They support companies in developing their competitive advantage and to enhance innovation, and they do so in a broad manner. They have seven sectors they focus on; Energy and Environment, Maritime, Health, Agriculture, Oil and Gas, Sea Food and Tourism. One of the main objectives is to help enterprises by removing barriers for global success. Their services will contribute guidance in where to go from an early startup phase.

Experience

Innovation Norway started out in 1852 with providing financial loans to farmers under the name Hypotekbanken. From there it developed alongside the society’s needs and was first given their name Innovation Norway in 2004. Today they contribute to the innovation and the development of competitive Norwegian businesses.

How much do they invest?

In the startup phase you can be given grants from 50 000 Kr to 100 000 Kr. If your business has potential to further growth you can receive up to 500 000 Kr in the second phase. In addition to funding, they provide a great deal of counseling, networking and design services to make your idea succeed.

How do they work?

For startups Innovation Norway has split the process into two different phases. In the first phase you can be given grants from 50 000 Kr to 100 000 Kr, depending on the project complexity. This is with the purpose of evaluating customer needs, and for testing and developing. Once phase one is complete with a promising outcome you can apply for grants for the second phase, which can be up to 500 000 Kr. This phase is meant to give the opportunity to brand your product and put it out on the market. Innovation Norway has their own entrepreneur hotline where you can call in to discuss your ideas. You will get advice to reflect over your project and get guidance as to where to go from there.

This makes a difference to them

Innovation Norway offer help to Entrepreneurs and promising startups who has growth ambitions and established an innovative business concept which represent something new and significant in the market. It is important to them to keep in touch with the consumer to see if your idea is good. Global sustainability and green thinking are important keywords for Innovation Norway. If your consumers like your idea, there is a good chance that Innovation Norway will like it as well.

Key People

Hans Martin Vikdal – Director in corporate governance and funds
Hans has his education from in economy, finance and auditing from BI and NHH and is an authorized accountant. He has served as department director in PWC, Staff director in SND and Assisting General Manager in Sparebanken NOR. Hans has been in Innovation Norway since 2004.

https://no.linkedin.com/in/hans-martin-vikdal-64740216/da

Startups they funded

Pinhole, Itest, Orbition AS, and Cryogenetics.