The Impact of Norwegian Government Funding Policies Through the Lens of an Entrepreneur

Authors

Murshid M. Ali
Keywords: government funding policies, entrepreneurship, policymaking, innovation systems

Synopsis

Norway, like many other industrialized countries, has a long tradition of implementing funding policies to shape and develop national innovation systems. These policies are often targeted at industries in which there is a sectoral competitive advantage, so leading to path dependency. Policymaking in Norway can be explained as a duality; policies implemented to correct market failures, targeted at small firms, and policies aimed at supporting national champions and upgrading existing technological capacities of selected industries. Existing studies on innovation systems and government funding policies often focus on top-down variables, and therefore fail to provide deeper insights on the effect of policymaking on company creation, regardless of path dependency. The aim of this study was to provide the perspective of an entrepreneur on the impact of government funding policies throughout a company lifecycle. This provided a hands-on contribution to the field, through active participation in and following five case companies and creating three companies.

These case companies fell within the categories of path dependency, path renewal and path creation. Three of the companies belonged to the oil and gas industry. We therefore assumed they were part of a sectoral innovation system, and path dependent. One was a financial technology company, representing path creation. The last company was a renewable energy company, which represented path renewal, government funding policies being mapped through interactions with both public and private actors. Findings suggest that the Norwegian government funding policies are strong in the first phases of a company lifecycle, but weak during growth and scaling. Policies are furthermore more likely to help entrepreneurs with existing networks, and therefore with the capability to leverage private funding. This study aimed to demystify the creation of a technology company, to help academics and policy makers understand the drivers behind creating and improving innovation in their region.

Author Biography

Murshid M. Ali

PhD candidate
University of Stavanger
Faculty of Social Sciences
UiS Business School

References

Acemoglu, D., & Robinson, J. (2014). Why nations fail. Revija Za Socijalnu Politiku. https://doi.org/10.3935/rsp.v21i3.1238

Acs, Z. J., Audretsch, D. B., Lehmann, E. E., & Licht, G. (2017). National systems of innovation. Journal of Technology Transfer. https://doi.org/10.1007/s10961-016-9481-8

Adelman, C. (1993). Kurt Lewin and the Origins of Action Research. Educational Action Research.
https://doi.org/10.1080/0965079930010102

Aghion, P., Askenazy, P., Berman, N., Cette, G., Eymard, L., Bocconi, L., … Companies, H. (2011). The relationship between R&D collaboration, subsidies and R&D performance: Empirical evidence from Finland and Germany. Research Policy. https://doi.org/10.1002/jae.992

Aldrich, C., & Morton, T. E. (1975). Optimal Funding Paths for a Class of Risky R&D Projects. Management Science.
https://doi.org/10.1287/mnsc.21.5.491

Ali, M., & van Tol, M. (2019). WO2016034542A1. Retrieved from https://patents.google.com/patent/WO2016034542A1

Alsos, G. A., Clausen, T. H., Hytti, U., & Solvoll, S. (2016). Entrepreneurs' social identity and the preference of causal and effectual behaviours in start-up processes. Entrepreneurship and Regional Development.
https://doi.org/10.1080/08985626.2016.1155742

Alvesson, M., & Kärreman, D. (2007). Constructing mystery: Empirical matters in theory development. Academy of Management Review.
https://doi.org/10.5465/amr.2007.26586822

Alvesson, M., & Sandberg, J. (2011). Generating research questions through problematization. Academy of Management Review.
https://doi.org/10.5465/amr.2009.0188

Alvesson, M., & Sandberg, J. (2014). Problematization meets mystery creation: Generating new ideas and findings through assumption- challenging research. In Critical Management Research: Reflections from the Field.
https://doi.org/10.4135/9781446288610.n2

Alvesson, M., & Spicer, A. (2012). Critical leadership studies: The case for critical performativity. Human Relations.
https://doi.org/10.1177/0018726711430555

Amorós, J., & Bosma, N. (2014). Global Entrepreneurship Monitor: 2013 Global Report. Recovered on February.

