Nordic Innovation is a part of the new Nordic industry alliance, Nordic Compass. Nordic Compass unites several of the largest Nordic companies and foundations to implement and scale concrete initiatives within strategic areas such as capital markets, deep tech, and energy. The ambition is to strengthen Nordic and European competitiveness and resilience.
Through deeper collaboration, the ambition is to boost European processes and turn Nordic industrial strengths into measurable results. The first set of initiatives will be presented at the Nordic Compass Summit in November in Gothenburg, Sweden.
Nordic Compass is established as an Association with a Board, bringing together senior leaders from across the Nordics. It is chaired by former Finnish Prime Minister Jyrki Katainen, with Kristin Skogen Lund as Vice Chair, and includes Øyvind Eriksen (Norway), Ásta Fjeldsted (Iceland), Antti Herlin (Finland), Lars Rebien Sørensen (Denmark) and Jacob Wallenberg (Sweden), as well as Christian Frigast and Henrik Skovby also serving as Secretary-Generals.
“In a more fragmented and uncertain world, the Nordics cannot afford to act as eight separate markets. Our competitiveness and resilience depend on our ability to align faster, invest smarter, and operate more as one region at home and internationally. I welcome the Nordic Compass initiative and the kind of closer cooperation it represents, and we need to turn our shared Nordic strengths into lasting strategic advantage,” says Karen Ellemann, Secretary General of the Nordic Council of Ministers.
Utilizing the Nordic potential
Combined, the Nordic region ranks among the world’s largest economies, yet cooperation across the region remains under utilised.
During its first year, Nordic Compass partners will focus on strategic areas such as deep tech, capital markets and energy that require an ambitious uplift if the Nordics are to remain competitive and resilient globally. Experts will identify industry-backed initiatives in each priority area that can be scaled and implemented through Nordic coordination.
More than 25 Nordic industry partners
Nordic Compass gathers more than 25 leading Nordic companies, foundations and organisations as partners, including Aker ASA, Aker Solutions, Alfa Laval, atNorth, Carl Bennet AB, Chr. Augustinus Fabrikker, Danfoss, Embla Medical, EQT, Ericsson, EY, The Finnish Innovation Fund Sitra, KONE, Kromann Reumert, McKinsey & Company, Nasdaq Nordic, Nokia, Nordea, Nordic Innovation, Novo Nordisk Foundation, Nscale, Saab, SEB, Vattenfall, Wallenberg Investments, and Ørsted. As co-initiators, Dalberg and the Enterprise Think Tank oversee day-to-day operations.
A Nordic Advisory Board will provide national insights through eight prominent representatives of the Nordic countries plus the Secretary General of the Nordic Council of Ministers. Also, Nordic Compass will collaborate with industry associations, interest organisations, and other stakeholders across the Nordics, building on existing initiatives and efforts to ensure broad anchoring, alignment, and complementarity.
