performance, including a quantitative component, and reducing confirmation bias.
This document describes a study that examines the relationship between small business leaders' individual resilience and the likelihood that their firm plans for adversity. The study analyzes data on 901 small businesses in London and Frankfurt. It finds that individual resilience positively predicts resilience planning for firms in London but not Frankfurt. It also finds some differences in these relationships for female business leaders compared to males. The implications are that national context and gender affect the link between individual leader resilience and firm resilience planning. Further research is needed to understand regulatory or cultural factors influencing the different results between cities.
The nordic strategy for CSR by Rune Gottlieb SkovgaardNordic Innovation
The Nordic Strategy for CSR outlines a vision for integrating social, environmental, and ethical concerns into business operations and strategies through stakeholder dialogue. The strategy aims to strengthen the long-term sustainable competitiveness of Nordic businesses and coordination on CSR internationally. Key areas of priority include promoting internationally agreed standards, addressing risks and opportunities in global value chains, and strengthening reporting and communication.
2003 Janson and McQueen Once upon a Leader EXECUTIVE REPORTAnnick Janson
This report summarizes a study conducted by The Royal Society of New Zealand and New Zealand Trade and Enterprise to identify characteristics of successful leadership in commercializing science and technology. They interviewed 31 leaders and identified a pathway model with 5 elements: development stages from starting a business to sustained success internationally; leadership and environmental factors for progression; enablers who provide support; and excuses people give for not progressing. The leadership pathway narrows from many starting at the bottom to very few at the top. The study found common experiences and that New Zealand's strengths for commercialization come from its challenging market conditions requiring innovation.
The document summarizes the key findings of a survey conducted by the National Centre for Technology Management (NACETEM) on the innovative capabilities of manufacturing firms in Nigeria. The survey found that most firms in the sample were small and medium enterprises, with full Nigerian ownership. Product and process innovations were common, while diffusion-based innovations were least common. Younger, smaller firms and those in southern regions tended to be more innovative. Firms said the top barriers to innovation were domestic economic conditions and lack of financing. They believed the most important government supports were financial incentives like subsidies and tax rebates.
Professor Svante Andersson, Halmstad University, presented this lecture "The Born Global Firm – a challenge for theory and policy" as part of the Whitaker Institute's Distinguished Lecture Series at NUI Galway on 2nd March 2016.
This document summarizes the key findings from the 2014 Global Entrepreneurship Monitor (GEM) UK report. Some of the main results include:
- The UK's early-stage entrepreneurial activity rate was 8.6%, outperforming France and Germany.
- One in five working-age individuals in the UK intend to start a business.
- More men aged 50-64 are becoming entrepreneurs, increasing the gender gap, though women's rates have nearly doubled over 10 years.
- Optimism about start-up opportunities in the UK has returned to pre-recession levels.
Innledning av administrerende direktør ved Nordic Innovation, Ivar Kristensen, under konferansen "Innovasjon over alle grenser – og nye initiativer for svensk-norsk næringssamarbeid" på Voksenåsen 2. september 2011.
This document summarizes a study on how private equity investors create value when exiting investments in North American companies from 2011-2012. Some key findings are:
1) Private equity continues to outperform public markets due to strategic and operational improvements, which accounted for 50% of returns.
2) From 2010-2012, EBITDA growth from portfolio companies accounted for 70% of private equity returns, driven increasingly by organic revenue growth.
3) Private equity firms have shifted focus from cost cutting to growth strategies like expanding into new markets and products.
The document provides an overview of an entrepreneurship course being taught at KU Leuven. It discusses what students can expect to learn in the course, including exploring the entrepreneurial process, discovering opportunities, screening and developing opportunities, and appropriating returns from entrepreneurial behavior. The course aims to not only teach entrepreneurship concepts but also empower students to engage in entrepreneurship. It will cover topics like opportunity discovery, market research, business modeling, resource mobilization, and assessing opportunities. The objectives are for students to understand the entrepreneurial process for both internal ventures and startups, the role of business planning, and how to discover and create opportunities.
This document summarizes a dissertation proposal on evaluating strategic leadership practices and their impact on organizational performance in Pakistan's small and medium enterprises. The proposal outlines the background, aims, objectives, and organization of the dissertation research. Specifically, it will examine current strategic leadership practices in pharmaceutical SMEs in Pakistan, compare them to effective practices identified in literature, and analyze their influence on organizational performance.
Techminsk presentation feb 2016 - Finland ecosystemWill Cardwell
The document discusses Finland's success in building a venture capital and angel investor ecosystem. It notes that venture capital and private equity investing has accelerated company growth, internationalization, and strengthened boards in Finland. The Finnish Business Angels Network (FiBAN) is one of the largest in Europe with over 500 members and 100 events annually. Two key government actors, Sitra and Tekes, have supported the ecosystem through research funding and innovation programs. The document highlights some successful Finnish startups and concludes with lessons Belarus can learn around long-term vision, capacity building for entrepreneurs and investors, embracing failure, and supporting all stages of companies.
Goldman Sachs is committed to supporting small businesses and economic growth through its 10,000 Small Businesses initiative. This initiative provides practical business education, support services, and access to capital for small business owners in the UK and US. The program aims to help small businesses create jobs and economic growth. It is delivered through academic partners and includes workshops, business advising, networking opportunities, and a community of alumni business owners. Participants develop a business growth plan and the program has proven successful, with graduates growing revenue faster and creating more jobs than similar small businesses. The document provides details on the program components, eligibility, and impact.
China is implementing sweeping environmental reforms such as a greenhouse gas emissions trading scheme for polluting power plants. It has also banned waste imports from other countries. As a major recycler previously, this has put Western nations into crisis mode.
China has also become a driver in the global green bonds market. An expert notes China continues to see strong growth, and those who spend time researching and understanding the country will see why.
The roundtable discussion covered opportunities in private debt and rules of law in China, developments in the finance sector including stock connects, new regulations, and Chinese fund managers' risk management.
Entrepreneurial orientation, entrepreneurial education and performanceYing wei (Joe) Chou
1. The study examines the relationship between entrepreneurial orientation (including proactiveness, innovativeness, and risk-taking) and business performance, as well as the role of entrepreneurship education.
2. The findings show that innovative proactiveness positively influences non-financial business performance, while risk-taking propensity does not influence financial or non-financial performance.
3. Entrepreneurship education was also found to have no connection with entrepreneurial orientation or business performance.
The document discusses America's emergence as an imperial power in the late 19th century. It describes how the US expanded across North America and then began extending control over other lands, driven by desires for military strength, new markets, and a belief in cultural superiority. Key events discussed include the annexation of Texas, war with Mexico which added more territory, the purchase of Alaska, and annexation of Hawaii. The Spanish-American War led the US to gain control over Puerto Rico, Guam, and the Philippines. The document also discusses America's growing influence in China and construction of the Panama Canal, which cemented its rise as a global power.
Msc. carlos antequera n. la elocucion mapa mentalcarlos antequera
Este documento resume los conceptos clave de la elocución y sus formas. La elocución se refiere al modo de emplear las palabras para expresar conceptos en el discurso. Incluye tres elementos: el fondo (pensamientos y sentimientos), el estilo (modo de decir las palabras), y la forma (palabra y cláusulas). Las formas elocutivas principales son la descripción, la narración, el diálogo y la exposición. La elocución también incluye la oratoria, el discurso y la disertación
Nordic Innovation is an institution under the Nordic Council of Ministers that facilitates sustainable economic growth in the Nordic region through international cooperation. It has 25 employees and an annual budget of approximately 80 million NOK. Nordic Innovation seeks to add value through mapping initiatives, identifying best practices, finding synergies, and leading joint Nordic projects. Some current projects include the Nordic to Global Initiative to connect Nordic investors with foreign partners and measuring innovation strategies in Nordic companies. The organization also focuses on entrepreneurship through forums, education projects, and publishing the Nordic Growth Entrepreneurship Review.
As part of Team NEO’s ongoing international business attraction efforts, an International Session was held on March 16, 2011. The presentation provides an update on activities from Cleveland Plus Business Europe.
Dr. Edward Chao is an assistant professor at Nan Hua University in Taiwan. He has a PhD in International Business Management from National Yunlin University of Science and Technology. His research focuses on international finance, multinational enterprise investment strategies, and risk management. He also works as a governmental consultant for small and medium enterprises in Taiwan, advising on business plans, funding, and risk control. Dr. Chao has published numerous academic articles and books on topics related to international business and finance.
The document discusses the concept of "born global" firms. It defines born globals as businesses that seek international sales and resources from inception. The rise of born globals represents a new era of rapid globalization and internationalization among small firms. Factors driving this change include new technologies, global markets, internationally-mobile human capital, and managers with international experience. The document examines definitions, characteristics, and implications of born globals, proposing they be considered uniquely in internationalization theory and policy support programs.
The Entrepreneurial Challenge – A comparative study of entrepreneurial dynamics in China, Europe and the US is based on data from the Global Entrepreneurship Monitor (GEM). GEM is the most comprehensive worldwide study on entrepreneurship. Since the first survey, which covered 10 countries and was conducted in 1999, the study has grown to include 181,000 respondents in 62 countries in 2015, representing over 72 percent of the world’s population and 90 percent of the world’s GDP. Pontus Braunerhjelm (editor), Johan P Larsson, Ylva Skoogberg and Per Thulin have contributed to this report.
The document presents the findings of a study that aimed to identify strategies that support early internationalization and survival of born global companies. The study used qualitative content analysis to analyze literature and interview case study companies. Key findings include that born globals operate in traditional industries disrupted by new technologies, and internationalization is driven more by technological capabilities than local market conditions. Networking and a product model strategy focusing on development over market learning are important. The study could be improved by taking more time in analysis, properly applying deductive methods, better addressing performance, including a quantitative component, and reducing confirmation bias.
This document describes a study that examines the relationship between small business leaders' individual resilience and the likelihood that their firm plans for adversity. The study analyzes data on 901 small businesses in London and Frankfurt. It finds that individual resilience positively predicts resilience planning for firms in London but not Frankfurt. It also finds some differences in these relationships for female business leaders compared to males. The implications are that national context and gender affect the link between individual leader resilience and firm resilience planning. Further research is needed to understand regulatory or cultural factors influencing the different results between cities.
The nordic strategy for CSR by Rune Gottlieb SkovgaardNordic Innovation
The Nordic Strategy for CSR outlines a vision for integrating social, environmental, and ethical concerns into business operations and strategies through stakeholder dialogue. The strategy aims to strengthen the long-term sustainable competitiveness of Nordic businesses and coordination on CSR internationally. Key areas of priority include promoting internationally agreed standards, addressing risks and opportunities in global value chains, and strengthening reporting and communication.
2003 Janson and McQueen Once upon a Leader EXECUTIVE REPORTAnnick Janson
This report summarizes a study conducted by The Royal Society of New Zealand and New Zealand Trade and Enterprise to identify characteristics of successful leadership in commercializing science and technology. They interviewed 31 leaders and identified a pathway model with 5 elements: development stages from starting a business to sustained success internationally; leadership and environmental factors for progression; enablers who provide support; and excuses people give for not progressing. The leadership pathway narrows from many starting at the bottom to very few at the top. The study found common experiences and that New Zealand's strengths for commercialization come from its challenging market conditions requiring innovation.
The document summarizes the key findings of a survey conducted by the National Centre for Technology Management (NACETEM) on the innovative capabilities of manufacturing firms in Nigeria. The survey found that most firms in the sample were small and medium enterprises, with full Nigerian ownership. Product and process innovations were common, while diffusion-based innovations were least common. Younger, smaller firms and those in southern regions tended to be more innovative. Firms said the top barriers to innovation were domestic economic conditions and lack of financing. They believed the most important government supports were financial incentives like subsidies and tax rebates.
