‘Norway should have 10,000 high-growth companies’
At this year's Innovation Speech today, our CEO Håkon Haugli presented the new report on high-growth companies in Norway to Minister of Trade and Industry Cecilie Myrseth.
The report shows that Norway had 5,500 high growth companies in 2023. These are defined as companies with a turnover of more than NOK 10 million that grew by an average of at least 20 per cent over the following three years. These companies are important to Norway: in 2023, high growth companies accounted for 2.2 per cent of active Norwegian limited companies, but generated around 19 per cent of their total turnover.
‘High growth companies are productive and make a significant contribution to value creation in Norway. And there are more of them than ever before. We should celebrate this, but we must not become complacent. We need many more,’ said our CEO Håkon Haugli in his innovation address.
Norway is lagging behind on investment in innovation
The theme of this year's Innovation Speech was 'Building in progress', highlighting the need to accelerate the development of tomorrow's business sector. The backdrop is serious: the US has put the brakes on trade policy, defence, security and emergency preparedness have become more important, machine learning and artificial intelligence have made a breakthrough – and the climate and nature crisis remains unresolved.
Haugli warned against believing that Norway is innovative enough. He pointed to what he called 'a clear echo of the attacks on the research and innovation system in the US'. Over the past year, there have been proposals to scrap public support schemes for entrepreneurs and export companies.
– The aim has not been to make these tools more effective, but to remove them altogether. That is concerning. In the worst-case scenario, it could undermine the next generation of innovators and businesses, as well as Norway's transition.
Haugli pointed out that Norway lags behind comparable countries, including Sweden, Denmark and the UK, in investment in research, development and innovation. At the same time, the EU is stepping up its efforts to compete with the US and China.
'In other words, we have work to do. Restructuring the Norwegian economy is a formidable task, yet we are not acting as though we are in the midst of a major construction project,' Haugli warned.
Proposes a national accelerator for growth companies
He reiterated to the government the proposal previously put forward jointly by Norway's business support agencies to establish a national accelerator for growth companies. It will provide greater access to capital, customers and skilled workers.
‘Norway has world-leading research that is not being translated into real-world value. The journey from research to revenue is too long. We are also seeing a growing need for patient – and risk-tolerant – private capital. It has become more difficult for Norwegian companies to secure their first investments,’ said Haugli.
The Innovation Speech is held every year to take stock of innovation and developments in Norwegian business and industry. A range of guests from the private and public sectors were invited to the 90-minute event, which was streamed online.