Innovation Norway

Innovation Norway serves as the Norwegian government's principal instrument for fostering innovation, promoting sustainable development, and facilitating the internationalization of Norwegian enterprises. Operating as a state-owned company, it is not a traditional venture capital firm but rather a multifaceted development bank that provides a comprehensive suite of financial services, including grants, innovation loans, and direct equity investments, alongside extensive advisory and networking support. Its mandate extends across various sectors, aiming to strengthen the competitiveness of Norwegian industry and contribute to the green transition and digitalization of the economy.

The organization plays a crucial role in supporting businesses at different stages, from nascent startups requiring initial seed funding to established small and medium-sized enterprises (SMEs) looking to scale or enter new international markets. Innovation Norway's strategic focus aligns with national priorities, emphasizing sustainable growth, export promotion, and the development of cutting-edge technologies. This long-term perspective allows them to invest in projects that might be considered too risky or have longer payback periods for purely commercial investors, thereby filling critical funding gaps in the Norwegian ecosystem.

Financially, Innovation Norway is a significant capital provider. In 2022, for instance, the organization disbursed a substantial NOK 10.2 billion (approximately USD 970 million) in combined loans and grants to Norwegian businesses. This included NOK 1.2 billion (approximately USD 114 million) specifically in grants, demonstrating their commitment to non-repayable support for innovative projects. While their direct equity investments are often made alongside private co-investors, they provide crucial catalytic capital, with their 'first cheques' varying widely depending on the program and company stage, designed to provide meaningful initial capital.

Beyond financial aid, Innovation Norway offers invaluable non-financial support. This includes expert advice on business development, market analysis, and access to a vast global network through their international offices. They actively work to connect Norwegian companies with international partners, investors, and markets, significantly aiding their global expansion efforts. This holistic approach underscores their commitment to not just funding, but actively nurturing the growth and success of Norwegian businesses on both domestic and international fronts.