They are creating what we will live on in 2050 – but they cannot do it alone
The world is unsettled. The EU is under pressure from all sides, the US is shaking global markets, and the global landscape is changing from week to week. This is creating uncertainty for Norwegian businesses too, yet many continue to perform well.
'There are 5,000 high growth companies in Norway today, spread across the entire country and in every county. That is more than ever before, and they make a significant contribution to Norway’s value creation,' says Eva Camerer, our Executive Vice President (EVP) for Trade and Invest.
Innovative companies will sustain our welfare system
But Norway also faces challenges of its own, including an ageing population and lower productivity growth than the countries we compete with. At the same time, businesses must transform to meet the 2030 climate targets, while Norway needs to find alternatives to its most profitable industry: oil and gas.
«Norway needs 10,000 high growth companies – twice as many as today – to maintain prosperity and sustainable growth.»
- To meet this challenge, we need a broader range of innovative companies creating new products and services – companies that develop and use new technology and reach international markets.
Most people live abroad
Our EVP for Exports emphasises that Norway is in a strong position, with companies that are already global leaders in areas including energy, the maritime industry, aquaculture, health, defence technology, and the circular and bioeconomy.
But more companies need to venture into international markets. Good ideas alone are not enough – you need to think big from the outset. Solutions must be developed, adopted and scaled up.
«To succeed as a growth company in a small country, you need to think internationally from day one. After all, most people – and most customers – live abroad. That is why it helps to have experts at home and abroad ready to support you.»
Through funding, advisory and networks, we help businesses realise their potential, both in Norway and internationally.
'We open doors for businesses and help unlock more capital,' she says.
Delivers long-term returns for Norway
However, challenging times have made it harder for Norwegian entrepreneurs to secure their first investments.
'This increases the need for patient private capital that is willing to take risks. That is why it is so important for the public sector to help share the risk. We can now provide larger loans than before, and new agreements with the EU give us greater financial capacity.'
'This will deliver returns for Norway in the long term: What is risky today is what we will depend on for our livelihoods in 2050,' the Export Director points out.
- We are still building Norway, and we will empower the solutions and businesses that have yet to emerge.
Camerer points out that innovation agencies, which operate in many countries, play a crucial role in promoting economic growth, sustainable development and competitiveness.
- Innovation agencies are catalysts for innovation. By supporting businesses that take risks to develop new ideas, products and services, we help innovative solutions reach the market.
Seaweed as a raw material for the future
In Trondheim, start-up Seaweed Solution is gearing up for growth with a product that can help create a more sustainable future: seaweed.
In a world crying out for sustainable raw materials, brown algae could play an important role. Seaweed can replace environmentally harmful components in everything from food and animal feed to plastic bags and fuel. It also captures CO2 and helps remove both nitrogen and phosphate from the sea.
'Kelp is one of the world's largest renewable and sustainable sources of biomass, relying solely on sunlight and nutrients found naturally in seawater,' Sæther explains.
Bionova funding accelerates development
In Asia, seaweed production has been a billion-pound industry for years. Now, seaweed is poised to become a major green industry in Europe, with Seaweed Solutions pioneering the sector in Norway. After several years of research and development, the company now controls the entire value chain, from seed and seedling production in Trondheim to seaweed farming on Frøya.
They are now investing heavily in seaweed seed production, with vital support from Bionova, our bioeconomy initiative.
«The support we have received from Innovation Norway enables us to develop new, mechanised methods. This is essential if we are to scale up and create what could become a new and profitable industry along our coast.»
Developing a pioneering cancer test
In Oslo, Anette Weyergang and her colleagues at Rab Diagnostics are ready to take the next step towards commercialisation. The company was founded in the summer of 2023 after Weyergang's research group at the Norwegian Radium Hospital made an important discovery and realised they needed to develop the idea themselves to ensure it would benefit patients.
The company is developing diagnostic tests to predict whether cancer patients will respond to advanced targeted cancer therapies. With patented technology, close collaboration with the pharmaceutical industry and a dedicated, experienced team, the company aims to ensure that every patient receives medication tailored to their cancer. The company is now raising investment capital to take the next step.
'Starting a business is both difficult and risky. Having public support agencies follow your progress and support you is important and gives you a reassuring sense of having someone behind you,' she says.
Crucial for attracting investment
Rab Diagnostics is part of Oslo Cancer Cluster, an innovation cluster programme that we support. This has given the company valuable support in making the transition from research to business.
'We also had a meeting with Innovation Norway soon after setting up the company, where they told us about the funding opportunities available to us,' says Weyergang.
This resulted in startup funding that was crucial for travelling to meetings and connecting with potential investors. We also helped Rab Diagnostics apply for EU funding from the European Innovation Council (EIC) – which earned them the 'Seal of Excellence' quality label.
«Before we wrote the application, we attended courses run by Innovation Norway and had the opportunity to receive coaching from a 'pitching guru' – which was fantastic! We also practised with investors they had invited. This made us feel very well prepared when we went into the EIC interview.»
Norway needs more people to take the leap and build innovative companies. Although Weyergang makes no secret of the hard work involved, she says she has felt supported every step of the way. She is passionate about encouraging more people to seize the opportunities emerging from research and turn them into new business ventures.
'I believe it is incredibly important for research to be free and not tied to immediate practical applications. That is when the biggest discoveries are made. At the same time, I would like more researchers to consider the potential for innovation in their findings, take the time to explore opportunities for commercialisation and dare to take the leap when the opportunity arises.'