Argyris, Ch., & Schön, D. A. (2010). Organizational Learning: A Theory of Action Perspective. Reis. https://doi.org/10.2307/40183951

Argyris, Chris. (2006). Single-Loop and Double-Loop Models in Research on Decision Making. Administrative Science Quarterly. https://doi.org/10.2307/2391848

Arogyaswamy, B. (2020). Big tech and societal sustainability: an ethical framework. AI and Society. https://doi.org/10.1007/s00146-020- 00956-6

Asheim, B. (2012). The Changing Role of Learning Regions in the Globalizing Knowledge Economy: A Theoretical Re-examination. Regional Studies.
https://doi.org/10.1080/00343404.2011.607805

Asheim, B. T., & Coenen, L. (2005). Knowledge bases and regional innovation systems: Comparing Nordic clusters. Research Policy.
https://doi.org/10.1016/j.respol.2005.03.013

Asheim, B. T., & Gertler, M. S. (2009). The Geography of Innovation: Regional Innovation Systems. In The Oxford Handbook of Innovation. https://doi.org/10.1093/oxfordhb/9780199286805.003.0011

Asheim, B. T., & Isaksen, A. (2002). Regional innovation systems: The integration of local "sticky" and global "ubiquitous" knowledge. Journal of Technology Transfer. https://doi.org/10.1023/A:1013100704794

Asheim, T. B. (2003). Regional innovation policy for small-medium enterprises. Regional Innovation Policy For Small-Medium Enterprises.
https://doi.org/10.4337/9781781009659

Aslesen, H. W. (2009). The Innovation System of Norwegian Aquacultured Salmonids. In Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.003.0008

Aslesen, H. W., Isaksen, A., & Karlsen, J. (2012). Modes of Innovation and Differentiated Responses to Globalisation-A Case Study of Innovation Modes in the Agder Region, Norway. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-011-0060- 9

Audretsch, D. B., & Belitski, M. (2017). Entrepreneurial ecosystems in cities: establishing the framework conditions. Journal of Technology Transfer. https://doi.org/10.1007/s10961-016-9473-8

Audretsch, D., & Thurik, R. (2004). A Model of the Entrepreneurial Economy. International Journal of Entrepreneurship Education.

Aulet, B., & Murray, F. (2013). A Tale of Two Entrepreneurs: Understanding Differences in the Types of Entrepreneurship in the Economy. Ewing Marion Kauffman Foundation.
https://doi.org/10.2139/ssrn.2259740

Azoulay, P., Jones, B., Kim, J. D., & Miranda, J. (2018). Research: The Average Age of a Successful Startup Founder Is 45. Harvard Business Review.

Bærland, A. (2020, November 24). Huddlestock mot børs. Finansavisen. Retrieved from https://finansavisen.no/nyheter/teknologi/2020/11/24/7591715/ huddlestock-mot-bors?fbclid=IwAR3OvZGJf_Y-_- zQje74LeFdL61XavBJvSYY6S5k-jtrYPSSBp8PvE-ucdg

Barrenhag, L., Fornell, A., Larsson, G., Mårdström, V., Westergård, V., & Wrackefeldt, S. (2012). Accelerating Success : A Study of Seed Accelerators and Their Defining Characteristics. Bachelor Thesis.

Barrett, P. M., Satariano, A., & Burrows, P. (2012). Technology: Apple vs Samsung - The Longer View. Businessweek.

Bekkers, R., Bodas Freitas, I. M., Benavente, J. M., Bercovitz, J. E. L., Feldman, M. P., Bishop, K., … Knockaert, M. (2015). Subsidy and networking: The effects of direct and indirect support programs of the cluster policy. Research Policy. https://doi.org/10.1016/j.respol.2010.09.017

Berge, P., Ueland, G., Dagsland, T., & Ali, M. (2017). WO2017126978A1. WIPO/PCT. Retrieved from https://patents.google.com/patent/WO2017126978A1/fr?assign ee=reemsys&oq=reemsys

Bjergaard, A. P. (2020). Tror teknologi vil knuse finansbransjen.

