Norway On Track to Become the Next Industrial Tech Hub
Norway, a country known for its lakes and skies, is becoming a hotbed for tech. Photo: Christopher Engström/ Unsplash via Forbes
Norway is home to Kahoot!, one of the most popular game-based learning platforms, which originated in Oslo almost a decade ago. Now, the Scandinavian country is seeing a rise in successful tech ventures, particularly in the industrial field.
In 2021, Norwegian tech companies saw more investments than ever before. Venture capital deals exceeded 1 billion euros for the first time, and more than 301 funding rounds were completed. Both private equity and venture capital investment reached record highs.
Anders Kasin, founder and CEO of PortalOne, the world’s first hybrid game platform, clarified the country’s tech influx, explaining that “Norway has always been at the forefront of technology, yet historically, this culture of innovation has been tied to oil and gas. Now Norway is changing, and the knowledge of high-end tech is trickling into other industries.”
Part of the appeal of building a company in Norway is its social environment. Citizens enjoy a high standard of living, strong social safety net, and healthy work-life balance. Innovators can reap some of the funding perks established by the government. Innovation Norway was created in 2004 to support domestic enterprises, including startups, by offering grants and loans.
A graphic explaining Norway’s traits that make entrepreneurship enchanting. Photo: The Nordic Hub
The nation appears to be welcoming to more than founders. The modest population of 5 million and low immigration rate might not appear to lend itself to recruiting large amounts of talent. However, according to Ronny Vikdal, investment director at a Norwegian government-backed venture investment company, the highly educated population and culture of ‘togetherness’ makes for a highly skilled labor force. “We take a collaborative approach to problem-solving - all things that resonate strongly with today’s startup mentality.”
Others believe cultural aspects of Norway have led to the holding back of entrepreneurial potential. According to Vikdal, the Norwegian saying that companies are built brick by brick has, “clear strengths.” However, “the flip side is you can spend too much time on development before getting products out to the market.”
As Norway’s tech sector expands, and as the European continent seeks to become more energy independent, founders must seek balance between the stable working conditions that the nation provides, and the risk appetite often needed to seek sustainable success in the industry. “Our ecosystem has never been better, and if we carry on strengthening the conditions allowing startups to flourish, I’ve no doubt that the investment will continue to flow, entrepreneurs will thrive and many more unicorns will emerge.”