Professor Svante Andersson, Halmstad University, presented this lecture "The Born Global Firm – a challenge for theory and policy" as part of the Whitaker Institute's Distinguished Lecture Series at NUI Galway on 2nd March 2016.
This document summarizes the key findings from the 2014 Global Entrepreneurship Monitor (GEM) UK report. Some of the main results include:
- The UK's early-stage entrepreneurial activity rate was 8.6%, outperforming France and Germany.
- One in five working-age individuals in the UK intend to start a business.
- More men aged 50-64 are becoming entrepreneurs, increasing the gender gap, though women's rates have nearly doubled over 10 years.
- Optimism about start-up opportunities in the UK has returned to pre-recession levels.
Innledning av administrerende direktør ved Nordic Innovation, Ivar Kristensen, under konferansen "Innovasjon over alle grenser – og nye initiativer for svensk-norsk næringssamarbeid" på Voksenåsen 2. september 2011.
This document summarizes a study on how private equity investors create value when exiting investments in North American companies from 2011-2012. Some key findings are:
1) Private equity continues to outperform public markets due to strategic and operational improvements, which accounted for 50% of returns.
2) From 2010-2012, EBITDA growth from portfolio companies accounted for 70% of private equity returns, driven increasingly by organic revenue growth.
3) Private equity firms have shifted focus from cost cutting to growth strategies like expanding into new markets and products.
The document provides an overview of an entrepreneurship course being taught at KU Leuven. It discusses what students can expect to learn in the course, including exploring the entrepreneurial process, discovering opportunities, screening and developing opportunities, and appropriating returns from entrepreneurial behavior. The course aims to not only teach entrepreneurship concepts but also empower students to engage in entrepreneurship. It will cover topics like opportunity discovery, market research, business modeling, resource mobilization, and assessing opportunities. The objectives are for students to understand the entrepreneurial process for both internal ventures and startups, the role of business planning, and how to discover and create opportunities.
This document summarizes a dissertation proposal on evaluating strategic leadership practices and their impact on organizational performance in Pakistan's small and medium enterprises. The proposal outlines the background, aims, objectives, and organization of the dissertation research. Specifically, it will examine current strategic leadership practices in pharmaceutical SMEs in Pakistan, compare them to effective practices identified in literature, and analyze their influence on organizational performance.
Techminsk presentation feb 2016 - Finland ecosystemWill Cardwell
The document discusses Finland's success in building a venture capital and angel investor ecosystem. It notes that venture capital and private equity investing has accelerated company growth, internationalization, and strengthened boards in Finland. The Finnish Business Angels Network (FiBAN) is one of the largest in Europe with over 500 members and 100 events annually. Two key government actors, Sitra and Tekes, have supported the ecosystem through research funding and innovation programs. The document highlights some successful Finnish startups and concludes with lessons Belarus can learn around long-term vision, capacity building for entrepreneurs and investors, embracing failure, and supporting all stages of companies.
Goldman Sachs is committed to supporting small businesses and economic growth through its 10,000 Small Businesses initiative. This initiative provides practical business education, support services, and access to capital for small business owners in the UK and US. The program aims to help small businesses create jobs and economic growth. It is delivered through academic partners and includes workshops, business advising, networking opportunities, and a community of alumni business owners. Participants develop a business growth plan and the program has proven successful, with graduates growing revenue faster and creating more jobs than similar small businesses. The document provides details on the program components, eligibility, and impact.
China is implementing sweeping environmental reforms such as a greenhouse gas emissions trading scheme for polluting power plants. It has also banned waste imports from other countries. As a major recycler previously, this has put Western nations into crisis mode.
China has also become a driver in the global green bonds market. An expert notes China continues to see strong growth, and those who spend time researching and understanding the country will see why.
The roundtable discussion covered opportunities in private debt and rules of law in China, developments in the finance sector including stock connects, new regulations, and Chinese fund managers' risk management.
Entrepreneurial orientation, entrepreneurial education and performanceYing wei (Joe) Chou
1. The study examines the relationship between entrepreneurial orientation (including proactiveness, innovativeness, and risk-taking) and business performance, as well as the role of entrepreneurship education.
2. The findings show that innovative proactiveness positively influences non-financial business performance, while risk-taking propensity does not influence financial or non-financial performance.
3. Entrepreneurship education was also found to have no connection with entrepreneurial orientation or business performance.
The document discusses America's emergence as an imperial power in the late 19th century. It describes how the US expanded across North America and then began extending control over other lands, driven by desires for military strength, new markets, and a belief in cultural superiority. Key events discussed include the annexation of Texas, war with Mexico which added more territory, the purchase of Alaska, and annexation of Hawaii. The Spanish-American War led the US to gain control over Puerto Rico, Guam, and the Philippines. The document also discusses America's growing influence in China and construction of the Panama Canal, which cemented its rise as a global power.
Msc. carlos antequera n. la elocucion mapa mentalcarlos antequera
Este documento resume los conceptos clave de la elocución y sus formas. La elocución se refiere al modo de emplear las palabras para expresar conceptos en el discurso. Incluye tres elementos: el fondo (pensamientos y sentimientos), el estilo (modo de decir las palabras), y la forma (palabra y cláusulas). Las formas elocutivas principales son la descripción, la narración, el diálogo y la exposición. La elocución también incluye la oratoria, el discurso y la disertación
This document provides a concise summary of tennis techniques and strategies in Korean. It begins with an introduction by the author, Kevin Kim, and then outlines the contents which include forehands, backhands, serves, volleys, overheads, drills, and strategies. The document provides tips and illustrations for each element of tennis play broken down into basic, advanced, and expert levels.
This document discusses reasons for boycotting Israel, including that Israel is an apartheid and colonial state. It occupies Palestinian land and restricts Palestinian movement and rights. The Boycott, Divestment, and Sanctions (BDS) movement is described as urging punitive non-violent measures against Israel until it complies with international law by ending occupation, ensuring full equality for Arab citizens, and recognizing Palestinian refugees' right of return. Specific companies like L'Oreal, Nestle, Coca-Cola, Danone, and others are mentioned as targets due to their operations in Israeli settlements or profits from violations of Palestinian rights.
This document provides information about different types of economies. It begins by defining an economy and its key features. It then describes the main characteristics of three types of economies: capitalist economies, socialist economies, and mixed economies. Capitalist economies emphasize private property, free enterprise, profit motive, and competition. Socialist economies involve collective ownership, central planning, and prioritize social welfare over individual profit. Mixed economies combine elements of capitalism and socialism, with both public and private sectors coexisting. The document also distinguishes between developed and developing economies based on their level of economic development and standards of living.
The Chief Executive Officer (CEO) is responsible for leading the development and execution of the company's long term strategy to create shareholder value. The CEO oversees all day-to-day management decisions and the implementation of long and short term plans. Key duties include developing strategy with the Board, organizing staff to achieve the strategy, ensuring compliance and effective risk management and controls, acting as liaison between the Board and management, and communicating with stakeholders. The CEO is also responsible for keeping informed about company activities and ensuring proper information flow to the Board.
The document provides tips for writing effectively in examinations. It advises writers to give examiners what they want by displaying knowledge of required terminology without using jargon. Writers should focus on the task, avoid unnecessary introductions, and analyze the exam's objective and audience. When writing, thinkers should select appropriate material, arrange it well, and express it accurately and clearly. The document also provides specific tips for technical writing, English language, and communication exams which involve summarization, essays, reported speech, letters and more. Proper planning, outlining, and editing are emphasized.
The document outlines the vision and strategy for Tamil Nadu's Twelfth Five Year Plan. It discusses the state's strong economic growth during the Tenth Plan but slower growth during the Eleventh Plan. Key priorities for the Twelfth Plan include achieving accelerated, innovative and inclusive growth of 11% annually on average. This will help make Tamil Nadu one of the most prosperous states in India by 2023 and eliminate poverty and regional disparities.
The document outlines a Nordic cooperation programme for innovation and business policy from 2014-2017. It discusses the challenges facing the Nordic region, including societal issues related to the environment, energy, health, aging populations, and more. Cooperation across borders is emphasized as a way to find sustainable solutions to these complex, common problems. The programme will focus on four areas: entrepreneurship and financing, green growth, new welfare solutions, and culture and creativity for growth. Cooperation can provide added value by allowing the Nordic countries to have more international impact, exchange knowledge, share costs and data, tackle cross-border issues, and develop common platforms - ultimately strengthening the region.
More than 99% of all companies are small and medium-sized enterprises, providing most training positions and creating the majority of new jobs. In the Baltic Sea Region SMEs account for around 55% of value added and 65% of employment
of all companies. This translates into over 26 million
people employed by SMEs. In times of economic
recession, supporting SMEs translates into supporting economic recovery and labour market stabilisation
in the EU. The innovation projects partfinanced
within the Baltic Sea Region Programme 2007-2013, in
2012, together formed a project cluster called Innovation in SMEs.
What do our SMEs need in the next few years or even the next
decades? How can we maintain highly innovative SMEs in the BSR and boost the innovation capacities of our companies? This brochure looks into three core areas of innovation
support: internationalisation and cooperation, qualification and education, and research and development.
The document summarizes research on innovation and entrepreneurship conducted at Nord University Business School. It discusses the school's 30-year history of entrepreneurship research, its focus areas including spin-offs and technology firms. It also describes Nord University Business School and Nordland Research Institute as comprising the strongest research environment for entrepreneurship in Norway, with the faculty actively participating in international conferences.
This document provides an acknowledgments and executive summary section for a report on Sweden's business climate and opportunities for entrepreneurs.
The acknowledgments section lists the diverse team of experts and practitioners that contributed research, writing, and analysis for the report.
The executive summary highlights that while Sweden has generally implemented sound economic policies and has a high ranking on ease of doing business, there are some areas that could be improved to further strengthen the business environment and competitiveness. It identifies opportunities in six areas measured by Doing Business where Sweden's regulations are less business-friendly compared to peers. The summary also outlines conclusions regarding specific regulation areas like business entry, taxes, labor market, urban planning, access to finance, foreign investment, gender equality
This document provides an acknowledgments and executive summary section for a report on Sweden's business climate and opportunities for entrepreneurs.
The acknowledgments section lists over 30 individuals who contributed research, writing, data analysis and reviews to the production of the report.
The executive summary highlights the following main conclusions from the report:
- Sweden performs well on ease of doing business rankings but has shown less improvement than some other countries. It lags in some areas like starting a business and labor market flexibility.
- Starting a business in Sweden takes longer and costs more than in many other developed economies.
- Sweden has a high total tax rate on businesses due to large social security contributions, though corporate income tax rates are moderate.
The document establishes that a new nature of innovation is emerging, driven by four key factors:
1) Co-creating value with customers and tapping user knowledge, 2) Global knowledge sourcing and collaborative networks, 3) Addressing global challenges, and 4) Responding to public sector challenges. It argues that innovation is no longer just technology-driven, but also user-driven, with companies needing to open up, collaborate, and take on more social responsibility. This represents a shift from traditional "firm-centric" innovation to a more personalized, collaborative model. The document then outlines nine principles of this new nature of innovation and provides business cases as examples. It concludes that while technology will still be important, user needs will
This document summarizes the findings from case studies of university entrepreneurship support in Berlin and Rostock, Germany. For Berlin universities, it finds that while entrepreneurship support activities are well-developed, entrepreneurship education is still in an early phase of development and lacks strategic direction. Entrepreneurship education activities rely heavily on individual faculty champions rather than being fully integrated into university strategies and curricula. For the University of Rostock, it finds the entrepreneurship education offerings and start-up support services to be relatively developed, but notes opportunities for improving access to financing and incubation facilities for university spin-offs. The document concludes by highlighting areas of good practice and opportunities for improvement across both case studies.
