By Gunnar Bovim, Chair of the Board, Innovation Norway
Innovation Norway helps Norwegian companies looking to grow and scale internationally with funding, expertise, and networks. A survey of Innovation Norway’s customers conducted by Oslo Economics in 2022 confirms that business needs this type of support. Three out of four companies surveyed felt that support from Innovation Norway contributed to their export success. No fewer than 60 per cent of the companies believed that funding from Innovation Norway helped them raise private equity funding.
Our surveys in 2022 show that, compared with comparable companies that did not take advantage of these services, companies that received international marketing advice from Innovation Norway’s international offices saw 9.2 percentage points higher turnover growth, 5.5 percentage points higher value creation growth, and 3.4 percentage points higher productivity growth.
We are happy that customers feel that Innovation Norway makes an important contribution to achieving growth and transition projects. Such surveys also provide useful insights into where services could be adjusted. The companies said that not knowing enough about international markets was one of the main barriers to exports (Oslo Economics). This underscores the need for Innovation Norway’s role as a gateway to the world that has people on the ground who know the market. Therefore, our work on promoting exports in international markets was strengthened in 2022 with greater efforts in markets seeking Norwegian solutions.
Innovation Norway’s gateway role is also relevant in its work as a key policy adviser on future EU business policy. Norwegian participation in EU research and innovation programmes is very important. In the past year, Innovation Norway has strengthened its EU work, including by increasing its presence in Brussels and its regional EU resources.
In 2022, Innovation Norway underwent a period of internal restructuring, which included implementing NOK 100 million in cuts to its operating budget. During the period, the main focus was on developing Innovation Norway into a more efficient, customer-oriented organisation. The organisation is well equipped to contribute to the important social mission that we must solve together to develop the business sector of tomorrow.
When they work with Innovation Norway, companies nationwide meet an organisation that understands the big picture when it comes to regional, national, and international policy instruments. Sparring with customers, challenging them, and offering the right expertise and funding, triggers more commercially and socio-economically profitable projects.
As the Chair of the Board, I would like to thank our customers, delegating authorities, and partners for the confidence you have shown in Innovation Norway throughout 2022. I would also like to thank Innovation Norway’s staff for their great efforts throughout the year.