The Innovation Speech 2026: Innovation is preparedness

‘Innovation happens when the storm is raging,’ said our CEO, Håkon Haugli, from the stage at Stormen Library in Bodø.

The speech was delivered to Minister of Research and Higher Education Sigrun Aasland, county politicians, and national and regional business leaders.

Bodø was chosen to host this year's address because of its focus on preparedness. Against the backdrop of the security situation and Norway's Year of Total Defence, Haugli presented her innovation policy recommendations to the government.

‘At a time of heightened geopolitical tensions and economic uncertainty, innovation is not just important – it is critical. Innovation is preparedness,’ said Haugli.

In her speech, Haugli offered the government the following innovation policy advice:

• Norwegian companies need better access to venture capital
• Norway should participate fully in the EU Competitiveness Fund
• Recommendation to establish an expert committee to assess what is needed to strengthen Norway's capacity for innovation
• Drive more innovation through public procurement
• A Norwegian initiative for artificial intelligence that turns research into innovation and new businesses

‘Growing start-ups are crucial to our ability to tackle major societal challenges, drive innovation, productivity and exports, and, not least, secure future government revenues and thereby our welfare,’ said Haugli.

Haugli highlighted several positive developments in the Norwegian economy: export revenues are at record levels, tourism is growing, and more young people are starting their own businesses. At the same time, international rankings show a clear downward trend.

‘Norway is slipping in innovation rankings. We lag behind our Nordic neighbours and perform poorly on factors that are absolutely critical,’ Haugli said.

Among the challenges highlighted were:

• Norway has the weakest access to venture capital for start-ups in the Nordic region – around 30 per cent below the EU average.
• Investment in research and development is declining in both the private and public sectors.
• Norway's total R&D investment has fallen from 2.28 per cent of GDP in 2020 to 1.8 per cent in 2024, well below the levels in Sweden, Denmark and Finland.
• Our ability to commercialise knowledge is weakening.

‘We have long said that we are good at turning money into knowledge, but poor at turning knowledge into money. That situation has worsened,’ said Haugli.

‘The Norwegian formula has many ingredients: hard work, collaboration and innovation. We must put that formula to work now to secure future value creation and security,’ Haugli concluded.

The Innovation Speech is more than just a speech. It formed part of a wider programme exploring how innovation, preparedness and competitiveness are closely connected in a time of growing uncertainty. Through different perspectives on security, technology, business development, funding, food production and international cooperation, the programme showed how broad collaboration between businesses, the public sector and research and academic communities is essential to strengthening Norway's resilience and value creation – both in times of crisis and under normal conditions.