From_Strategy_to_Practice_in_University (1).pdfSGB Media Group
This document summarizes the findings from case studies of university entrepreneurship support in Berlin and Rostock, Germany. For Berlin universities, it finds that while entrepreneurship support activities are well-developed, entrepreneurship education is still in an early phase of development and lacks strategic direction. Entrepreneurship education relies heavily on individual faculty rather than being fully integrated into university strategies and curricula. For the University of Rostock, it finds the entrepreneurship education offerings and start-up support framework to be growing but that further development is needed, particularly in commercializing research and strengthening regional collaboration. Overall, it provides recommendations to better strategically integrate entrepreneurship across universities and strengthen entrepreneurship education.
This document provides an analysis of foreign multinational companies operating in Norway. It finds that foreign multinationals make significant economic contributions to Norway. In 2012, foreign enterprises accounted for 25% of total value created, up from 20% in 2008. They employed nearly 20% of the Norwegian workforce while only representing 2.2% of registered companies. Foreign multinationals contribute the most revenue and employment in key industries like oil and gas. On average, foreign enterprises create higher value per employee, indicating greater productivity compared to domestic firms. The top contributing countries are Sweden, US, Denmark, UK, and the Netherlands.
This document outlines an annual student project carried out by Norwegian universities to study potential markets in other countries for international business ventures. It provides details on the 2005/2006 project team which traveled to India to explore market opportunities. Several members of the Norwegian and Indian governments express their support for strengthening economic relations and cooperation between the two countries. They see opportunities in sectors like hydrocarbons, IT, maritime, and fisheries. The project aims to identify areas of synergies between Norway and India to facilitate greater business interaction and mutual awareness.
Digital Toolbox: Innovation for Nordic Tourism SMEsJuha Tuulaniemi
This report focuses on meeting the practical needs of tourism businesses in the Nordic countries
when adopting and employing ICT in their operations. Taking into account the structure and
challenges of the tourism industry in the Nordic region, the different case studies in this report
represent different approaches to efficient use of ICT, offering a toolbox consisting of suggestions
on how to take advantage of ICT for market communication, customer knowledge, service design
and innovation.
The report is a result of a collaborative project between 6 Nordic partners (research institutions and
business clusters based in Denmark, Finland, Iceland, Sweden, Southern Norway, and Northern
Norway) which focused on identifying and developing ICT tools for innovation in Nordic tourism
small businesses and destinations.
The main objectives of the project have been to generate knowledge on ICT tools, to create
improved commercial tools and concepts and also to build a strong Nordic cooperation between
academic institutions and business clusters. The tools in the toolbox created as the main
contribution from this project are all innovative and should as such serve as opportunities for both
commercial development and implementation in various subsectors of the tourism industry and
facilitate increased competitiveness. A strong Nordic cooperation between the tourism stakeholders
and development and research institutes involved in the project is also an important outcome.
The project has been implemented through parallel case studies which are all ground breaking in
terms of research and development for innovation in tourism. Regular meetings and workshops
have facilitated the exchange of knowledge and ideas between the case studies as well as the
identification of common ideas and results. Multiple methods have been employed in the different
cases of the project according to the nature of each case study. Two of the cases have developed and
implemented ICT prototypes in the form of a new innovative mobile application (Denmark) and a
business intelligence process for analyzing user generated content in a destination management
information system (Sweden). In the Finish case ethnographic methods were used to develop a
service design method and tool specifically for the tourism industry. The Icelandic case employed
an online survey and website analysis for the purpose of building a webpage-design toolbox.
Interview methods as well as review and participant observation was used in Northern Norway to
explore effects of implementing short films as digital marketing tools for experience based
businesses. Also, in the case in Southern Norway in-depth interviews were used to identify open
innovation practices for experience based tourism businesses.
Per Hagstedt is an experienced management consultant and interim manager who has owned his own consulting firm, Crealogos AB, since 1999. He has served on the boards of several startups and growth companies. Previously, he held CEO roles with international companies and has extensive experience in change management, business development, and strategic consulting.
Utkast felles dokument agder og rogaland docsYellie Alkema
The document discusses several public policy tools used in Norway to facilitate business development, with a focus on the Agder region and Rogaland County. It describes the role of the Norwegian Labour and Welfare Administration (NAV) in addressing skills gaps and connecting job seekers to opportunities. NAV provides services like job listings, labor market statistics, and training programs. It also discusses other organizations that contribute to economic development, such as SIVA (which develops business sites and infrastructure), and policy tools like tax incentives and subsidy schemes to support research and development.
Utkast felles dokument agder og rogaland docsYellie Alkema
The document summarizes various public policy tools used in Norway, particularly in the Agder region and Rogaland County, to facilitate business development and address skills gaps. It discusses the role of the Norwegian Labour and Welfare Administration (NAV) in connecting labour supply and demand through services like job listings and training programs. It also outlines other organizations that support business development through initiatives like developing business parks, providing funding and subsidies, and collaborating with educational institutions. The tools aim to stimulate clusters, innovation, entrepreneurship, and help both local jobseekers and foreign workers fill local labour needs.
The Policy Framework for Investment is a comprehensive and systematic tool for improving investment conditions. This brochure explains what it is, how it works and who is using it.
More tools and information are available online at www.oecd.org/investment/pfi.htm
Finland is an economically and politically stable country that has been a member of the EU since 1995. Finland has a knowledge-based economy focused on innovation with world-class expertise in many sectors like ICT, cleantech, and life sciences due to long-term investments in R&D. The Finnish economy experienced growth from the mid-1990s until the global financial crisis in 2008 but has since struggled and is forecasted to return to growth in 2014. Finland welcomes international companies and entrepreneurs to explore business opportunities in sectors like high-tech, renewable energy, and mining thanks to its skilled workforce, excellent infrastructure, and incentives for foreign investment.
The document summarizes a presentation given by Aija Bärlund, the Executive Director of the Finnish Association of Business School Graduates (SEFE).
SEFE is a membership organization that represents over 50,000 business school graduates in Finland. It advocates for its members' interests in areas like education, employment, taxation and economic policy. Most SEFE members work in management, finance, trade or business support services.
Sustainable leadership is becoming increasingly important for companies. Surveys show customers and employees want companies to demonstrate social responsibility. SEFE has developed a sustainable leadership scorecard to help organizations evaluate and improve their performance on economic, social and environmental issues. The scorecard is available online and can benefit organizations
Corporate Reputation in the Nordics: Leading with PurposeBurson-Marsteller
Burson-Marsteller commissioned research firm Penn, Schoen & Berland to survey more than 4,500 people in Denmark, Finland, Norway and Sweden. The Nordic Corporate Reputation Study identifies the key drivers of corporate reputation in the Nordics and ranks the top 100 Nordic companies across a range of metrics from trust and responsible behavior to innovation, leadership and financial performance. For comparison and benchmarking purposes, a number of leading international companies were included in the research. The resulting Purpose & Performance Index shows that customer service, treating employees well and engaging with local communities are all key drivers of trust and help turn Nordic customers into brand advocates.
This document discusses how management buyouts can lead to entrepreneurial growth through changes in managerial incentives and cognition. It develops a model showing how buyouts can stimulate efficiency gains, catch-up innovations, and radical strategic innovations depending on whether managerial cognition remains managerial or shifts to an entrepreneurial mindset. By expanding managerial discretion and aligning ownership with management, buyouts encourage entrepreneurial thinking and risk-taking that can uncover new growth opportunities beyond just improving efficiency.
This document provides a 3-part summary of Vietnam's Five Year Socio-Economic Development Plan from 2006-2010:
1) It outlines key achievements and weaknesses of the previous 5-year plan from 2001-2005, including 7-8% GDP growth but weaknesses in economic restructuring and resource mobilization.
2) The new plan's goals are rapid, sustainable growth to industrialize Vietnam by 2020, with targets like 7.5-8% annual GDP growth per capita and reducing poverty to 10-11%. It details strategies across economic, social, and environmental sectors.
3) The plan emphasizes boosting growth through infrastructure, trade integration, and enterprise development while improving social welfare, education and
Mr. Gobinath gave a motivational speech in Tamil to encourage business people at the Biztha Awards. He spoke about organic farming in Tamil Nadu, India which has become a success story. His speech aimed to motivate Tamil business people to become entrepreneurs.
The document discusses economic growth in India from 1950-2006, dividing it into four phases. Phase I from 1950-1965 saw average growth of 3.8% annually. Phase II from 1965-1981 saw slower growth of 3.2% annually. Phase III from 1981-1988 witnessed an acceleration to 4.8% growth. Finally, Phase IV from 1988-2006 had the highest growth of 6.3% annually on average. There is debate around the causes of growth acceleration and role of economic reforms, with some arguing it was minor reforms in the 1980s and others crediting more substantial reforms from the 1990s onwards.
This document outlines the objectives and units of the course "Fundamentals of Entrepreneurship". The objective is to expose students to entrepreneurial culture and industry growth to help them start and manage their own businesses. The five units cover introduction to entrepreneurship including theories and characteristics; analyzing opportunities and conducting environmental analysis; entrepreneurial behavior and social responsibility; entrepreneurial development programs; and the role of entrepreneurs in economic growth, employment, and regional development. Suggested readings on topics like industrial entrepreneurship, venture capital, and project preparation are also provided.
Full thesis patrick onuorah - the role of small and medium sized enterprise...Jarchin Raj
This document discusses the role of small and medium enterprises (SMEs) in Nigeria's economic growth. It begins with an abstract that summarizes the study, which investigated how Nigeria's SME sector has performed and its impact on economic growth. The introduction then provides context on SME classifications in different countries. The literature review covers topics like the characteristics and challenges of SMEs in Nigeria, as well as their potential role in economic development. The study aims to assess SME profitability, employment, and relationship with infrastructure and financial institutions in Matori, Lagos. It concludes that SMEs show potential but face issues like inconsistent policies and infrastructure that limit their impact, and recommends increased government support through policies, financing
Full thesis patrick onuorah - the role of small and medium sized enterprise...Jarchin Raj
This document summarizes a study on the role of small and medium enterprises (SMEs) in economic growth in Nigeria. The study surveyed 200 SMEs in Matori, Lagos state to understand their profitability, impact on employment and infrastructure, and relationship with financial institutions and technology. The results found that while SMEs are profitable, issues like inconsistent policies and poor infrastructure undermine their potential. SMEs employ many people but need more support to hire more. Financial institutions are attracted to areas with SMEs but loans have high interest rates. The study confirms SMEs' role in economic growth and recommends the government provide more support through infrastructure, financing, policies and technology to help SMEs maximize their
The document provides an overview of India's Five Year Plans from the First Plan in 1951 to the Eighth Plan in the 1990s. It discusses the origins and history of planning in India prior to independence. Each Five Year Plan is summarized, including key targets, approaches, and outcomes. The plans shifted focus over time from agriculture and industrialization to addressing poverty, employment, and self-sufficiency. Overall the plans aimed to rapidly develop the Indian economy but faced challenges from drought, conflicts, and economic crises.
This document is a working paper that examines the relationship between entrepreneurship, innovation, knowledge, and economic growth. It discusses how our understanding of these linkages has advanced in recent decades but is still incomplete. The paper aims to shed light on recent research regarding knowledge creation and diffusion through innovation, and the role of entrepreneurs in the growth process. It concludes by discussing policy implications, such as how regulation can influence knowledge production, ownership, entry barriers, labor mobility, and financial markets to facilitate the efficient spread of knowledge and conversion of knowledge into useful innovations and economic growth.
This document summarizes John Williams' speech about the current economic conditions and outlook for monetary policy. Some key points:
1) The economy has strengthened, with GDP and job growth picking up. However, unemployment remains above typical estimates of its natural rate and inflation below the Fed's 2% target.
2) The Fed has begun tapering its asset purchase program but monetary policy remains highly accommodative. Interest rates will stay near zero until unemployment falls further.
3) The Fed has tools like interest on reserves and reverse repos to manage the large balance sheet and control interest rates during normalization of policy. Any rate increases will be gradual and clearly communicated.
