National accelerator: Why and how?
What is an accelerator?
An accelerator is a programme that systematically helps small businesses grow faster by providing funding, expertise and networks. You can get support to develop your products, attract customers and investors, and receive guidance from experienced mentors.
Why do we need a national accelerator programme?
Although Norway has a supportive environment for entrepreneurs, many companies struggle to grow. Technology companies in particular find it difficult to attract investors who are willing to take risks. A national accelerator programme can give them what they need to continue growing.
Why are technology companies important to the accelerator?
Norway faces major challenges, including an ageing population and slower productivity growth than the countries we compete with. To address these challenges, we need more companies that create new products and services. Technology companies with innovative solutions can help boost productivity and competitiveness. The OECD and the EU have also highlighted this in several reports.
How will the national accelerator work in practice?
Collaboration between business support organisations and less bureaucracy:
We will work with Investinor, the Research Council of Norway and Siva to select companies with strong potential. Each year, the Research Council of Norway verifies up to 20 research projects for commercialisation. These projects will be prioritised for faster processing and support. This 'fast-track' scheme aims to shorten processing times by creating a more seamless business support system.
This will make the customer journey more predictable for companies with strong potential in areas where there is significant market failure. Market failure means there is a wide gap between what society needs and what the market demands.
More support and guidance:
Companies accepted into the accelerator will gain access to tailored programmes and connect with mentors and experts in our network – both in Norway and internationally, including in the US and the EU.
Access to venture capital:
A major barrier to business growth and expansion is the lack of capital from private investors. Through the national accelerator, we and Investinor provide grants and loans. Establishing a dedicated accelerator fund within Investinor will help address funding challenges, unlock private capital and secure Norwegian ownership stakes in companies developing breakthrough innovations.
Through this national accelerator, we will enable more Norwegian companies to grow faster and contribute to a stronger Norwegian economy.