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COPENHAGEN (Nettavisen): Danske Bank has set aside an impressive NOK 3.2 billion to support Nordic growth companies. While the bank is eager to foster Norwegian technological innovation, a crucial concern looms large for Christine Spiten, a key member of their Nordic growth team: the state of Norwegian tax policy.
– “I genuinely hope that the proposed policy can be revised,” Spiten expressed during her recent appearance on the Nettavisen podcast, “Stavrum & Eikeland”.
– “Several of my friends are tirelessly advocating for a long-term perspective on taxation among politicians,” she added.
She pointedly noted that many of Norway’s most seasoned technology investors, including Jens Rugseth, have already departed the country.
– “It’s truly regrettable,” she commented.
– Learning from Sweden
Spiten believes that the current regulatory environment hampers Norway’s ability to cultivate globally competitive technology firms.
– “We have a great deal to learn from Sweden,” she asserted. “Their approach to tax policy and fostering economic growth has been remarkable.”
She emphasized the need for a policy shift if Norway aspires to ignite new industries.
– “To successfully create new sectors and exciting companies here, some adjustments are essential,” she reiterated on the podcast.
3.2 billion ready for growth companies
At the same time, Spiten and her team are focused on providing loans to companies that are already navigating the market but are poised for significant expansion.
– “Our goal is to support businesses that have successfully entered the market but now require capital for growth. There must be a substantial investment to fuel this growth,” she explained during the podcast.
Spiten outlined that the bank’s growth investment initiative was a direct response to the overly cautious nature of traditional banks.
– “Banks are taking too little risk and are overly conservative,” she noted.
Encouraging bolder banking practices
Danske Bank employs guarantees from Innovation Norge, Eksportfinans, and the EU to embrace a degree of risk that many banks shy away from.
– “These partners can alleviate anywhere from 50 to 80 percent of our risk,” Spiten said.
This strategy enables the bank to support companies that typically wouldn’t qualify for conventional financing.
– “Nine out of ten companies we work with in the growth team are currently operating at a loss,” she disclosed.
Retaining entrepreneurs in Norway
Spiten, who co-founded the underwater drone company Blueye Robotics, is passionate about ensuring Norwegian businesses have the opportunity to thrive locally, rather than feeling compelled to relocate abroad.
– “I don’t believe it’s a necessity… But that’s our mission—to prevent it from happening,” she stated.
That said, she recognizes the importance of international investors when ambitions grow large.
– “In terms of positioning, it’s generally good practice for founders to retain around 50 percent ownership by the time they reach Series A,” she added.
Spiten was clear that the bank has no intention of pressuring entrepreneurs to risk their entire livelihoods.
– “We never demand personal guarantees… Our aim isn’t to place companies in a position where closure becomes inevitable.”
– A call to action for Norway
For Spiten, the message is unequivocal: Norway can foster greater technological innovation, but only with improved conditions in place.
– “It’s disheartening that investors feel the need to relocate,” she remarked, reiterating:
– “We have so much to learn from Sweden.”
This piece was created with the assistance of artificial intelligence.
Explore more about “Stavrum & Eikeland” here: