OVERVIEW: NORWAY Anne H. Worsoe

Director, Innovation Norway, San Francisco

Stanford School of Engineering European Entrepreneurship & Innovation Program February 7th, 2011

- Population approx. 5 million -  One of the highest per-capita income in the world: $53,000 -  One of the most heavily taxed countries in the world,

but 28% corporate tax and zero cap gains -  Unemployment rate 3.5% - lowest in Europe -  Ranked 3rd in Gallup’s happiness survey -  Poverty almost nonexistent – generous welfare system

-  Oil & gas operations ¼ of GDP -  …but will not last forever

-  What when the oil runs out?

Norway: Highlights

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Norway’s total petroleum production, bnNOK (2007)

Focus on R&D, innovation & entrepreneurship

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-  Norwegians are ”Technology Optimists” -  Rates of start-up creation among

highest in the world per capita* -  12% increase in # of startups 2010 -  Low business startup costs -  Lots of cellphones -  Plenty of secure Internet servers -  High quality/low cost R&D

-  The perception that working hard gets you ahead

*According to Global Entrepreneurship Monitor, 2010

Oil&gas 18%

ICT 20%

Cleantech 18%

Life sci/Med 15%

Other 29%

#VC investment (Norway) 2010

Some Norwegian finalists @Red Herring

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A Norwegian Silicon Valley success story

-  Meltwater Group: Global SaaS-provider, B2B -  Established in 2001, 100mUSD in 2010 -  820 FTEs in 26 countries, 18.000 customers -  #25 of the 200 fastest growing companies

in Europe (Dun & Bradstreet) -  Always profitable, no VC funding, no debt

-  ”In Silicon Valley… for each new customer and employee,we compete with the world’s most competetive companies. It’s inspiring and fun.”

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