Norway has the fastest growing tech scene in the Nordics â" and now it's really taking off
- Sculpture in Oslo Fjord.
- Norway's tech scene has been lagging behind but is now growing faster than its Nordic neighbors.
- Data from The Nordic Web shows that 2018 is about to exceed old funding records after only the first two quaters.
- Experts say its thanks to the startup ecosystem - and that it will only accelarate further from here.
The Norwegian startup scene has long been lagging behind its Nordic neighbors, but itâs now the fastest growing in the region. The Nordic Webâs analysis of the development of Norwayâs tech scene during the first half of 2018 strongly indicates that the country is on track for a new record year.
In the first two quarters, $185.8 million have been invested and only $7 million more are required to beat the current record set in 2016. In terms of number of investments, there have been 67 so far in 2018 â" which can be compared with the standing record of 87 investments for the whole year of 2017.
Norway has the fastest growing tech sector in the Nordics.
For comparison, the increase in the number of investments for the whole Nordic region is only 2.2% compared to the same period last year.
While funding statistics are volatile by nature The Nordic Web is confident that the figures are part of a rapid upward trend for Norway.
âI have been talking about the potential of the Norwegian ecosystem for a long while now, and those that have read previous analyses on The Nordic Web will probably not be surprised at this. As we have shown before, Norway has the fastes t growing tech sector in the Nordics,â Neil Murray, founder of The Nordic Web, tells Shifter.
The startup ecosystem is responsible for the development.
He also says that while government programs to facilitate entrepreneurship has been important for the development of the tech sector, what is most important is the mindset that the Norwegian ecosystem has adopted.
He is not the only one with a positive outlook on the development of the Norwegian startup ecosystem.
Fredrik Winther, Managing Director at Oslo Business Region, assures Shifter that the trend will only accelerate further. He describes it as a positive feedback loop for which the maturity of the startup ecosystem is mainly to thank â" and stresses its importance for Norwayâs future.
âSimply put, if about five out of 100 startups achieve solid growth and international expansion, then its only with the help of a solid ecosystem that enough experiments can be run continuous ly and keep the tempo up. Very few established companies have the option of making corresponding decisions where only 5% of the initiatives are successful. For that reason solid ecosystems are superior as a mechanism for the transition ahead of Norway,â he says.
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