The dream of creating a business is one that a substantial amount of people have. In 2016 more than 60 000 Norwegians took that chance and established their own business. Conversely, the same year about 60 000 startups were closed down, reveal newly released numbers from Statistics Norway.
The establishing and termination of businesses represent just under 15% of the 400 000 current enterprises in Norwegian industry. These 15% vary somewhat from one industry to another.
The rise and fall of startups undoubtedly affect the economy, and in order to help improve and develop innovation Norway established Innovasjon Norge in 2004, which every year supports selected innovative startups with millions of Norwegian Krones.
Despite it being an attractive proposition to create a startup and be your own boss, reality is that the survival rate for startups are not great. In 2009 more than 40,000 new startups were founded in Norway. A year later, half of these had ceased to exist. In this particular statistic only 27% were still operational five years later.
Innovate to beat the odds
Modern businesses understand that in order to stay ahead of the game, they need to improve their services or goods. Innovation is vital for businesses to become leading pioneers within their field.
Nearly 2/3 of all enterprises in the Norwegian industry undertook some form of innovative activity in the period 2014−2016. 37% introduced goods or services which were new to the market. Larger enterprises were more likely to develop products or introduce products which are new to their market.
In the past 50 years the Norwegian industry has seen dramatic structural changes. Manufacturing and agriculture have lost out to service industries, and Norwegians are now more likely to work in shops, institutions and offices.
Startups beating the bad odds
The Norwegian founded company Swarm64 has been in existence since 2013, therefore defeating the odds. On the 4th of January the company received an additional 12.5 Million USD in funding. Swarm64 had raised more than $8M prior to this transaction, from various investors, including Alliance Venture and Investinor.
Swarm64 is a software company which develops ground-breaking technology for powering cloud-based computing such as real-time analytics and games.
This round of funding will be used to strengthen Swarm64’s position as a global leader in FPGA based accelerators for relational databases.
We believe that information should be free and will therefore never put up a paywall.
If you like reading our reports about the Scandinavian business scene and would like to donate towards the upkeep of the site, we would be very grateful. Click here to donate.