Global networks and emerging trends: Reflections on Oslo Innovation Week

In today’s rapidly evolving business landscape, staying plugged into global networks and emerging trends is essential for growth and innovation.

Oslo Innovation Week 2024 was a prime opportunity to engage with forward-thinking leaders, groundbreaking startups, and ambitious entrepreneurs. Whitecap Director and Technology Lead Stefan Haase , was in attendance to be part of the discussion into the future of technology, sustainability, and international market expansion.

These trends are not only relevant for Norwegian businesses but offer valuable lessons for UK companies looking to remain competitive and sustainable. In this article, Stefan shares his insights and key takeaways from the week.  

Celebrating Innovation: Key Trends from the Official Opening 

The official opening at Høymagasinet, hosted by Lauga Oskarsdottir , CEO of Noora, set the stage for a week of innovation-focused discussions. One of the prominent themes that emerged was the importance of scalability and global reach for businesses of all sizes. Ravi Belani and Håkon Haugli, CEO of Innovation Norway, shared strategies on how companies can scale their operations, particularly in the tech sector, where innovation is key to remaining competitive. For UK businesses, this offers a timely reminder to continuously adapt to new technologies and consider international markets as a part of their growth strategy. 

A key takeaway was the value of cross-sector collaboration, a trend seen across multiple sessions throughout the week. Innovation isn’t happening in isolation, it’s happening at the intersection of industries, and companies that are open to collaboration can gain a competitive advantage. UK businesses, especially in tech and sustainability sectors, can leverage partnerships across borders to drive both innovation and growth. 

Networking at Mesh Nationaltheatret: The Power of Collaboration 

The afterparty at Mesh Nationaltheatret offered a more informal setting for fresh ideas and new connections to be made. Mesh is a community that fosters collaboration between startups and established businesses.

The takeaway for UK companies is clear: investing in networks and collaborative spaces that encourage idea-sharing and partnership is crucial to staying ahead. Businesses that position themselves within such ecosystems can better identify trends early on and move faster than their competitors. 

The emphasis on community-driven innovation seen at Mesh was a strong reminder of the power of ecosystem thinking. As the UK grapples with its own startup ecosystem challenges, businesses could benefit from fostering more open, collaborative environments that spur innovation at a grassroots level.  

At Whitecap, we’ve seen firsthand the benefits of developing ecosystems through two of our key initiatives. FinTech North, launched in 2016, serves as a hub for financial technology, hosting over 130 events that promote networking and collaboration. It helps businesses stay informed about trends, connect with industry leaders, and supports FinTech career development for young people. LegalTech in Leeds, started in 2022, brings together legal and tech professionals to explore technology's impact on the legal sector. With 50 events since its inception, including a major annual conference, it offers insights into the latest trends and solutions, helping businesses tackle industry challenges and drive innovation. Both initiatives help equip businesses with the connections and knowledge needed to succeed in their fields.

Tapping into Global Markets: Lessons from 'London & Beyond'

One of the most informative sessions was London & Beyond – A UK Market Guide for Norwegian Businesses, organised by the UK Department for Business and Trade in collaboration with Nordic Edge and Goodwille. As more Norwegian businesses look to the UK as a key market, the session emphasised the globalisation of innovation and the need to prepare businesses for international expansion. 

For UK businesses, this event highlighted the importance of staying attractive to foreign investments and partnerships. Key takeaways included the significance of understanding the local investment landscape, building strong relationships with UK stakeholders, and creating tailored strategies to scale efficiently. As Norway strengthens its ties with the UK, British businesses should view these collaborations as a two-way street, creating opportunities for partnerships and learning from the agility of Norwegian startups entering the market. Ticketco, a Norwegian business, attended the event and shared how they successfully entered the UK market.  

The UK market remains a focal point for international businesses, especially in sectors like CleanTech, HealthTech, AI or FinTech. The insight here for British companies is to be proactive in welcoming international businesses, positioning themselves as key players in a globally competitive market, while taking advantage of the talent and innovation flowing in from places like Norway. 

Climate Tech on the Rise: Startuplab Climate Tech Summit 

A recurring theme throughout the week, and one that was particularly emphasised at the Startuplab Climate Tech Summit, was CleanTech innovation. With over 100 climate-focused startups, alongside investors and corporate leaders, the event was a deep dive into the solutions being developed to tackle the climate crisis. This is not only a Norwegian trend but a global imperative, as businesses everywhere are expected to play a role in achieving sustainability goals. 

For UK companies, this summit offered two critical insights. First, Cleantech is not just a responsibility, but a business opportunity. The startups showcased at the summit are building innovative technologies that address climate change, and the demand for such solutions will only grow. UK businesses should be looking at ways to integrate sustainability into their core operations, not just for compliance, but as a key driver of long-term growth. 

Second, the event highlighted the importance of cross-border collaboration in the climate space. Climate change is a global issue, and solving it will require joint efforts across industries and borders. The UK, as a leader in green finance and renewable energy, has an opportunity to collaborate with international innovators like those in Norway to accelerate the adoption of climate solutions. 

Takeaways for UK Businesses: Staying Ahead of the Curve 

Reflecting on Oslo Innovation Week, several key insights stand out that UK businesses can learn from: 

Learn from the Nordic and Baltics: Innovators from Norway and across the Nordics & Baltics that are active in fast-growth sectors, especially in CleanTech or HealthTech, are leading the European and often global innovation race and can successfully prove the development and adoption of new products, services and revolutionise entire sectors to meet the unprecedented challenges humanity face. 

Scale Globally, Think Locally: The event reinforced the need for businesses to think beyond their local markets. Scaling successfully requires an international mindset, leveraging global opportunities to drive growth, whether through partnerships, new markets, or technological innovations. 

Embrace Collaboration: Innovation thrives at the intersections of industries and geographies. UK businesses should foster collaborative ecosystems, both locally and internationally, to remain agile and responsive to new trends. 

CleanTech as a Growth Driver: The rise of CleanTech presents significant opportunities for businesses that prioritise sustainability. UK companies should explore integrating green technologies and forming partnerships with innovators in this space to stay relevant and competitive. 

Prepare for Internationalisation: With countries like Norway eyeing the UK for expansion, British businesses must ensure they remain attractive destinations for foreign partnerships. This means building strong local networks, understanding the investment landscape, and staying agile in response to global economic shifts. 

Final Thoughts 

Oslo Innovation Week successfully added its impact to a growing range of thought-leading, inspiring and transformational innovation showcases across the Nordics and Baltics and seamlessly dovetails with its counterparts such as Slush, Latitude59 or Techchill. 

If you’d like to discuss this blog post or share your own perspective on the topics covered, please get in touch or comment.

Established in 2012, Whitecap Consulting is a regional strategy consultancy headquartered in Leeds, with offices in Manchester, Milton Keynes, Birmingham, Bristol and Newcastle. We typically work with boards, executives and investors of predominantly mid-sized organisations with a turnover of c£10m-£300m, helping clients analyse, develop and implement growth