The document discusses the economic environment and its impact on business. It defines the economic environment as factors such as economic conditions, economic system, policies, and international economic factors that influence business operations. It describes the primary, secondary, tertiary and quaternary stages of economic activity and how environmental factors like economic, social, political, technological, and demographic elements affect businesses.
The document provides an overview of India's economic performance and progress towards inclusiveness during the Eleventh Five Year Plan period from 2007-2012. Some key points:
- GDP growth averaged 8.2% during the Eleventh Plan, higher than the previous plan but slightly lower than the original 9% target. This growth led to increased government revenues.
- Poverty declined at a faster pace than before, by approximately 1 percentage point per year, though still short of the Eleventh Plan's 2 percentage point target. Real rural wages and access to programs promoting inclusiveness increased.
- Thirteen flagship programs were implemented with the goal of increasing rural/urban infrastructure and basic services to boost inclus
Adam Smith argued that economic growth occurs through changes in the division of labor. The author defines entrepreneurship as human actions that lead to changes in the division of labor. Three articles are discussed that provide examples of how entrepreneurship changes the division of labor. The first discusses productive versus unproductive entrepreneurship. The second builds an economic model showing how individuals specialize production. The third highlights how knowledge spillovers from companies and universities lead to spin-offs that exploit innovations.
This document summarizes a research paper that investigated the start-up and growth motives of entrepreneurs who own small and medium enterprises in Bradford, UK. In-depth interviews were conducted with 30 entrepreneurs using a storytelling approach. The findings revealed that entrepreneurs had both "pull" and "push" motives for starting their businesses, while their motives for growth were mainly "pull" motives related to attraction. Based on patterns between growth motives and entrepreneurial outcomes, the entrepreneurs were categorized into three types. The paper discusses implications for practice and opportunities for further research.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
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Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
Looking ahead, the future of OTT in India appears promising. The market is expected to grow by 20% annually, reaching a value of ₹1200 billion by the end of the decade. The increasing availability of affordable smartphones and internet access will drive this growth, making OTT platforms a primary source of entertainment for many viewers.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
Structural Design Process: Step-by-Step Guide for BuildingsChandresh Chudasama
The structural design process is explained: Follow our step-by-step guide to understand building design intricacies and ensure structural integrity. Learn how to build wonderful buildings with the help of our detailed information. Learn how to create structures with durability and reliability and also gain insights on ways of managing structures.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
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Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
3. Foreword
The main purpose of Nordic Growth Entrepreneurship
Review 2012, commissioned by Nordic Innovation, is to
provide the first joint analysis on growth entrepreneurship
and its framework conditions and the company
performance in the Nordic region. The review aims to
increase the knowledge in this area and to provide input for
developing growth entrepreneurship policy. Nordic Growth
Entrepreneurship Review is a part of the Lighthouse Project
on Entrepreneurship of Nordic Co-operation Programme
for Innovation and Business Policy 2011- 2013.
The provision of favorable environment and framework
conditions for starting and growing new businesses will
be crucial drivers for economic growth in the coming
years. New enterprises that challenge and put competitive
pressure on existing firms, thus making them improve their
performance, are essential for the dynamics in the economy
as a whole. Young firms that grow successfully also
contribute disproportionately to the creation of new jobs.
New growth enterprises are quick and agile to capitalise on
new ideas and solutions. This is needed to turn investments
in research, product development and know-how into new
innovations and business operations. Therefore, the ability
togeneratenewandgrowingfirmsisessentialforenterprise
and innovation policy in every Nordic country.
According to Nordic Growth Entrepreneurship Review,
there is a good level of startup activity across the region, and
also a relatively good level of young gazelle companies. The
area in which the Nordic region seems to struggle most, is
the scaling up of young companies - this being one of the
main weaknesses of the Nordic region. With only a small
number of young gazelles, it is important that they become
successful growth firms.
According to Nordic Growth Entrepreneurship Review,
the Nordic strongholds are regulatory framework and
market conditions. A good development of entrepreneurial
culture reflects some of the recent initiatives in the Nordic
countries. The areas especially challenging in the Nordic
region are access to finance, in particular, venture capital
at expansion stage, and entrepreneurial capabilities and
business skills which are crucial to company success.
To stimulate economic growth and the productivity of
companies, there is a need for a greater focus on not only
startups but high-growth entrepreneurship policy in
general. The findings of Nordic Growth Entrepreneurship
Review deserve further discussion on the policy level
and with relevant actors to develop the Nordic growth
entrepreneurship ecosystem and to capitalize on the Nordic
growth potential.
Read more about our projects: www.nordicinnovaton.org
Oslo, 2. October 2012
Roger Moe Bjørgan
Managing Director
Nordic Innovation
5. 5 summary report / june 2013
Foreword 3
Table of contents 5
Preface 6
Executive Summary 7
Background 8
Definitions 10
Methodology 11
Main findings from the study 12
Nordic Framework Conditions for Entrepreneurship 17
Benchmarking entrepreneurship ecosystems 28
Venture Capital in the Nordic Countries 31
Nordic Policy Recommendations 33
Notes 36
Table of contents
6. 6
Preface
The Nordic Growth Entrepreneurship Review (NGER) has
been prepared by a Nordic consortium led by REG X and
the University of Southern Denmark, with participation
from ETLA, HUI Research, RANNIS, NIFU and DBA, for
Nordic Innovation.
This study should be regarded as being closely related
to the Nordic Entrepreneurship Monitor in 2010. It was
then recommended to conduct more analysis in the area
of growth entrepreneurship, both in order to enhance
the understanding of Nordic growth entrepreneurship
performance and to develop input for better growth
entrepreneurship policy in the Nordic region.
On the basis of the Nordic Entrepreneurship Monitor,
the Nordic ministers included in the Co-operation
Programme for Innovation and Business Policy 2011-
2013 a “lighthouse project” on entrepreneurship with the
overall aim of establishing a ‘Nordic Knowledge Centre for
Entrepreneurship’.
The objective of the Nordic Growth Entrepreneurship
Review is to feed new policy relevant and fact
based information and analysis of Nordic growth
entrepreneurship into the ‘Nordic Knowledge Centre
for Entrepreneurship’. The NGER aims to provide
policymakers across the Nordic countries with a better
understanding of growth entrepreneurship performance
and challenges in the Nordic region. These objectives are
achieved by comparing the latest available data and some
new indicators for growth entrepreneurship performance
and framework conditions. Furthermore, certain policy
recommendations are made to address the Nordic
challenges in these areas.
We hope this Review will be useful.
The full report may be downloaded from:
www.nordicinnovation.org
The NGER team:
Glenda Napier (REG X – The Danish Cluster Academy - and
the University of Southern Denmark)
Petri Rouvinen (ETLA, The Research Institute of the
Finnish Economy)
Dan Johansson (HUI Research and Dalarna University)
Thorvald Finnbjörnsson (RANNIS, The Icelandic Centre
for Research)
Espen Solberg (NIFU, Nordic Institute for Studies in
Innovation, Research and Education)
Katrine Pedersen (DBA, the Danish Business Authority)
NORDIC Growth Entrepreneurship Review
7. 7 summary report / june 2013
In recent years, the Nordic countries have improved the
framework conditions for entrepreneurship and thereby
continued the development that has taken place over the
last decades. In important areas, the framework conditions
for entrepreneurship in the Nordic countries are as strong
as those in the best-performing countries.
The strong framework conditions for entrepreneurship
that are gradually being developed in the Nordic countries
have led to many startups. Entrepreneurship is attracting
more media attention, and entrepreneurs now have a
much better public image. The Nordic entrepreneurial
culture is now closer to the entrepreneurial culture of the
best-performing countries.
Young Nordic growth firms (gazelles) have a considerable
impact on job creation in relation to their number. In the
Nordic region, a total of 602 gazelles created 29 588 new
jobs during the period of 2006-2009.
However, the Nordic countries are faced with a major
challenge in a crucial area. This study reveals that,
throughout the Nordic region, there is a lack of ability
and skills to accelerate growth in young firms and to
fully realize their global potential – in spite of a somewhat
greater gazelle growth in Finland compared to other
Nordic countries. The lack of entrepreneurial capabilities
seems to relate to the lack of experienced management
teams in young companies, resulting in difficulties in
attracting later-stage venture capital.
The report highlights entrepreneurial ecosystems as a
possible instrument for stimulating growth in young firms
and as a supplement to effective framework conditions. In
strong ecosystems, multiple private-sector resources are
mobilized, and intensive collaboration and networking
provides complementary skills, experience and networks
to young growth firms, thereby stimulating growth. It
could be argued that ecosystem operators seem to provide
cohesion to the various framework conditions, and
function as network fertilizers in strong ecosystems.
Executive Summary
8. 8 NORDIC Growth Entrepreneurship Review
entrepreneurship is important
for employment, economic
growth and innovation
The first Nordic Growth Entrepreneurship Review
is published at a time when innovation-led growth
entrepreneurship is much in demand. It seems necessary
to consider growth entrepreneurship as a viable way out of
the current economic crisis.
Growth-oriented entrepreneurship is crucial for job
creation. It is often argued that small firms are job creators.
However, there is no systematic relationship between firm
size and growth. Instead, new jobs are created in younger
firms rather than smaller firms1. The more young firms
survive and grow, the more jobs are created.
Today, it is less likely that large established businesses
create lots of new jobs. Although large firms employ
the majority of people and thus remain important for
employment, it seems that new jobs are generated by
young, surviving growth firms2. To compensate for
the lack of job creation, lay-offs or relocation of jobs by
established firms, global growth-seeking entrepreneurs
are necessary to create successful ventures and employ a
significant number of people.
Growth-oriented entrepreneurship is also an important
driver of innovation, i.e. new services, products and
business models. In their search for the ‘next big
thing’, entrepreneurial firms often exploit new market
opportunities and, due to their size, are able to be more
agile and flexible compared to established firms. They
engage in industry creation and renewal, thus contributing
to more dynamic and competitive markets3.
Entrepreneurs with growth ambitions must provide
innovative and creative products to global markets in
order to succeed, and their success has spillover effects
throughout the economy. Consequently, new firms with
growth ambition cultivate what societies desperately need
today such as innovation, productivity and jobs.
Fostering growth entrepre-
neurship is difficult
Although growth seeking entrepreneurs make a vital
economic contribution through their business activities,
their presence is not evenly spread across countries or
regions. Some countries or regions are better at fostering
growth-seeking entrepreneurs.
Only a small share of new firms turns into growth
enterprises. Although the Nordic region has many new
businesses starting every year, the high shares of start-ups
does not translate into a correspondingly high share of
young growth firms4.
The question is how to increase the odds of having more
growth-oriented entrepreneurs?
A continuous need to have policy
focus on growth-oriented
entrepreneurship
Governments can support growth entrepreneurship
through relevant policy areas and various forms of
intervention.
Background
1. Haltiwanger et al, Who Creates Jobs? Small vs. Large vs. Young, 2010.
2. EBST, Entrepreneurship Index , 2010; Haltiwanger et al, Who Creates Jobs? Small vs. Large vs. Young, 2010.
3. Criscuolo and Menon, What Drives the Dynamics of Business Growth, 2012.
4. Nordic Council of Ministers, Nordic Entrepreneurship Monitor, 2010.
9. 9 summary report / june 2013
Over the past decades, policymakers and the private
sector have recognized the opportunities related to
entrepreneurship. The term ‘entrepreneurship’ has
evolved from mainly referring to ‘starting new firms’ to also
include the process of ‘enabling new firms to grow rapidly’.
In many countries, including the Nordic countries, public
policy support has shifted accordingly from addressing
the birth of new firms to also supporting the actual growth
process.
Although the governments in the Nordic countries
have taken many actions to foster growth-oriented
entrepreneurship, the question is whether they are
providing enough – or the right – incentives to really
support rapid global growth of young firms. It might be
time for developing ‘growth entrepreneurship policy
generation 2.0’.
