Ten Nordic projects have been selected for funding, with the aim to contribute to creating joint Nordic growth enhancing activities and increasing the deal flow of young innovative companies that are able to scale into Nordic and international markets.
Young innovative companies are vital for the future competitiveness of the Nordic region. They accelerate productivity by challenging existing firms, lead the development of industries, and create new jobs and economic growth. Nordic Innovation recognises the importance of well-functioning growth ecosystems, and want to contribute to creating an environment where ambitious entrepreneurs can thrive and create innovative and globally competitive growth companies.
On this background, Nordic Innovation launched a call for proposals within the Nordic High Growth Entrepreneurship Initiative in June 2013. After a thorough review of the 51 applications, the following 10 projects were selected for funding:
- Accelerace Life
- Nordic Cleantech Innovation Cluster
- Nordic BAN
- Nordic Startup Managers
- Nordic Cleantech Accellerator
- Nordic Crowdfunding Alliance
- Nordic Venture Performance Index 2014
- Nordic Innovation House in Silicon Valley
- Nordic One
- Start Nordic
Read more about the ten projects.
Read about some hopes and expecations to the projects.
Aims of the Initiative
- Increase the number of Nordic gazelles
- Increase the number of international investments into young Nordic companies (SMEs)
- Increase the presence of Nordic technologies and solutions in international markets
- Create a stronger Nordic growth investment landscape and deal flow (higher input, throughput and exit) at all different stages of growth
- Contribute to more Nordic born global companies
Background of the Initiative
The Nordic countries generally score high on international benchmarks for innovation and competitiveness, like the Global Competitiveness Index and the Global Innovation Index, but two recent studies on entrepreneurship – the Nordic Entrepreneurship Monitor (2010) and the Nordic Growth Entrepreneurship Review (2012) – show that the Nordic region is lagging behind when it comes to the ability to scale young companies. Despite generally good framework conditions, two areas are pointed out as sub-optimal for growth, namely access to risk financing, and entrepreneurial skills.
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The small home markets and asymmetric industry strongholds in the Nordic countries poses several challenges related to scaling of young firms, both from an entrepreneurial and investors point of view. Many of these challenges are best addressed by working together on a Nordic level, preparing young Nordic companies for growth and expansion towards larger international markets and emerging growth markets.
The target groups for the call for proposals were new and practically oriented Nordic/Nordic-international collaborations between players of the growth entrepreneurship ecosystems, such as serial entrepreneurs, early-stage investors, business angel syndicates, professional VCs and management companies, corporate VCs, business development companies, accelerators, incubators, industry organisations, international bridge service and export organisations, TTOs and others that provide growth enhancing resources to Nordic entrepreneurs.
The Nordic High Growth Entrepreneurship Initiative aims to create joint Nordic growth enhancing activities and increase the deal flow of young innovative companies that are able to scale into Nordic and international markets. The Initiative is a result of the lighthouse project for growth entrepreneurship under the existing Nordic Cooperation Programme for Innovation and Business Policy. It is developed in close cooperation with national innovation authorities and public early investors in the Nordic countries: Tekes, Innovation Norway, Danish Business Authority, Innovation Center Iceland and Almi. Futhermore, the Initiative creates a bridge to the new Nordic Cooperation Programme for Innovation and Business Policy starting from 2014, in which growth entrepreneurship once again will be one of five lighthouse projects.
 All enterprises up to 5 years old with average annualised growth greater than 20% per annum, over a three year period, should be considered as gazelles. Read more.