When you create as many trend decks as we do, you discover shortcuts for identifying innovative business models, products, and services. When we start our research, our first virtual destination is often Sweden, Norway, Finland or Denmark, where we look at what existing companies and startups are doing in different sectors.
In Norway, we’ve found that Fortum (an energy company) has an insurance offering that covers electricity bills in cases such as unemployment, sick leave, or temporary layoffs.
IKEA has started offering renewable energy to households in Sweden, allowing them to purchase electricity sourced from solar and wind parks.
Finland is running a global one-million-euro challenge competition to answer the question: How can we decarbonise the heating of Helsinki, using as little biomass as possible?
Tibber (Sweden) have developed a system that determines the best time to charge your car. It uses data on your EVs’ battery size and status (SoC), when you need to leave next, charging power, and energy price.
Doconomy is a Swedish fintech company that develops digital solutions to help individuals and businesses measure and reduce their environmental impact.
There is even a term for it: The Nordic Innovation Triangle, coined by the European Centre for Entrepreneurship and Policy Reform.
According to the UN World Intellectual Property Office, Scandinavian countries excel in innovation due to their strong connections between education, infrastructure, human capital, and market/business quality. This synergy enables them to generate more knowledge, technology, and creativity relative to their investments in R&D.
So, how can other countries realise the benefits of an innovative economy?
Education and Research: Scandinavian countries have strong education systems that emphasise creativity, critical thinking, and problem-solving skills.
Supportive Government Policies: Governments in Scandinavian countries frequently support research and development through grants, subsidies, and tax incentives. Their policies also promote entrepreneurship and innovation, facilitating the success of startups and businesses.
Strong Social Welfare Systems: The robust social welfare systems in Scandinavian countries offer a safety net that empowers individuals to take risks and pursue innovative ideas without fearing failure. This support nurtures a culture of innovation and entrepreneurship.
Collaboration and Networking: Scandinavian countries boast a robust culture of collaboration and networking, both within industries and across sectors. This open exchange of ideas and sharing of knowledge fuels innovation and creativity.
Focus on Sustainability: Scandinavian countries are renowned for their dedication to sustainability and environmental responsibility. This commitment has sparked innovations in renewable energy, green technologies, and sustainable business practices.
High Quality of Life: Scandinavian countries consistently excel in quality-of-life rankings, thanks to exemplary healthcare, education, work-life balance, and overall well-being. This high standard of living attracts and retains talented individuals who are more likely to drive innovation.
Cultural Factors: Scandinavian cultures are notably egalitarian, placing a strong emphasis on equality, trust, and social cohesion. These values promote collaboration, creativity, and a willingness to experiment and embrace new ideas.