Finansavisen. Retrieved from https://finansavisen.no/nyheter/finans/2020/10/06/7572959/sti g-myrseth-tror-teknologiselskapene-vil-ta-over-hegemoniet-i- finansbransjen

Block, F., & Keller, M. R. (2011). Where do innovations come from? Transformations in the US economy, 1970-2006. In Knowledge Governance: Reasserting the Public Interest. https://doi.org/10.7135/UPO9780857285522.006

Bourdieu, P. (1977). Outline of a Theory of Practice. Cambridge Studies in Social Anthropology.
https://doi.org/10.1017/CBO9780511812507

Bricki, N., & Green, J. (2007). A Guide to Using Qualitative Research Methodology. Medecins Sans Frontieres. https://doi.org/10.1109/PROC.1978.11033

Bryman, A. (1984). The Debate about Quantitative and Qualitative Research: A Question of Method or Epistemology? The British Journal of Sociology.
https://doi.org/10.2307/590553

Cappelen, Å., Fjærli, E., Foyn, F., Hægeland, T., Møen, J., Raknerud, A., … Rybalka, M. (2010). Evaluation of the Norwegian R&D Tax Credit Scheme. Journal of Technology Management & Innovation.
https://doi.org/10.4067/S0718-27242010000300007

Cappelen, Å., Raknerud, A., & Rybalka, M. (2012a). The effects of R&D tax credits on patenting and innovations. Research Policy.
https://doi.org/10.1016/j.respol.2011.10.001

Cappelen, Å., Raknerud, A., & Rybalka, M. (2012b). The effects of R&D tax credits on patenting and innovations. Research Policy.
https://doi.org/10.1016/j.respol.2011.10.001

Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing. https://doi.org/10.1016/S0883- 9026(03)00029-6

Castellacci, F., Clausen, T. H., Nås, S. O., & Verspagen, B. (2009). Historical Fingerprints? A Taxonomy of Norwegian Innovation. In Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.003.0005

Castellaci, F. (2008). Innovation in Norway in a European Perspective. Nordic Journal of Political Economy.

CB Insights. (2017). Global Wealth Innovators.

Ceulemans, S., & Kolls, J. K. (2013). Can the SBIR and STTR programs advance research goals? Nature Immunology.
https://doi.org/10.1038/ni.2495

Charlesen, H. (2019). Huddlestock kapret BNP Paribas. Finansavisen.

Chemmanur, T. J., Loutskina, E., & Tian, X. (2014). Corporate venture capital, value creation, and innovation. Review of Financial Studies.
https://doi.org/10.1093/rfs/hhu033

Chesbrough, H. (2006). Open Innovation: A New Paradigm for Understanding Industrial Innovation. Open Innovation: Researching a New Paradigm. https://doi.org/citeulike-article- id:5207447

Chesbrough, H. (2007). Business model innovation: It's not just about technology anymore. Strategy and Leadership.
https://doi.org/10.1108/10878570710833714

Clausen, T. H. (2009a). Do subsidies have positive impacts on R&D and innovation activities at the firm level? Structural Change and Economic Dynamics.
https://doi.org/10.1016/j.strueco.2009.09.004

Clausen, T. H. (2009b). Do subsidies have positive impacts on R&D and innovation activities at the firm level? Structural Change and Economic Dynamics.
https://doi.org/10.1016/j.strueco.2009.09.004

Clausen, T. H. (2009c). Industrial R&D Policy in Norway: Who Gets the Funding and What are the Effects? In Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.003.0013

Clough, P., & Nutbrown, C. (2002). Research Design: shaping the study. A Student's Guide to Methodology: Justifying Inquiry.

