‘New York is the gateway for exports to the US’
‘This is where the customers are! It’s 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 Innovation Norway 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 attracts entrepreneurs by offering tax breaks and benefits for startups.
'It may seem like a maze at first, but we at the Innovation Norway office can help you,' promises Barnes.
New York is the world’s second-largest startup hub after Silicon Valley, offering ready access to industry experts, partners, investors and other supporters. It is a destination for developing your business, finding customers and building your network. The USA also has free trade agreements with more than 20 other countries, opening the door to hundreds of millions of 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 where you should be,’ Barnes confirms.
«We see strong potential here for companies working in renewable energy, smart communities, green mobility on land and water, and health technology. »
Norwegian energy expertise is in demand
Bidens «Green Deal» gir enorme summer i støtte til grønn energi, blant annet 50 milliarder dollar i utvikling av havvind. Det er gode nyheter for norske selskaper som satser på fornybar teknologi. Her har Norge kommet langt, spesielt innen havvind.
Barnes kan fortelle at en rekke norske fornybar-selskaper har vært innom kontoret i New York, og mange av dem har fått god vind i seilene på det amerikanske markedet:
‘With facility development and construction now relatively advanced in the US, we are seeing greater demand for smaller suppliers in operations and maintenance. This gives Norwegian suppliers opportunities to secure major contracts,’ says Barnes.
Energy Innovation, based in Egersund, is a good example. The company provides courses, training and certifications for people who will be working 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 connected us with good partners who have helped us establish our first training and education centre in New York. We have been open since February,’ says Frank Emil Moen, CEO of Energy Innovation.
The company’s collaboration with our New York office continues to deliver results. The Egersund-based company is now preparing to welcome a delegation from the US to Norway. Moen says they are also in talks about establishing another centre in the Americas.
‘We would definitely recommend that Norwegian maritime companies make use of the resources at the New York office. The Americans don’t have the same expertise as we do and are very interested in partnering with Norway’s maritime sector,’ Moen adds.
Health technology with the potential to scale up
Innovation and health is another area attracting strong interest at our New York office. The US market is highly advanced and, with a population of 321 million, offers attractive opportunities. We recently appointed John Vislosky as a specialist advisor 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 of biopharmaceuticals, where it accounts for more than a third of the global market. It also leads the way in biopharmaceutical research and development,’ says our senior health technology advisor, John Vislosky.
But the US healthcare system is very complex. All 50 states have a mix of private and public healthcare systems, different insurance schemes, and varying rules and procedures.
Our support in navigating the US healthcare system has proved invaluable to many Norwegian healthcare companies, including Sero, Chiron and ECG247.
The latter is developing a medically certified sensor that can be used to investigate heart rhythm disorders.
‘Taking part in the US Amplify 2023 conference, organised by Innovation Norway with Nordic partners, was a particularly eventful experience, and we learnt a great deal,’ says Tord Ytterdahl, CEO of ECG247.
'Meeting a range of healthcare industry professionals in different settings gave us a clearer understanding of the next steps for our company and product in entering the US market.'
The challenge is to think big enough
With so many Norwegian businesses visiting each year, CEO 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 Innovation Norway’s New York office, we help Norwegian businesses strengthen their international competitiveness through market insights, access to networks, knowledge transfer, direct advisory services and market visits,' says Barnes.
But we consider more than just the business case when deciding which companies to support at our New York office. Responsible business conduct and project sustainability are important factors when we assess applications.
‘Success in Norway does not guarantee success here. To succeed in New York and across the US, Norwegian companies that come to us must dare to think big enough and have the capacity to scale up quickly. They also need to understand their own sustainability risks and how their industry affects people, society and the environment. With this in mind, Norwegian businesses have an opportunity to become part of a world-class market!’
Together, we think bigger.