The Minister of Trade and Industry seeks advice from entrepreneurs and startups nationwide

On a quest to make Norway the best country in the world to start and run a business, Minister of Trade and Industry Jan Christian Vestre is turning to the nation’s entrepreneurs and startups for advice. Energy Valley seized the opportunity – on Friday 1^st of March, representative Ola Thorud Jacobsen shared our perspectives on the main challenges and proposed some measures.

Vestre is hosting input meetings nationwide, seeking concrete advice and input from entrepreneurs and startups. These consultations will inform the government’s forthcoming parliamentary white paper on entrepreneurship and startups, slated for release in 2024. By engaging directly with entrepreneurs, Vestre hopes to address key challenges and foster closer collaboration between the public and private sectors.

Energy Valley and startup representative, Ola Thorud Jacobsen, presented several challenges and measurements, such as access to capital, skills, regulations and bureaucracy, and support for green transition.

Access to Capital

Startups face significant barriers in accessing startup and growth capital. The Norwegian capital market can be challenging for new players, especially in the early stages. Energy Valley suggests establishing more incentives for investment in startups, such as tax breaks for angel investors, and increasing the availability of public funding.

Skills

There is an urgent need to attract and retain highly qualified talent, particularly in technology, sustainability, and digital innovation. Strengthening educational offerings and making it easier to attract talent to Norway is crucial. Energy Valley emphasizes the need to continue strengthening the link between higher education and the business sector, facilitating lifelong learning and reskilling in line with technological advancements.

Regulations and Bureaucracy

Complex regulations and bureaucratic processes can stifle innovation and growth, diverting valuable time from core business activities. A great measurement would be to reduce bureaucratic barriers and streamline processes for startup and business operations, with a particular focus on digitalizing public services.

Support for Green Transition

While there is growing awareness of sustainable development, entrepreneurs need more concrete support and guidance to integrate green solutions into their business models. Energy Valley proposes the implementation of specific programs to increase contributions from both the private and public sectors.

As representatives of the startup community and energy industry startups in Norway, Energy Valley appreciates the government’s commitment to creating a world-leading business environment and looks forward to working with the government to achieve this goal.