SNÖ Ventures

🇳🇴 What will Norway build in the coming decade? Learning about Norway's industrial history with Max Samuel and Tim Woodcock, the most impressive thing for me is the incredible density of technical talent and engineering experience in a country of just 5.5m people. While much of Europe and the US have neglected excellence in atoms over just bits, Norway is uniquely suited to lead in industrial innovation. But Norwegians will only realise this potential if they get past cultural and regulatory bottlenecks. Here are five of the emerging industries in which Norway is uniquely positioned to lead: ⚡️ Energy Technology + Clean Tech: with 95% of electricity coming from hydropower, Norway has experience in renewables and grid management. Their offshore expertise translates seamlessly into floating wind farms, hydrogen production, carbon capture and storage. Norway is well positioned to host an outsized portion of the world’s sustainably powered AI computing. 🤖 Robotics + Industrial Automation: high labor costs and engineering talent have driven innovation in robotics and automation by companies like AutoStore™ a leader in automated storage systems or 1X building humanoid robots 🚀 Space Technology and Defense: leveraging expertise in offshore & remote operations and access to polar orbit, Norway can play a significant role in the space industry. It is a member of the European Space Agency - ESA and hosts key launch facilities like Andøya Space. Norway is planning to double its defense budget in the coming decade to continue acting as the Alliance’s eyes and ears in the Arctic. Norway’s key defence company KONGSBERG is building deep sea, maritime and missile technologies. 🌊 Ocean Technologies: Norway's maritime heritage and subsea expertise are being applied to support industries from aquaculture to seabed mining or wave energy at Seabased. 💸 Leveraging the “Oil Fund”: Norway's $1.7 trillion sovereign wealth fund offers a unique opportunity to fuel innovation. Like previous managers of the fund, CEO Nicolai Tangen has requested permission to invest in private markets. So far, the government has declined but is taking it into further consideration. ⚠️ Here's the catch: Norway depends heavily on (partially state-owned) incumbents, rather than a thriving entrepreneurial ecosystem. One reason is Norway's cultural "Janteloven" ethos, which emphasizes collective achievement over individual success and is, in one form, codified via the current Labour Party regime’s onerous wealth and exit tax regulations. These are driven by a stated effort to "let those with the broadest shoulders carry the most weight" but in practice have the effect of stifling entrepreneurship, innovation and investment. There are signs of change among some political leaders, but for now, Norway's founders have reason to build outside the country. Let's hope that changes soon. You can read more here: https://lnkd.in/dBjjkTf9

Join Pia Michel from Prima Materia and me as we explore Norway 🇳🇴 , the first stop on Pia’s Grand Tour of Europe and my new home since recently moving from LA. At a time when criticizing European tech has reached peak trendiness, Pia is taking a defiantly contrarian stance by paying respect to the continent’s eclectic and rich legacy of innovation, and painting a bold vision of its future. Our Norwegian journey reveals how a nation of just 5.6 million people has built a leading global position through a combination of: ✅ Engineering Excellence: From taming the harsh North Sea for oil and gas exploration and operations to building the world's longest floating bridge (Bjørnafjorden at 5km), Norway has pioneered innovation in the world’s most difficult environments. The Troll A offshore gas platform remains the largest object ever moved by humans - a 1.2 million tonne structure towed across the sea for seven days. ✅ Resource Management: Unlike many resource-rich nations, Norway has responsibly channeled its oil wealth into its sovereign “Oil Fund”, now worth $1.7 trillion and on average holding 1.5% of all listed companies across the globe. As CEO Nicolai Tangen puts it, Norway "found oil twice" - once in the seabed, once in financial markets. ✅ Arctic Innovation: Home to the world's largest commercial satellite ground station, continental Europe’s first commercial space port, and the Global Seed Vault (protecting over 1 million seed varieties), Norway's global positioning places it at the forefront of space technology, defense and Arctic trade and logistics. ✅ Progress where the US stagnated: While Silicon Valley has focused on software innovation over the last 50 years, Norway doubled down on "atoms" - developing expertise in complex physical engineering where many Western nations have stagnated. The country's oil industry cultivated a deep pool of technical talent, with 21% of Norwegian master's degrees in science and technology (well above OECD average). In the coming days, we'll share Part II of our journey, exploring how these foundations position Norway to lead in emerging sectors like clean energy, space, robotics, and ocean technologies. We'll examine how the country's unique advantages - from its sovereign wealth to its engineering talent - could shape its future as a global innovation hub. Hope you enjoy. And please reach out to discuss! https://lnkd.in/d6wQNJbe Magne Uppman Teodor Bjerrang Kremena Toshev Nikolai Astrup Daniel Ek Erna Solberg