Facts and numbers
We contributed over 7 billion to the business sector. Innovation Norway contributed NOK 7.1 billion to development and innovation in the business sector in 2023. The support came in the form of grants, loans, and guarantees. This is at about the same level as in 2022 and is a normal year compared to the pandemic years 2020 (NOK 12.5 billion) and 2021 (NOK 9.2 billion). Including advisory services, profiling, and EEA funds, the total support from Innovation Norway to Norwegian companies amounted to almost NOK 8 billion.
96 percent believe IN support is decisive. 96 percent of the companies surveyed in the Customer Impact Survey believe that Innovation Norway's contribution has been decisive for the implementation of the project. This is higher than in 2022 (88 percent) and also higher than the years before the pandemic. In 2019, the figure was 91 percent. During the pandemic years 2020, the figure was 96 percent, and in 2021 it was 95 percent.
Innovation Norway triggers other financing. One krone from Innovation Norway in the form of capital or advisory services is matched by one and a half kroner in self-financing or financing from other sources for development projects and investments. In 2023, a total of NOK 19.6 billion was added. In addition, Innovation Norway also triggers other innovation and internationalization activities through competence development and networking.
IN-supported companies grow more. Companies supported by Innovation Norway grow more than comparable companies that do not receive such support. Companies that receive support had an annual additional growth in sales revenue/turnover of 14.78 percent. The corresponding figures for value creation and productivity were 10.79 and 4.27 percent, respectively. Measured in terms of the number of man-years, there is an annual additional growth of 7.03 percent.
Startups with IN support grow faster. Startups (younger than three years) with financing from Innovation Norway have an average annual additional growth in sales revenue of 21.49 percentage points compared to companies without such support. The corresponding figures for value creation are 19.08 percentage points, growth in productivity 9.68 percentage points, and growth in the number of man-years is 9.5 percentage points.
2 billion to startups. In total, Innovation Norway granted just over NOK 2 billion to startups in 2023. This is a significant increase from 2022 when the figure was NOK 1.5 billion.
Growth for established companies. Companies older than three years that are supported by Innovation Norway have had 6.99 percentage points higher annual growth in their sales revenue compared to companies that have not received such support. The corresponding additional growth for value creation is 3.94 percentage points. The companies that received support also grew more in terms of the number of man-years, with 3.79 percentage points.
Business clusters create growth. Companies participating in clusters supported by Innovation Norway have had an average additional growth in sales revenue of 19.52 percentage points in the first three years compared to companies that are not participants in such clusters. For value creation, the corresponding additional growth is 16.84 percentage points, and for the number of man-years, it is 7.91 percentage points.
Increase in the number of guest nights in Norway. In 2023, there were 37 million guest nights at commercial accommodation establishments in Norway, an increase of 2.54 percent. The number of Norwegian guests has decreased slightly, while foreign guests have increased significantly by 13.5 percent.