– For exports to the US, New York is the gateway
‘This is where the customers are! It is a unique testing ground for new products, services and solutions across different markets – all in one place,’ says Managing Director Hege Vibeke Barnes, who, together with nine colleagues, represents us in the global metropolis of New York.
If New York City were an economy in its own right, it would be the eighth largest in the world. The city actively seeks to attract entrepreneurs by offering tax breaks and incentives for start-ups.
'It may seem like a confusing jungle at first, but we at the Innovation Norway office can help you,' Barnes assures us.
New York is the world's second-largest startup hub after Silicon Valley, offering excellent access to industry experts, partners, investors and other supporters. It is the place to go to develop your company, win customers and build your network. The US also has free trade agreements with more than 20 other countries, opening the door to a market of several hundred million people.
‘Silicon Valley is where you’ll find the big ideas and technological solutions of the future. But if you need sales and marketing, New York is the place to be,’ Barnes confirms.
«We see strong potential for companies in renewable energy, smart communities, green mobility on land and water, and health technology to succeed here. »
Norwegian energy expertise is in demand
Biden's 'Green Deal' provides vast sums of funding for green energy, including USD 50 billion for offshore wind development. This is good news for Norwegian companies investing in renewable technology. Norway has made significant progress in this field, particularly in offshore wind.
Barnes says that a number of Norwegian renewable energy companies have visited our New York office, and many of them have gained strong momentum in the US market:
‘As the development and construction of facilities in the US is now relatively advanced, we are seeing greater demand for smaller operations and maintenance suppliers. This gives Norwegian suppliers an opportunity to secure major contracts,’ Barnes reveals.
Energy Innovation, based in Egersund, is a good example. The company provides courses, training and certifications for people who will work on offshore wind platforms and facilities.
‘Our collaboration with Innovation Norway in New York, which began just over two years ago, has been very successful. They have introduced us to strong partners who have helped us establish our first training and education centre in New York. We have now been open since February,’ says Frank Emil Moen, CEO of Energy Innovation.
The company’s partnership with our New York office continues to bear fruit. The Egersund-based company is now preparing to welcome a delegation from the US to Norway. Moen says they are also discussing plans to establish another centre in the Americas.
'We would definitely encourage Norwegian maritime companies to make use of the resources available through the New York office. The Americans do not have the same expertise as we do, and they are very interested in working with Norway's maritime sector,' Moen adds.
Health technology with major scale-up potential
Another area attracting considerable interest at our New York office is innovation and healthcare. The US market is highly advanced, and with a population of 321 million, it offers attractive opportunities for market entry. We recently appointed John Vislosky as a special adviser in this field.
‘The US is the world’s largest and most profitable market for healthcare products, health technology solutions and therapeutic products. This is particularly true for biopharmaceutical products, where it accounts for more than a third of the global market and leads the way in biopharmaceutical research and development,’ says our Senior Adviser for health technology, John Vislosky.
But the US healthcare system is highly complex. All 50 states have a mix of private and public healthcare systems, different insurance schemes, and varying rules and procedures.
Our help in navigating the US healthcare system has proved invaluable to many Norwegian healthcare companies, including Sero, Chiron and ECG247.
ECG247 develops a medically certified sensor that can be used to diagnose heart rhythm disorders.
‘Taking part in the US Amplify 2023 conference, organised by us in partnership with Nordic partners, was an eventful and highly educational experience,’ says Tord Ytterdahl, CEO of ECG247.
‘Meeting a range of healthcare industry professionals in different settings gave us a better understanding of how to move forward in the US market with our company and product.’
The challenge is to think big enough
With a large number of Norwegian companies coming through each year, Managing Director Hege Vibeke Barnes has gained valuable insights.
'We see strong potential for companies in renewable energy, smart communities, green mobility on land and water, and health technology to succeed here. At our New York office, we help Norwegian businesses strengthen their international competitiveness through market insights, access to networks, knowledge transfer, direct advisory and market visits,' says Barnes.
But the business case is not the only consideration when our New York office decides which companies to support. Responsible business conduct and project sustainability are important factors when we assess applications.
– 'Success in Norway does not guarantee success here. For Norwegian companies to thrive in New York, and in the US in general, it is essential that the companies that come to us dare to think big enough and have the capacity to scale up quickly. They must also understand their own sustainability risks and how their industry affects people, society and the environment. With this in mind, Norwegian companies have the opportunity to become part of a world-class market!'
Together, we think bigger.