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Facts and numbers

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Some main results from the Annual Report 2022.

We contributed more than NOK 7 billion to business: Innovation Norway was able to contribute a total of NOK 7.1 billion to development and innovation in industry and commerce in 2022. In connection with the pandemic, Innovation Norway allocated substantially higher amounts than normal (2020: NOK 12.5 billion, 2021: NOK 9.2 billion). The level was more normal in 2022.

Nine out of ten believe that Innovation Norway support is decisive: No fewer than 88 per cent of the companies surveyed in the customer satisfaction survey believe that Innovation Norway's contribution was decisive for the realisation of projects. This is slightly lower than during the Covid crisis in 2020-2021, and it may indicate that Innovation Norway’s support was particularly important for companies’ innovation and development work during the pandemic.

Innovation Norway triggers other funding: NOK 1 from Innovation Norway in the form of capital or advisory services is matched by almost NOK 2 in the form of self-financing or other sources of funding for development projects and investments. In 2022, it helped ensure Norwegian companies receive a total of NOK 24.2 billion. In addition, Innovation Norway also triggers many other innovation and internationalisation activities by providing expertise and networking.

A record year for positive environmental impact: In 2022, 68 per cent of our financial resources were spent on projects with a potential positive environmental impact. This is an increase of 7 percentage points compared with 2021 – which was also a record year for green funding.

Innovation Norway’s support results in higher growth in turnover: On average, companies that receive support from Innovation Norway grow more than comparable companies without such support. Measured over a three-year period, companies with support saw an average annual growth in turnover of 10.3 percentage points. The corresponding figures for value creation and productivity are 8.6 and 3.6 percentage points, respectively. Measured in full-time equivalents, this shows an annual increase in growth of 4.2 percentage points (source: Economics Norway, based on accounting figures from 2003-2021).

Entrepreneurs with Innovation Norway’s support grow faster: Start-ups (companies that are less than three years old) that received funding from Innovation Norway saw an increase in sales revenue of 17.1 percentage points, compared with companies that did not receive such support. Correspondingly, value creation increased by 17.4 percentage points, productivity grew by 10.2 percentage points, and the number of full-time equivalents grew by 6.9 percentage points (source: Economics Norway).

NOK 1.5 billion for entrepreneurs: In total, Innovation Norway granted just over NOK 1.5 billion to entrepreneurs in 2022, where entrepreneurs are defined as companies that are younger than three years old. Of all the entrepreneurial projects we supported, 34 per cent were female-oriented. Measured in terms of amount allocated, the female-oriented share was 21 per cent.

Growth for established companies: Established companies (companies that are more than three years old) that received support from Innovation Norway experienced a 6.7 percentage points increase in sales revenue compared with companies that do not receive such support. The corresponding figures for growth in value creation and productivity are 5.3 and 2.0 percentage points, respectively (source: Economics Norway). 75 per cent of the funding from Innovation Norway in 2022 was allocated to companies older than three years old. Such companies received NOK 4.4 billion in grants and loans from Innovation Norway.

Business clusters create growth: In 2022, 39 clusters received services from the cluster programme and 96 business networks received services from the business network programme. There are also 11 agriculture-related networks, and 20 regions have received services from the regional transition programme. Companies that participate in clusters with support from Innovation Norway have seen an average increase in sales revenue of 18.6 percentage points during their first three years compared with companies that do not participate in such clusters. The corresponding growth for value creation is 15.8 percentage points, and for the number of full-time equivalents 3.6 percentage points (source: Economics Norway).

Rise in overnight stays in Norway: There were 36.1 million overnight stays with commercial accommodation providers in Norway in 2022, an increase of 33 per cent from the previous year. The number of Norwegian commercial overnight stays accounted for growth of 11 per cent, while foreign overnight stays have increased by 197 per cent.

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