Three key factors for succeeding in new markets

'If you get your introduction to a new market wrong, you can burn bridges and simply ruin your chances,' says Haugli.

He is our CEO, and our mission is to help Norwegian companies enter the global market. Our international offices play an important role in this journey. We have offices in 24 countries around the world, covering the key markets for Norwegian businesses. 

Find us around the world.

At our international offices, Norwegian representatives work side by side with local staff, combining in-depth knowledge of local markets and relevant industries with an extensive network.

'Here, Norwegian companies can get help from staff who understand the language, culture and market,' says Haugli.

Together, our office managers have gained extensive experience in starting or relocating a business in a new country. They know what it takes to establish a foothold – and accelerate growth.

Market insight tops the list. Just because your idea works well in Norway does not mean it will be equally relevant in India, Germany or the international market. Understanding demand, competition and regulatory conditions is essential.

The US healthcare system is a good example. As in every other industry, technology is in demand, and with a healthcare system serving 321 million people, it is an attractive market to enter. But the system is complex. All 50 states have a mix of private and public providers, different insurance schemes, and varying rules and procedures.

That is when our New York office, headed by Hege Vibeke Barnes, can offer valuable advice.

‘Norwegian health technology companies are well placed to succeed here. Our team of specialist advisers is ready to support you with market insights, access to networks, knowledge transfer, direct advisory and market visits,’ says Barnes. 

One of the companies we have helped enter the US market is ECG247. The company has developed a medically certified sensor that can be used to diagnose heart rhythm disorders.

After joining us at one of the leading health technology trade fairs in the US, they came away with plenty of impressions:

‘It was incredibly eventful and insightful,’ says ECG247 CEO Tord Ytterdahl.

Barnes understands why Norwegian companies may find the US market vast and somewhat chaotic:

‘It may seem like a confusing jungle at first, but we at the Innovation Norway office can help you,’ Barnes assures us.

Even the most brilliant ideas can fail if you do not present them effectively – with a clear plan for generating revenue and scaling up. Hilde Hukkelberg, who heads our London office, has unfortunately seen this happen more than once. Once you have the necessary insights, you need to develop a clear strategy for entering the new market.

‘We often start by helping companies develop their business models and refine how they communicate their message and tell their story. Getting the value proposition right is crucial,’ says Hukkelberg.

Hukkelberg and our London office also host the popular TEA scale-up programme, the Tech Executive Accelerator. And there is a good reason why it takes place here:

'London has grown to become Europe’s technology capital!' says Hukkelberg, adding that for many Norwegian companies, London can be a natural first step towards global expansion.

Keenious, which offers an AI-powered search engine for academia, is one of the programme's alumni.

‘With England’s strong academic communities, the country is a natural focus area for us,’ says Anders Rapp, COO at Keenious.

'One of the most important factors for success is being able to communicate your value proposition effectively. The programme has helped us greatly with that,' Rapp confirms.

Hukkelberg believes that if they lay the groundwork properly and have a clear strategy, many Norwegian companies can position themselves and scale up in the UK.

With the insights in place and your business plan ready, you can take your first step into the new market.

'We help give them a seal of approval that opens many doors they would otherwise have spent a great deal of time opening on their own,' says Håkon Skjerstad, CEO of AzaneFuel Solutions.

The company is one of several green maritime solution providers seeking opportunities in Singapore. Home to one of the world's largest and busiest ports, Singapore relies heavily on its maritime sector. As many as 80 per cent of Norwegian companies in Singapore operate in the maritime industry.

Arne-Kjetil Lian heads our office in Singapore, helping Norwegian businesses open the right doors at the right time.

'My main task is to find new ways to make our office relevant to Norwegian businesses in Singapore, and above all to strengthen Singapore's role as a gateway for Norwegian companies to markets in Southeast Asia. Almost every company operating in Southeast Asia has its regional headquarters in Singapore. This makes Singapore a hub for the entire region,' says Lian.

AzaneFuel Solutions is now reaping the benefits. The start-up is developing innovative technology for handling ammonia as a fuel in the maritime sector and has developed terminals for refuelling ships in ports, also known as 'bunkering'. Singapore is currently the world's largest bunkering port, and Norwegian technology is at the forefront of efforts to decarbonise using solutions such as ammonia.

Right now, the focus is on exploring the market to identify potential business partners for the short or long term.

There is little doubt that a small country like Norway has plenty to offer on the global stage. Our CEO, Håkon Haugli, highlights the wealth of sought-after expertise we have.

'From renewable energy, particularly floating offshore wind, to aquaculture and green maritime solutions. These are just some of the areas where Norway has made significant progress and has much to offer companies embarking on a similar journey,' he says.

‘Companies with ambitions beyond Norway should start by contacting their regional Innovation Norway office for advice on which markets may be most relevant to them,’ Haugli says.