From one side Oslo is recognized as a cultural city, and this is probably the reason why there are a lot of tourists. I will write about Oslo from a tourist aspect in another article, now I’ll focus on business.
Norway is a well-known leader in industries like energy, technology, communication and maritime, and with around 4.5 million people, it’s a pretty important member of the global economy. A lot of companies and startups are choosing Norway to start or expand their business, and I’ve found this pretty logical.
During the whole stay, I didn’t have to use cash once. Every grocery shop, 7-eleven, coffee shop supports credit cards. I’ve used my Revolut MasterCard, because this is the most convenient option for me, and it was actually pretty easy to adapt. I see this as one of the key benefits for foreign entrepreneurs.
Starting a company
I had a really pleasant talk with some startup founders in Oslo. The most important thing they’ve mentioned was pretty good administration, so they can focus on their business. As they said, most of the things can be done through Altinn – some kind of governmental digitalization platform. A lot of startups are choosing Oslo because the number of HUB’s, meeting points and coworking spaces is really booming.
Oslo International Hub
I’ve visited Oslo International Hub, and I had a great talk and tour with one of the employees. I would say that this is the place to be, especially if you are a newcomer. From time to time they are organizing various meetings, BBQ, breakfast and networking events where entrepreneurs can meet each other and mingle.
Most of the startups with good ideas, solid business plan and a little bit of luck can easily reach private investors, angel investors or even VC funds. In comparison to Croatia, where startups usually have to bootstrap, startups in Oslo have a pretty good chance to test their ideas with some small capital, of up to 50000NOK (around 5000EUR). We all can agree that this kind of support is pretty welcome in the early stage.
Almost all money the startups will get is smart money, which means that the lead investor, private investor or group of them will connect you with their friends, companies, and institutions. This is a great way to secure more capital in the future.