A demand for policy analysis and
direction
In order to enhance the entrepreneurial growth that also
leads to economic growth in the Nordic region, there is a
need to know more about the ability to scale up Nordic
growth-seeking enterprises. Moreover, it is necessary
to link the related Nordic performance to the Nordic
framework conditions for growth entrepreneurship in
order to identify possible areas of further improvement or
new directions of policy.
Responding to this, the Nordic Growth Entrepreneurship
Review provides policy analysis in the area of growth
entrepreneurship and highlights possible directions for
policymakers in the Nordic countries.
The study investigates and benchmarks growth
entrepreneurship performance across the Nordic
countries and the Nordic framework conditions. Finally,
some Nordic policy recommendations are suggested in
order to address the challenges regarding growth-seeking
enterprises in the Nordic region.
10. 10 NORDIC Growth Entrepreneurship Review
Definitions
Entrepreneurship Performance
refers to the creation of new
entrepreneurial firms that grow.
Startup activity is register based data
and refers to the birth of an enterprise
with at least one employee in 2009. It
includes enterprises born in 2009 and
enterprises that existed before 2009 but
were below the threshold of one employee.
This indicator is found to be more relevant
for international comparisons of startup
activities than indicators covering all
enterprises, as these are sensitive to
the coverage of business registers. This
definition follows the OECD definition of
Employer Enterprise Birth.
Gazelles refer to register based data
for firms that over the three-year period
2006- 2009 have experienced an annual
average growth in employment of at least
20 percent. They have a minimum of 10
employees and are less than 2 years old
at the beginning of the growth period.
The share of gazelles is measured as the
number of gazelles relative to all firms
with minimum 10 employees in 2009. This
definition follows the OECD definition of
gazelles.
The ability to upscale gazelles
measures the share of gazelles that have
reached more than 50 and 100 employees
at the end of the growth period in 2009.
Entrepreneurship framework
conditions are the external factors that
influence entrepreneurship performance.
Governments can work strategically with
and address entrepreneurship through 6
policy areas:
1 Regulatory framework includes
regulation that can potentially affect
entrepreneurship performance such
as administrative burden, bankruptcy
legislation, product and labor legislation,
court and legal framework, competition
legislation, tax structures, and patents.
2 Market conditions are an important
underlying requirement for effective firm
growth and include import and export
burdens and tariffs, degree of public
involvement, and public procurement.
3 Access to finance has an impact on
the resources available to entrepreneurs.
It includes access to venture capital, loan
finance and stock markets.
4 Creation and diffusion of
knowledge is related to the ability of
diffusing new knowledge created through
research and development activities, as
well as the availability of new technology
on the market. It includes R&D activity,
technology availability and take-up, and
transfer of non-commercial knowledge
such as collaboration between universities
and firms.
5 Entrepreneurial capabilities refer
to the stock of people with capabilities
for creating value through new innovative
products. It includes stock and inflow of
foreign labor, the share of highly educated
immigrants as well as the population’s own
perception of entrepreneurial capabilities.
6 Entrepreneurial culture refers
to how society and individuals perceive
entrepreneurship. It includes the image
of entrepreneurs, the population’s
willingness to take risks and the desire to
become an entrepreneur.
Definitions
11. 11 summary report / june 2013
The Nordic Growth Entrepreneurship Review builds on
a methodology that has been used and tested through a
number of years by the Danish Business Authority and
OECD.
Framework conditions
The Review operates with the following six policy areas
which are considered decisive for a country’s framework
conditions for entrepreneurship: regulatory framework,
market conditions, access to financing, the creation and
diffusion of knowledge, entrepreneurial capabilities and
entrepreneurial culture.
The six policy areas are divided into 25 sub-policy areas.
Each policy area is assessed on the basis of a number of
indicators. A policy area is typically covered by 3 to 5
internationally comparable indicators that capture the
current situation of and trends in the individual policy
area. The Nordic Growth Entrepreneurship Review is
based on a total of 84 indicators.
Normalising the indicators
However, the various indicators are not directly
comparable. Some indicators are monetary values, some
are percentages or ratios and others are calculated by
time. To make the indicators comparable, they must be
converted into index values. Each indicator is normalised
by setting the value of the best country at 100 and the
poorest at 0. After normalising all the indicators in a policy
area, the countries’ scores are determined for each policy
area by calculating the average value of the indicators.
Total score
Based on each country’s score for the individual policy
areas, a total score is calculated as a simple unweighted
average of all policy areas and the countries are ranked
accordingly.
Methodology
12. 12 NORDIC Growth Entrepreneurship Review
High level of Nordic startups
Successful growth-seeking entrepreneurs are a portion
of the many new firms started every year. It is therefore
important to have a certain number of new firms starting
every year in order to ensure a pipeline of potential growth
firms.
As shown in previous studies (see for instance Nordic
Entrepreneurship Monitor 2010), the Nordic region is
generally good at starting new firms, which is reflected
in the relatively high level of startup activity. Based on
the latest available data on startup activities, the trend
is confirmed in this report. The Nordic countries are still
relatively good at starting new firms, despite their varying
performance.
There are differences in the startup levels across the
Nordic countries. In 2009, Norway and Denmark were the
two Nordic countries that generated the most new firms,
and also the only Nordic countries with startup activity
levels above the OECD average. While both Sweden and
Iceland have medium-high levels of new firms, Finland
has the lowest startup rate of the Nordic countries.
However, it is not automatically given that the countries
with high startup rates are the same countries that also
have high levels of growth in young firms. In other words,
high startup rates are not a guarantee for high growth rates.
Fairly high level of gazelles in
the Nordic region
When comparing shares of gazelles across the Nordic
region relative to the OECD average, it is highlighted
that there is a fairly high level of gazelles in the Nordic
countries. The analysis shows notable differences among
the Nordic countries.
Norway and Sweden both have shares of gazelles that
are well above the OECD average, followed by Finland,
Denmark and Iceland with shares of gazelles that only
reach around half of the Norwegian level (cf. Figure 1),
Denmark and Iceland with shares of gazelles that only
make around half of the Norwegian level (cf. Figure 1).
Nordic ‘born-big’ firms are few
It is important for societies that they can create new firms
that are able to compete on the global market and grow
into large firms in a short period of time. This ability is
really critical for the Nordic countries. When the absolute
number of gazelles is small it is even more important that
those that exist are able to become successful in terms of
generating jobs and growth.
However, not many of the Nordic gazelles become really
big players. The vast majority of Nordic gazelles remains
under 50 employees at the end of their growth period and
therefore grows from ‘small to small’ (cf. Figure 2).
Gazelles grow more successfully in Finland. Whereas 47
pct. of Finnish gazelles reach more than 50 employees, this
is only 38% in Norway, 25% in Sweden, 20% in Denmark
and 17% in Iceland.
Even less of the Nordic gazelles ever reach 100 employees,
but still more in Finland compared with the rest of the
Nordic countries.
This report marks the first time that the size of gazelles is
comparedacrosscountries.Hencefornow,internationally-
comparable measures for size of gazelles or young firms do
not exist. It is therefore not possible to benchmark these
Nordic findings with similar findings in other countries.
However, some data within the Nordic Entrepreneurship
Monitor could be used as a benchmark. Previously it
has been found that the USA is much better at upscaling
young firms than the Nordic countries. While 20 percent
of firms with 250-500 employees are less than 10 years
old in the USA, the percentage of firms with this level of
employment is only around 1 percent in Denmark and
Nordic growth entrepreneurship
performance
13. 13 summary report / june 2013
Figure 1: Share of gazelles across the Nordic region, 2009
Source: NGER own calculations based on National Statistic Offices in the Nordic countries and OECD.
Figure 2: Share of Nordic gazelles that grow to reach more than 50 employees, 2009
Source: NGER own calculations based on National Statistic Offices in the Nordic countries.
14. 14 NORDIC Growth Entrepreneurship Review
Table 1: Job creation in Nordic gazelles in 2006-2009
Finland. This data highlights the Nordic challenge to foster
young firms that grow large5
.
Nordic gazelles contribute to
employment
We have also looked at the contribution of the Nordic
gazelles to job creation. In the period of the financial crisis,
unemployment and outsourcing of jobs in traditional
production and manufacturing companies increased;
thus, the need for new jobs also increased.
Nordic gazelles have a considerable impact on job creation
relative to their absolute numbers (cf. Table 1), although
there are marked differences across Nordic countries in
terms of the impact on employment and the average
gazelle growth rate.
Gazelles are clearly important for job creation across
the Nordic region. For instance, in Norway, 214 gazelles
increased employment with 10549 new jobs; and in
Finland 92 gazelles alone created 7617 new jobs.
Evidently, an average Finnish gazelle creates significantly
more jobs compared to gazelles in the other Nordic
countries (cf. Table 2).
On average, 83 new jobs are created by a single gazelle
in Finland, while this is 50 or less in the other Nordic
countries. This is obviously linked to the higher share
of born-big firms in Finland. It would be interesting to
compare the data internationally and examine what
framework conditions seem most relevant for fostering
born-big firms and employment growth.
Norway Sweden Finland Denmark Iceland
Initial
employment
by gazelles
6932 5048 4359 2140 101
Final
employment
by gazelles
17526 13495 11977 4940 231
New jobs
created by
gazelles
10594 8447 7617 2800 130
Numbers of
gazelles
214 206 92 84 6
Source: NGER own calculations based on National Statistic Offices in the Nordic countries.
5. Nordic Council of Ministers, Nordic Entrepreneurship Monitor, 2010.
15. 15 summary report / june 2013
Nordicgazellesaremainlyinthe
service sectors
Most of the Nordic gazelles are in the service industry.
Compared to the other Nordic countries, Denmark has the
highest share of gazelles in knowledge-intensive services
(nearly 60%). In Norway and Finland, there is a slightly
higher share of gazelles in high-tech manufacturing
compared to the other Nordic countries (cf. Figure 3).
Iceland has the lowest share of more knowledge-intensive
gazelles and a much higher level of gazelles involved in
low-tech manufacturing.
Source: NGER own calculations based on National Statistic Offices in the Nordic countries.
Figure 3: Nordic gazelles across industries
Finland Norway Sweden Denmark Iceland
Average
jobs created
per gazelle
83 50 41 33 22
Source: NGER own calculations based on National Statistic Offices in the Nordic countries.
Table 2: Job creation in Nordic gazelles in 2006-2009
16. 16 NORDIC Growth Entrepreneurship Review
High potential Nordic startups
need to be tuned into growth -
from day one
The Nordic countries are performing well in terms of the
quantity of new firms. Every year high numbers of new
firms are born and registered. However, startup data alone
does not explain much about the quality of new firms,
in terms of their contribution to economic growth and
employment.
When comparing the ability to create gazelles (OECD
definition), the Nordic countries perform relatively
well. However, the bulk of Nordic gazelles do not grow
significantly, and the majority of companies have less than
50 employees at the end of their growth period.
In the world of entrepreneurship, there is a saying that
“you only grow as big as your vision”. If growth vision
and strategies are not built in to new startups from the
beginning, they are poorly equipped for becoming large
successful growth firms later on. A new firm has a number
of embedded flaws such as inexperienced management,
andlackofemployeesandknow-how.Inordertogrowfast,
a company needs to overcome these challenges rapidly by,
for instance, getting a professional board of directors, an
experienced management team, orienting towards global
markets and products and sorting out venture capital or
other sources of growth capital.
When looking across the entrepreneurship performance
indicators, it seems obvious to conclude that the Nordic
region has sufficient number of startups, but insufficient
number of gazelles that turn into large successful firms.
However, this analysis does not investigate the quality of
the new firms.
For future international data and analyses on
entrepreneurship performance, it could be fruitful to
distinguish startup activity to startups serving global or
local markets. It is the startups that serve a global demand
thattendtoincreasegrowthandemploymentsignificantly.
