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culture

in the Caribbean or play golf in Spain. The “In StartupLab, we have the enormous
entrepreneurial gene does not go out even if
the bank account grows. The willingness and pleasure of being able to draw on
desire to reinvest some of the money they had expertise and networks for the new
earned was great, but the opportunities were
few. generation of tech entrepreneurs.
There are many who want to contribute
This is where StartupLab’s vision met the
needs of entrepreneurial money. We invited money, expertise and networks.”
one by one the successful, extremely rich
entrepreneurs to a coffee chat with the theme,
“Shall we together create an environment
where high-tech entrepreneurs help tech
entrepreneurs?”
entrepreneurs became the soil of today’s
entrepreneurial fever; today’s entrepreneurs
The first coffee was with Jon von Tetzchner, will become the soil in which tomorrow’s
who had just sold out of Opera Software. business will grow. Not as a wave, but as an
Ten minutes and a handshake later, he had exponential curve.
committed himself to contribute with five Another crucial factor permitting us to create
million kroner and his entire network. All a start-up culture in Norway, where the values
subsequent coffee cups gave similarly positive created can to a greater extent be ploughed
results. They all knew they might never see back into new start-ups, is the Merkur
their money again, but they would still give Market or as it’s called now Euronext Growth.
back and build new tech companies.
[Editor’s note: It is an equity trading market
that was opened May 17, 2005, by its parent
StartupLab became a melting pot for institution Euronext to address an opportunity
tomorrow’s tech entrepreneurs. Companies presented by small- to medium-sized firms that
such as Remarkable, Huddly and No Isolation were expected to need easier access to an equity
made their first prototypes and found their market.]
first investors in the lab. Even more important
than money: they found other experienced Traditionally, Norwegian tech companies
entrepreneurs with networks and expertise.
have been sold to international companies
far too soon. The Mercur Market has become
Since then, Norway has fostered a number an important tool for financing them for
of successful tech startups – both in international growth and with the secure
StartupLab and in the many other new startup competence building and jobs in Norway.
environments that have been established such In StartupLab, we have the enormous
as MESH, 657 and Antler, just to name a few pleasure of being able to draw on expertise
in Oslo. In Trondheim, Stavanger and Bergen, and networks for the new generation of tech
separate environments emerged. Even on the entrepreneurs. There are many who want to
islands in the western part of Norway where contribute money, expertise and networks.
the traditional family businesses prevail, new The value of having serial entrepreneurs in
exciting environments where experienced StartupLab is enormous. The companies in
entrepreneurs got involved in starting new StartupLab alone have created more than
companies were set up.
3,000 new jobs.

The results are absolutely fantastic. Tibber Don’t get me wrong: building international
fetched 590 million NOK, Spacemakers sold tech startups is difficult, and most people
for 2.2 billion NOK, Meltwater fetched 3.5 fail. Entrepreneurs will lose their jobs, and
billion NOK and Kahoot fetched 2.8 billion investors will lose money. Nevertheless, I
NOK. Just to name a few. And the cycle believe that Norway has never been better
will repeat itself: Just as formerly successful

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