Innovation Norway is a unique company that aims to help Norwegian businesses at home or to expand abroad. With the rise of the Asian giants such as China and India, developed countries such as Norway are starting to feel the pinch from competition overseas. As such, more companies are starting to outsource their operations to Asian countries, to take advantage of longer working hours, the lack of strong trade unions, and a generally weaker currency, in order to minimize costs and increase profits.
Innovation Norway, which is linked to the Norwegian Government, advises and enables Norwegian companies to expand parts of their business abroad, to take advantage of the lower costs, while at the same time retaining their home office. Innovation Norway is a leading player in the government’s strategy to keep businesses profitable in today’s ever-changing environment.
Some major trends addressed by Innovation Norway include: climate change, business impact on the environment, energy generation, availability of fresh water, and globalization. These concerns are taken into account when Innovation Norway formulates strategies to help its clients, so as to lessen the negative impact of businesses on the Earth. However, some limitations include being restricted to helping only businesses in Norway (because it is partially funded by the Norwegian government), and also the dependency on political intentions, because the business arm cannot contradict the political intentions of the government.
Balancing cross-cultural sensitivities is also a big challenge, as the Norwegian values must be upheld, even when doing business in other countries, and both parties must be satisfied, in order for a lasting business relationship to be formed. Difficult as it may seem, it is a necessity in today’s world, where information travels quickly, and the cost of a product or service is of great importance, especially when there are more than one company offering similar products.
– Ho Bao Yuan