Moreover, a regional breakdown of startup activity would
be useful when comparing Nordic performance with
countries like the USA with highly differentiated regional
ecosystems.
When working with startup analyses and data it might
also be useful to distinguish between companies that are
spin-outs or established by serial entrepreneurs as these
companies could – everything else being equal – stand a
better chance to succeed due to stronger capabilities such
as experience, relevant networks and market know-how.
17. 17 summary report / june 2013
Nordic framework conditions
are improving
It is important to understand the mechanisms that could
help to increase the supply of growth enterprises.
When analyzing across all the framework conditions
for entrepreneurship, the combined score for Nordic
framework conditions is relatively high and catching up
with the best performing countries such as the USA, UK
and Canada.
Overall, the framework conditions in the Nordic region are
competitive, and, generally-speaking, the region is capable
of promoting framework conditions for entrepreneurship.
Compared to Central European countries including
Austria, Belgium, Germany, Netherlands and Switzerland,
the Nordic countries have framework conditions that are
more conducive for entrepreneurship. Southern European
countries including Greece, Italy, Spain and Portugal are
lagging the other regions significantly (cf. Figure 4).
Nordic Framework Conditions
for Entrepreneurship
Figure 4: Overall framework conditions for entrepreneurship, 2012
Source: NGER own calculations.
Note: The figure shows the composite index values for the overall score for four regions. Each sub-indicator used to
construct the composite index is standardized on a scale from 1 to 100. The closer to the highest possible maximum index
value (=100), the better. A score of 100 in the composite index requires an absolute top-performance on each sub-indica-
tor.
18. 18
Breaking down the overall framework conditions into the
sixpolicyareasprovidesamorein-depthanalysisofNordic
strengths and weaknesses across policy areas compared
to the best-performing country groups. This analysis
provides input on which policy areas could benefit from
further development in the Nordic region.
Regulatory framework, market conditions, and creation
and diffusion are the key Nordic strengths
The Nordic region generally offers good and solid
framework conditions in three of the six policy areas (cf.
Figure 5).
NORDIC Growth Entrepreneurship Review
Source: NGER own calculations.
Note: The figure shows the composite index values for the six main policy areas comprising the framework conditions for
entrepreneurship for three regions. Each sub-indicator used to construct the composite index is standardized on a scale
from 1 to 100. The closer to the highest possible maximum index value (=100) the better. A score of 100 of the composite
index requires an absolute top performance by each sub-indicator.
Figure 5: Entrepreneurship framework conditions across six policy areas, 2012
19. 19 summary report / june 2013
The Nordic region has, in particular, strong framework
conditions in the policy areas related to the Regulatory
framework and Market conditions. Generally, these areas
are on par with the best-performing countries.
Years of policy improvement of the Nordic startup
environment has resulted in the current state in which it
is easy and cheap to start a new firm. Consequences and
financial risk related to bankruptcy are fairly limited in
the Nordic countries, and labor market regulations have
improved in some countries despite marked differences
across the Nordic countries. The sub-policy area in which
the Nordic region is lagging the most in comparison to
the best performing countries is taxation, which is an area
deeply rooted in the Nordic welfare model.
Creation and diffusion of knowledge is related to the
ability to spread new knowledge created through research
and development activities, as well as the availability of
new technology on the market. This policy area is world-
class in the Nordic region. The Nordic countries are doing
particularly well in terms of R&D investment, although the
Nordic region could gain from improving the collaboration
between universities and private sector firms. Another
Nordic strength in this area is eGovernance. The Nordic
region scores high when comparing private sector firms
using eGovernance.
The remaining three policy areas are entrepreneurial
culture, entrepreneurial capabilities and access to finance.
Entrepreneurial culture
On entrepreneurship culture, the Nordic region scores
high compared to the best-performing countries.
Entrepreneurship is generally well-perceived across the
Nordic countries. Entrepreneurship culture takes time
to change and is likely influenced by the positive policy
attention that entrepreneurship has received across the
Nordic countries, although some Nordic countries have
developed a much stronger entrepreneurship culture
compared to others.
Nordic entrepreneurial
capabilities are lagging behind
Turninganewfirmintoaglobalsuccessisamajorchallenge
and requires, among other things, a unique combination
of skills, talent and experience, i.e. entrepreneurial
capabilities. However, out of these three, internationally-
comparable data exists only for skills, and this is what is
meant by entrepreneurial capabilities in this analysis.
This policy area includes perceived entrepreneurial
capabilities i.e. the share of people who believe they have
the required skills and knowledge to run a business. It also
captures how well Nordic countries attract foreign talent
and labor.
Together with Continental Europe, the Nordic region
faces a major challenge in the area of entrepreneurial
capabilities. The Nordic region’s combined score for
entrepreneurial capabilities is low compared to the best
performing countries, and is actually the lowest combined
score across the six policy areas6
. Except for Iceland,
all Nordic countries are ranked in the lower half when
comparing entrepreneurial capabilities across the OECD
countries.
On both areas, i.e. perceived skills and ability to attract
foreign talent, the Nordic region lags behind the best-
performing countries. For instance, entrepreneurs
perceive their skills to run a business more positively, and
there is a higher share of highly educated immigrants in
the USA than in the Nordic region.
Entrepreneurial capability is about entrepreneurial
skills and is shaped through entrepreneurial experience
and serial entrepreneurship. If entrepreneurs in the
Nordic region do not have sufficient experience to run
6. Compared to the other policy areas, entrepreneurial capabilities consists of fewer internationally comparable indicators. Due to
only limited internationally comparable data in the area of entrepreneurial capabilities, the data quality in this policy area is not as
high as in the other policy areas. Therefore, one has to be careful when comparing data in the area of entrepreneurial capabilities.
Nevertheless, the area is a very important indicator in the analysis of entrepreneurial activity in the different countries.
20. 20 NORDIC Growth Entrepreneurship Review
successful growth firms within the region, it is necessary
to compensate for lacking skills by attracting experienced
entrepreneurs from abroad. Being able to attract foreign
talent can be absolutely crucial for growth firms. Data
from the USA shows that 25% of all US venture-backed
publicly-traded companies in 1990-2005 were founded
by immigrants, of which the top countries of origin were
India, Israel and Taiwan.
As we combine the above challenges with the analysis
of growth entrepreneurship performance, it is possible
to conclude that the low share of gazelles that grow
significantly large in the Nordic countries is related to
lacking entrepreneurial capabilities. It seems possible that
strengthening of the entrepreneurial capabilities could
contribute to stronger growth firms in the Nordic countries
as for instance their management teams would turn out
stronger. It is therefore necessary to address the lagging
entrepreneurial capabilities from a policy perspective, but
when doing so, focusing on addressing the capabilities
that enhance growth in firms, not necessarily the start-up
of more firms. The critical question is how to do move
ahead. It will be discussed in more details below and some
discussions on the role of entrepreneurial ecosystems are
highlighted.
Figure 6: Combined score for framework conditions across the Nordic countries
Source: NGER own calculations.
Note: The figure shows the composite index values for the overall score for four regions. Each sub-indicator used to
construct the composite index is standardized on a scale from 1 to 100. The closer to the highest possible maximum index
value (=100), the better. A score of 100 in the composite index requires an absolute top-performance on each sub-indica-
tor.
21. 21
Access to expansion stage
finance is a Nordic challenge
Another challenging policy area in the Nordic region is
Access to finance.
The combined score for Access to finance in the Nordic
region is medium to low compared to the best performing
countries.Accesstofinancehasanimpactontheresources
available to entrepreneurs. As with other policy areas, this
policyareaconsistsofanumberofsub-areasandindicators
including loans, early and later stage venture capital.
While the Nordic region is performing relatively well in
terms of access to early stage venture capital, the Nordic
region is scoring low on indicators for later stage capital
including access to expansion stage venture capital and
stock markets.
By linking the two Nordic challenges of the framework
conditions that are identified in this report (finance
and capabilities), a known but yet unsolved concern of
demand and supply of capital occurs.
By definition, venture capital will spot and invest in the
talent and markets with the highest return. Thus, private
venture capital automatically flows to the most capable
entrepreneurs. The lack of capable growth-seeking
entrepreneurs and management teams in the Nordic
countries could cause difficulties in raising venture capital
at expansion stages, and vice versa. The meager expansion
capital is not necessarily a mere question of lacking supply
of capital, but relates to the demand of capital.
The combined score for each
Nordic country
Thecombinedscoringoftheframeworkconditionsofeach
Nordic country shows Finland has the best framework
conditions for entrepreneurship, followed by Denmark
and Sweden with Norway a bit behind. Iceland also has
good framework conditions for entrepreneurship, but
the economic and financial crisis in Iceland has reduced
business opportunities for entrepreneurs in Iceland, not
least because of lack of capital (cf. Figure 6).
Development in framework
conditions 2008-2012
The study has also investigated the development in
framework conditions over time.
To improve the business environment is a long journey,
as the Nordic countries have been working on for many
years. The changes within a shorter period are relatively
limited.
Finland is the Nordic country that has improved the
framework conditions most in the last three to four years.
Immediately after follow Norway. Denmark and Sweden
have also improved the framework conditions, while they
are deteriorated in Iceland (cf. Figure 7)
It is a surprising but significant feature that - apart from
Iceland - all the Nordic countries have experienced
deteriorationofthecompositeindicatorMarketconditions
during the examination period. The reason for this,
however, is the deterioration of one of the sub-indicator
of the overall composite indicator of market conditions,
namely the costs of international trade, while other sub-
indicators have remained nearly unchanged7
.
Country similarities and
differences
When comparing the six policy areas across the Nordic
countries, it is evident that each country has a unique
mix of framework conditions with certain strengths and
weaknesses (cf. Figure 8).
summary report / june 2013
7. As indicators for costs of international trade the World Bank’s index of cost of container transport for import and export is used, in which
the deterioration happened back in 2009 and 2010. The recent decline in freight rates is not yet included in the indicator.
22. 22
Figure 7: Development in framework conditions 2008-2012
Source: NGER own calculations
Note: The figure shows the change in the composite indicator for entrepreneurship framework conditions.
NORDIC Growth Entrepreneurship Review
23. 23
Figure 8: The six policy areas across the Nordic countries
Source: NGER own calculations.
Note: The figure shows the composite index values for the six main policy areas comprising the framework conditions
for entrepreneurship in the Nordic countries. Each sub-indicator used to construct the composite index is standardized
on a scale from 1 to 100. The closer to the highest possible maximum index value (=100) the better. A score of 100 of the
composite index requires an absolute top performance by each sub-indicator.
summary report / june 2013
24. 24 NORDIC Growth Entrepreneurship Review
Looking across the Nordic countries, it is clear there are
some similarities in framework conditions, as well as
certain policy areas where some of the Nordic countries
stand out more uniquely.
Denmark8
In the Nordic region, Denmark has the second lowest rates
of gazelles. In 2009, only 0.43% of all the enterprises with
more than 10 employees were characterized as gazelles.
Moreover, the majority of Danish gazelles generally remain
small in size.
Incomparisontopreviousyears,Denmarkhasexperienced
a large drop in the rate of gazelles. It seems that among the
Nordic countries, Denmark is suffering relatively more in
the aftermath of the economic and financial crisis.
The Danish regulatory framework is fairly good and has
improved in recent years. In particular, this is the result
of favorable bankruptcy legislation, with a short time
and low costs related to closing a business. In addition,
Denmark is the top performing country on labor market
regulations. This is due to the ‘flexicurity’ model giving
employers a high degree of flexibility in hiring and firing,
combined with high security of employees in the case of
e.g. unemployment.
The most challenging areas for entrepreneurship and,
in particular, growth in Denmark are entrepreneurial
capabilities and entrepreneurial culture.
Even though Denmark has improved in terms of
entrepreneurial capabilities in recent years, it ranks at
the bottom quarter among OECD countries. In particular,
Denmark has a challenge of attracting foreign high-
skilled labor and entrepreneurs. In the government
work programme 2012, it is stated that highly skilled
foreigners may possess specific expertise and can thus
help to increase Danish companies’ value creation and
presence in export markets. To address the challenge
with lacking entrepreneurial talent, the government has
launched a call and a pilot project in 2012 to invite talented
entrepreneurs with a proven growth potential to Denmark
for encouraging them to stay for a period of time and to
get involved with growth-seeking ventures in the country.
The entrepreneurial culture in Denmark lags significantly
behind the best performing countries (the US, Canada)
as well as the other Nordic countries. The share of the
Danish citizens, who find it desirable to become an
entrepreneur, is relatively low and has decreased in recent
years. This might be explained by the uncertain economic
environment caused by the financial and economic crisis
but also by the fact that entrepreneurship is generally not
regarded as a good career choice in Denmark.
Historically, access to finance has been relatively good in
Denmark, but in the wake of the economic crisis, there has
been a small backslide in Denmark’s rank among OECD
countries. This is due to a decline in the perception of
the ease regarding getting a loan. However, a number of
financial packages has been introduced to strengthen the
access to capital for small and young firms. In 2011, Danish
Growth Capital, a new investment fund was introduced
with capital from some of the large Danish pension funds.
Finland9
Finland has the best pre-conditions for growth
entrepreneurship among the Nordic countries. Yet, as far
as the share of gazelles is concerned, Finland is a middling
Nordic country. Finnish gazelles nevertheless grow faster
and become larger than their Nordic peers. Three-fourths
of the Finnish gazelles are in services, and the share of
gazelles in high-tech manufacturing is somewhat larger
than in other Nordic countries.
Across the six main policy areas, Finland defines the global
frontier in ‘Creation and diffusion of knowledge’. In the
last five years, Finland has improved tremendously in
‘Entrepreneurial culture’. In the over twenty sub-indices
8. Glenda Napier REG X, and Katrine Pedersen DBA.
9. Mika Pajarinen, ETLA and Petri Rouvinen, ETLA.
25. 25 summary report / june 2013
under the six main policy domains, Finland is a leading
country in ‘Patent system – standards’ and in ‘R&D activity’.
Besides in taxation measures, Finland scores low in
‘Immigration’ as well as in ‘Business and entrepreneurship
education’.
In the last few years, growth companies have become
the focal point of enterprise policy in Finland. Public
agencies have assumed active roles in promoting risky
new businesses and their global expansion. Also the
Finnish university system has undergone major changes.
Particularly recently formed Aalto University has become
a ‘cheerleader’ and promoter of growth entrepreneurship
and startups. With the government budget proposal
for 2013, taxation is about to become a more actively
employed tool of enterprise policy.
Access to public services has been streamlined by two
recent measures. Tekes (the Finnish Funding Agency
for Technology and Innovation) and five other public
bodies have introduced Growth Track, a one-stop-shop
for growth-seeking companies. Team Finland concept will
package the support for company internationalization.
New instruments include Young Innovative Companies
program by Tekes, offering up to one million euros per
qualifying enterprise to support early internationalization,
as well as nine Vigo Accelerators, in which experienced
entrepreneurs coach and fund internationally focused
growth companies.
Historically, attitudes and culture in Finland have led to
modest growth ambitions. Precisely here the country has
made its greatest improvements in the past few years.
Beingagrowthentrepreneurisnowthecareerofchoicefor
many aspiring Finns, not least because paid-employment
opportunities have become both less abundant and less
secure.
With the hardship of Nokia and its supporting cluster,
Finland is in the middle of a painful social experiment.
Thousands of highly skilled individuals are released from
their previous duties. Both Nokia and public authorities
are supporting their entrepreneurial efforts. By the end of
2012, these former Nokia employees are expected to have
established some three hundred new companies.
There is currently a distinct ‘boom’ of growth
entrepreneurship in Finland. Many recent and
forthcoming policies are supporting new growth-seeking
ventures. There is every reason to believe that Finland is
able to nurture both more and better gazelles in the not-
too-distant future.
Iceland10
The policy environment in Iceland has changed in the
aftermath of the economic crisis. On the 1st of September,
a final step was taken for the merger of the ministries
responsible for industries and economy into Ministry of
Industries and Innovation. Another important element in
thepolicydevelopmentisthatfundingforresearch-driven
innovation was increased in terms of allocating funds to
relevant support schemes. Quite extensive measures were
established in order to stimulate startups.
The NGER study uses the year 2009 as a reference year.
This was the year when the economy decreased by some
8% after many years of high economic growth. Numbers
of new startups decreased in 2009 compared to the years
before but since then that trend has turned. In the study
period Iceland produced six gazelles of which one reached
the size of over 50 employees. Those six gazelles created
about 230 new jobs of which about 130 jobs were created
during the three-year period prior to the reference year.
The framework conditions for the gazelles and
entrepreneurship can be considered as favorable.
Regulatory framework seems to be beneficial for business
operations.Businessenvironmentandworkingconditions
are rather positive. Market conditions have improved but
access of firms to finance has weakened quite a lot.
10. Thorvald Finnbjørnsen, RANNIS.
26. 26 NORDIC Growth Entrepreneurship Review
The government of Iceland has defended the environment
of entrepreneurs by creating favourable possibilities for
new startups and by encouraging research and innovation
in the economy. This has paved the way for modifying the
support system towards inspiring enterprise growth.
Norway11
Norway has long been considered a moderate performer
in entrepreneurship. However, performance data in this
report indicates that growth entrepreneurship in Norway
is on the rise. The share of gazelles is higher in Norway
than in the other Nordic countries, and Norway is second
to Finland when it comes to employment growth in the
gazelles. The strong performance should be seen in the
light of a persistently high activity and structural change in
the Norwegian economy.
According to the international benchmarks used for this
report, Norway ranks 15th in the OECD in terms of total
framework conditions for entrepreneurship. “Creation
and diffusion of knowledge” is the main policy area
where Norway lags considerably behind the other Nordic
countries. This is mainly due to the low level of business
R&D. A number of measures have been introduced in
order to increase R&D spending in Norwegian enterprises,
including a relatively generous R&D tax incentive scheme.
Regulatory framework conditions are rather favorable
in Norway, but still slightly behind the other Nordic
countries. The picture is mixed within this policy area:
For instance, while Norway ranks first among all OECD
countries regarding bankruptcy legislation, the wealth tax
burden is considered one of the highest in the OECD area.
The Norwegian wealth tax is a much debated issue and is
often raised in relation to entrepreneurship policies, most
recently in OECD economic review of Norway for 2012.
The framework data also indicates that it is fairly easy to
start and close down a business in Norway. This is also
reflected by Norway’s persistently high firm birth rates.
On the other hand, firm survival and further growth
remains a challenge. Improving general framework
conditions has therefore been a core priority, with a
particular focus on reducing administrative burdens. The
government recently launched efforts to cut red tape,
simplify official forms and reduce the need for reporting.
The ambition is a total cost reduction for Norwegian
companies of 10 billion NOK (1,4 billion EUR) by 2015.
Access to finance is generally good in Norway. The
government has established a number of funds for startup
companies over the past few years. However, many grant
schemes and funds are oriented towards rural areas, while
entrepreneurship activity is more concentrated around
the urban areas.
Norway has a relatively low share of self-employed in
total population. Several actions have been taken in order
to improve the entrepreneurial culture in general, and
among women in particular. Although few young people
clearly seem to head for a career as self-employed, there
are indications that entrepreneurship in Norway now has
a more positive image.
Sweden12
Sweden has sound framework conditions for
entrepreneurship and ranks 10th among OECD countries
in the overall index of entrepreneurship framework
conditions. The largest improvement is found within
entrepreneurial culture. The perception of Swedish
enterprises regarding access to debt financing and
availability of venture capital has improved, as has the
regulatory framework. Sweden diverges in a few policy
areas, which can be expected to have a negative impact
on high-growth entrepreneurship, e.g., income and capital
taxes are high and labor market regulation is strict.
During the three-year period examined for this study, there
were 206 gazelles which created just over 8 000 jobs. The
gazelles were found within all industries, the majority
11. Espen Solberg, NIFU.
12. Björn Falkenhall (Tillväxtanalys), Dan Johansson (HUI Research and Dalarne University) and Elin Gabrielsson (HUI Research).
27. 27 summary report / june 2013
within service industries. There were more gazelles in
more knowledge-intensive service industries than in less
knowledge-intensive service industries. In manufacturing,
there were more low-tech gazelles than those of high-tech.
Recently, there has been a shift in economic policy from
traditional SME policy towards more entrepreneurship-
oriented policy making.
The ambition to strengthen Sweden’s entrepreneurship
performance is not translated into a specific target for
the number of startups or gazelle firms. Instead, the main
strategy is to improve the general framework conditions
for entrepreneurship and firm growth.
One reason for this policy shift is the experience from
a number of major economic reforms that have been
undertaken in the last decades, and they are considered
as most successful in improving the fertilizing ground for
high-impact entrepreneurship and rapidly growing firms.
Examples of such reforms include opening up of welfare
markets for private entrepreneurship, deregulation of
network industries and the abolishment of wealth and
inheritance taxes.
The outlined strategy is to continue with broad reforms
improving the general business climate. A cornerstone is
to improve the tax incentives to start and run enterprises
and to accept job offers. Among other things, the tax
credit for taxes paid on earned income (skattereduktion
för arbetsinkomster, the so called jobbskatteavdrag), was
introduced in four steps between 2007–2010, and the
government is proposing that the corporate income tax
will be decreased from 26.3 to 22 percent as of January
2013. A new national strategy for innovation will be
introduced with the purpose of encouraging employment
and economic growth by improving the climate for
innovations.
28. 28 NORDIC Growth Entrepreneurship Review
Ecosystems for growth
entrepreneurship
To grow and succeed, a young company needs to obtain
access to a number of vital resources such as capital,
customers, markets, human capital, know-how, etc.
To obtain any of these resources, the company must
approach and link to specialized resources such as people,
companies and institutions.
The specialized and highly qualified resources such as
investors, service providers, established companies,
knowledge institutions, and experienced serial
entrepreneurs and “dealmakers”, offer entrepreneurs
support within a variety of areas and are referred to as
entrepreneurship ecosystems.
So far, it has not been possible to benchmark
entrepreneurship ecosystems across regions due to non-
existing internationally-comparable data. Anecdotes
about the success in certain regions combined with some
regional data for venture capital have been the most useful
elements when comparing the strengths of ecosystems.
The Nordic Growth Entrepreneurship Review highlights
new findings that quantify and benchmark ecosystems
in what is called an ‘entrepreneurship ecosystem index’.
The ecosystem index consists of regional data for critical
elementsinecosystemsincluding:venturecapital(venture
capital indicator), concentration of established businesses
(LQ indicator), service providers and knowledge
institutions (patent indicator) and experienced business
people(dealmakerindicator).Thereasonthatregionaldata
is used rather than national data is that entrepreneurship
ecosystems are regional and local entities.
Based on the indicators, the ecosystem index shows that
the strength of entrepreneurship ecosystems ranges
widely between the cities in the analysis from very weak
to very strong. Well-known entrepreneurship ecosystems
such as Silicon Valley and Boston have some of the highest
score in the ecosystem index within Biotech/Medico and
ICT/Tele Communication. Other US ecosystems such as
Boulder (Colorado) and Austin (Texas) also score relatively
high.ThetwoNordicmetropolesinthestudy(Copenhagen
and Stockholm) only score half or 1/4 compared to the
best-performing ecosystems, indicating some untapped
potential for strengthening the ecosystems in these
two cities i.e. fostering more collaboration between the
ecosystem operators.
Although the findings are limited in terms of the regions
and cities included, the middle to low score of the Nordic
ecosystems might explain the lack of Nordic gazelles that
really grow and become “born-big firms”. Therefore, it
might be the case that the majority of young Nordic firms
do not grow significantly due to the lack of strong sector-
based entrepreneurship ecosystems, in which resources
are mobilized and actors collaborate intensively.
The strength of the ecosystem depends on the actors’
capabilities to identify and sufficiently assist young
potential growth firms through intense collaboration.
They mutually benefit by creating value, but the value is
only created if they collaborate with each other.
Certain regional pockets seem to have created successful
conditions for fostering significant growth in young firms.
But most ecosystems are still struggling to identify ways
for enhancing the growth performance in entrepreneurial
firms.
According to the entrepreneurship ecosystem study , the
strength and quality of ecosystems for young high-growth
firms are determined by the following three building
blocks.
Building Block 1: Critical mass of co-located actors in
entrepreneurship ecosystems
Strong ecosystems for young high-growth firms consist of
a critical mass of the ecosystem actors including investors,
Benchmarking entrepreneurship
ecosystems
29. 29
Figure 9: The six policy areas across the Nordic countries
established firms, knowledge institutions and service
providers. A single ecosystem actor has no significant
value working alone in the ecosystem; a certain level and
mass of the actors is required within the same region and
ecosystem.
Building Block 2: Dense network and collaboration
between the ecosystem actors
The second building block in strong ecosystems is the
network and collaboration between the ecosystem
actors. The mere presence of the ecosystem actors is not
summary report / june 2013
Source: The Entrepreneurship Ecosystem Project, 2012.
Note: The Ecosystem benchmark is constituted by indicators for regional venture capital, LQ, patent and dealmakers.
30. 30 NORDIC Growth Entrepreneurship Review
sufficient, but strong ecosystems have a dense network
and bonds between the specialized actors feeding off and
providing each other with interesting business proposals
and helping with the development of the high-potential
firms. The network and trustful relationships between the
actors are critical for the success of the ecosystem.
Building Block 3: Successful entrepreneurs re-
investing their experience and capital back into the
local ecosystem
The third building block is that successful entrepreneurs
and serial entrepreneurs remain active in the strong
ecosystem. Good ecosystems support the development
of so-called early winners i.e. known young successful
entrepreneurial firms that have grown in size and wealth
and represent a particular ecosystem. The single most
important thing when creating strong ecosystems would
be that the entrepreneurs succeeding with an early winner
firm remain active in the ecosystem and help create
growth in new young high-potential firms, by re-investing
their profit and experience back into the ecosystem as
investor, mentor or other. The successful entrepreneurs
have experienced growing a young firm of their own, thus
itisthisuniqueinsightthatisvaluableforthedevelopment
of other young firms and for the development of strong
ecosystems
31. 31 summary report / june 2013
Availability of venture capital varies across the stages of
firm development and across markets. While no clear ratio
between the early and later stage venture capital exists,
some equilibrium between the two is required. When
comparing investment across stages and across the Nordic
countries and UK, it appears that UK clearly devotes more
ofitsventurecapitaltofirmsinexpansionstagescompared
to the Nordic countries (cf. Figure 10).
Venture Capital in the Nordic
Countries
Figure 10: Stage focus in venture capital investments, average 2007-2011
Source: EVCA 2012. Notes: Investments - Market statistics (by country of portfolio company).
32. 32 NORDIC Growth Entrepreneurship Review
In the UK, nearly 60% of venture capital investment is
made in young firms that are expanding, while this is only
around 40% in the Nordic countries. On the other hand,
the Nordic countries generally invest a larger share of the
venture capital in very early stages of a firm’s development.
However, Sweden and Denmark have a slightly larger
share of investment in expansion stage firms compared to
Norway and Finland.
These findings confirm the findings in the NGER
frameworkanalysishighlightingthatthelevelofexpansion
capital is low in the Nordic region compared to certain peer
countries such as the UK. However, limited possibilities
for expansion capital could have a negative impact on
access to early stage financing, too. If money invested at
the seed stage is in risk of being lost as the portfolio firms
cannot grow through follow-on funding, investors will
also be more cautious to engage in early stage investment.
Hence, if growth firms cannot raise money at expansion
stages, this limitation could create a vicious cycle. If firms
cannot raise sufficient expansion capital in their national
market, they are forced to expand abroad in other markets.
For many reasons this can be useful for the firms as they
access networks, markets and capabilities elsewhere. But
it could also lead to the Nordic countries missing out on
promising opportunities, which might lead to growth and
employment in the Nordic region.
As discussed, the reason that expansion capital is relatively
limited in the Nordic countries could be due to the lack of
strong management teams that have the entrepreneurial
capabilities to turn a new start-up in to a global success.
Therefore,thedevelopmentofamoresoundNordicmarket
for expansion capital should be addressed in conjunction
with strengthening entrepreneurial capabilities through
stronger ecosystems for young growth firms.
33. 33 summary report / june 2013
The Nordic Growth Entrepreneurship Review has
identified the lack of Nordic gazelles that grow and
become large firms, and the low ranking on access to
expansion finance and entrepreneurial capabilities in the
Nordic countries as the Nordic growth entrepreneurship
challenges.
Based on these challenges, a number of Nordic policy
recommendations are put forward as suggestions for
further work in the area.
Knowledge-oriented
recommendations
In order to enhance growth entrepreneurship and
entrepreneurs’ capabilities to upscale their business, more
fact-based and policy relevant knowledge about growth
entrepreneurs and their operating environment in the
Nordic countries is required. Therefore it is suggested to:
1. Develop more nuanced internationally
comparable data on startups
The Nordic countries have many startups, but not all
the startups the same. More nuanced data on startups,
including aspects such as internationalization and exports,
regional breakdown and different types of startups (for
instance, spin-outs and startups by serial entrepreneurs)
should be developed. This work should be coordinated
with the work at the OECD and the Nordic region could
function as a pilot region for the study.
2. Develop better understanding of serial
entrepreneurs
Serial entrepreneurs are crucial players in strong
ecosystems and they help enhance the capacity building
in entrepreneurial growth firms. But there is very little
knowledge about serial entrepreneurs across the Nordic
countries. It is suggested that a separate benchmark
study of Nordic serial entrepreneurs be conducted,
including information on, for instance: how many serial
entrepreneurs there are in the Nordic countries, in which
sectors they are active, do they stay in the Nordic countries
and remain active as entrepreneurs/mentors/investors,
and what happens after their exit.
3. Create new internationally comparable
performance data and indicators reflecting the
‘born-big’ firm activities
The Nordic countries have very few young growth firms
that become large players. It is necessary to improve
our understanding of the ability to upscale firms and to
create global winners. This data should emphasize the
company size across the regions and companies’ global
activities, and should include both the Nordic countries
and international benchmarks. The work should be
coordinated with relevant OECD working groups, and
potentially result in suggesting new indicators. The Nordic
region could serve as a test bed for such new indicators.
4. Improve the understanding of entrepreneurship
ecosystems
Strong ecosystems complement and provide growth-
seeking entrepreneurs with better entrepreneurial
capabilities, contributing to higher quality growth firms
that are better prepared to attract private venture capital
investments. Some initial work has been carried out in
order to enhance the understanding of entrepreneurship
ecosystems including a first benchmark of ecosystems.
But there is a need to improve the understanding of
ecosystems and to benchmark them across more regions.
It is suggested that a policy relevant benchmark study of
selected Nordic entrepreneurship ecosystems would be
conducted, comparing them against some of the world’s
best entrepreneurship ecosystems. Moreover, a policy
relevant benchmark study of the Nordic and world leading
universities’ entrepreneurial and outreach activities
should be conducted.
Nordic Policy Recommendations
34. 34 NORDIC Growth Entrepreneurship Review
5. Create a diagnostic tool for growth
entrepreneurship
There is a need to investigate in more detail, which specific
policy areas lead to more growth-entrepreneurship.
Therefore, a project is suggested to initiate and develop
a more detailed understanding of which framework
conditions and policy areas influence growth
entrepreneurship and upscaling of young firms positively
and negatively, possibly including new policy areas such
as “ecosystem” indicators in the model. Creating and
incorporating two more policy areas in the model, one for
“taxes” and another for “welfare services”, could also be
considered. Developing the indicators for entrepreneurial
capabilities would also be useful.
Action-oriented
recommendations
Creating new and useful policy relevant knowledge takes
time. Meanwhile, policymakers need to react to the current
findings. Several action-oriented policy recommendations
are suggested below, with the aim to:
6. Establish a Nordic Growth Entrepreneurship
Partnership with strong private sector
involvement
Based on the most recent policy experiences from the USA
and UK, it is suggested to initiate a private/public high-
level Nordic Growth Entrepreneurship Partnership with
participation from large Nordic companies and business
leaders, successful serial entrepreneurs, high level
policymakers, leading universities, investors and Nordic
foundations/funds. The purpose is to create a common
vision and dialogue among the Nordic ecosystem
operators on how to strengthen the entrepreneurial
capabilities and foster growth in Nordic enterprises.
The vision of the Nordic Growth Entrepreneurship
Partnership should be formed jointly by the partners,
and address the need for creating more rapid growth in
young firms in the Nordic region. The partners should
commit and mobilize resources that are dedicated to
growth activities in young firms, for instance, by providing
mentorship, advice, financing or other to young Nordic
growth firms. They should also conduct various forms of
growth competitions. The role of large public institutions
in the Nordic entrepreneurial ecosystem could also be
looked at, for their possible engagement and support in
developing growth entrepreneurship. The Nordic Growth
Entrepreneurship Partnership should pave the way for a
strong Nordic entrepreneurship ecosystem, to be known
in and outside the Nordic region. Sector specific sub-
groups could be considered, reflecting Nordic strongholds
such as cleantech, biotech, IT and telecom.
7. Form an Entrepreneurship Ecosystem Forum
As a first step towards a Nordic Growth Entrepreneurship
Partnership, it is suggested to consider the possibility for
an Entrepreneurship Ecosystem Forum with both private
and public ecosystem operators and policymakers to
enhance discussion on how to strengthen the Nordic
ecosystem and to develop a road map for the Nordic
Growth Entrepreneurship Partnership. Such a Forum
could be incorporated into the ongoing Lighthouse project
on Entrepreneurship.
8. Evaluate and compare public growth initiatives
across the Nordic countries
Establishing a Nordic working group for growth
entrepreneurship is suggested, with the aim to gather
information and knowledge, and evaluate outcomes
of the public growth entrepreneurship programmes
and initiatives e.g. accelerators, and other growth
schemes. In this work, it should be considered how the
programmes contribute or potentially could contribute
35. 35 summary report / june 2013
to the building of a stronger ecosystem. Some first steps
for this work have already been taken within the ongoing
Lighthouse project on Entrepreneurship, and the work
should be strengthened by, for instance, focusing more
systematically on evaluation aspects.
9. Engage universities across the Nordic countries
firmly in the entrepreneurship ecosystems
Collaborative universities are critical elements in strong
entrepreneurial ecosystems. The creation of world class
innovation and entrepreneurship centers at Nordic
universitiesshouldbeencouragedfurther.Oneofthemain
purposes with the entrepreneurship centers would be to
encourage the universities to become stronger partners in
the growth entrepreneurship ecosystem as well as engage
firmly in outreach activities.
36. The objective of the Nordic Growth Entrepreneurship Review is to feed new policy relevant and
fact based information and analysis of Nordic growth entrepreneurship into the ‘Nordic Knowledge
Centre for Entrepreneurship’. The NGER aims to provide policymakers across the Nordic countries
with a better understanding of growth entrepreneurship performance and challenges in the Nordic
region.Theseobjectivesareachievedbycomparingthelatestavailabledataandsomenewindicators
for growth entrepreneurship performance and framework conditions. Furthermore, certain policy
recommendations are made to address the Nordic challenges in these areas.
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The Nordic Growth
Entrepreneurship Review 2012