Creswel, J. W. (2008). The Selection of a Research Approach. Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. https://doi.org/45593:01

Creswell, J. W. (2007). Research Design: Qualitative, Quantitative and Mixed Method Aproaches. SAGE Publications. https://doi.org/10.4135/9781849208956

D'Andrea, M. (2013). The rise of the creative class revisited. International Journal of Cultural Policy.
https://doi.org/10.1080/10286632.2012.730042

De Bernardi, P., & Azucar, D. (2020). Funding innovation and entrepreneurship. In Contributions to Management Science.
https://doi.org/10.1007/978-3-030-33502-1_8

Delgado, M., Porter, M. E., & Stern, S. (2010). Clusters and entrepreneurship. Journal of Economic Geography.
https://doi.org/10.1093/jeg/lbq010

Duening, T. N., Hisrich, R. D., & Lechter, M. A. (2015). Technology Entrepreneurship. Technology Entrepreneurship.
https://doi.org/10.1016/B978-0-12-420175-0.00001-4

Enersgård, B. (2018). Siri Kalvig skal lede Fornybar-fondet. Rogalands avis.

Engen, O. A. (2009). The Development of the Norwegian Petroleum Innovation System: A Historical Overview. In Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.003.0007

Erichsen, V. M. (2019). Huddlestock landed avtale med europeisk storbank. Shifter.

Erichsen, V. M. (2020). Rakettvekst i fintech-gründerens solprosjekt. Shifter. Retrieved from https://shifter.no/nyheter/rakettvekst-i- fintech-grnderens-solprosjekt/181577

Etemad, H. (2009). Internationalization of Small and Medium-sized Enterprises: A Grounded Theoretical Framework and an Overview. Canadian Journal of Administrative Sciences / Revue Canadienne Des Sciences de l'Administration.
https://doi.org/10.1111/j.1936-4490.2004.tb00319.x

Euchner, J. (2013). What Large Companies Can Learn from Start-ups. Research Technology Management. https://doi.org/10.5437/08956308X5604003

Fagerberg, J. (1988). International Competitiveness. The Economic Journal.
https://doi.org/10.2307/2233728

Fagerberg, J. (1994). Technology and international differences in growth rates. Journal of Economic Literature. https://doi.org/10.2307/2728605

Fagerberg, J. (2002). A Layman's Guide to Evolutionary Economics. Darwin. https://doi.org/10.1038/210052b0

Fagerberg, J. (2003). Schumpeter and the revival of evolutionary economics: An appraisal of the literature. Journal of Evolutionary Economics.
https://doi.org/10.1007/s00191-003-0144-1

Fagerberg, J., Feldman, M. P., & Srholec, M. (2014). Technological dynamics and social capability: US states and European nations. Journal of Economic Geography.
https://doi.org/10.1093/jeg/lbt026

Fagerberg, J., Mowery, D. C., & Verspagen, B. (2009). Innovation, Path Dependency, and Policy: The Norwegian Case. Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.001.0001

Fagerberg, J., & Sapprasert, K. (2011). National innovation systems: The emergence of a new approach. Science and Public Policy.
https://doi.org/10.3152/030234211X13070021633369

Fagerberg, J., & Srholec, M. (2008). National innovation systems, capabilities and economic development. Research Policy.
https://doi.org/10.1016/j.respol.2008.06.003

Field, R. (2014). Disciplined Entrepreneurship: 24 Steps to a Successful Startup by Bill Aulet. Journal of Business & Finance Librarianship.
https://doi.org/10.1080/08963568.2014.855091

Finansieringsordninger for oppstartsselskaper. (2020). Retrieved October 10, 2020, from https://www.innovasjonnorge.no/no/verktoy/verktoy-for- oppstart-av-bedrift/kan-du-fa-stotte-fra-innovasjon-norge/

Finextra. (2016). Huddlestock raises 1.5 mill USD in seed. Finextra. Finextra. (2019). Huddlestock merges with norwegian fund manager, and names new CEO. Finextra. Retrieved from https://www.finextra.com/pressarticle/78323/huddlestock-merges-with-norwegian-fund-manager-names-new-ceo

Fitjar, R. D., & Rodríguez-Pose, A. (2015). Interaction and Innovation across Different Sectors: Findings from Norwegian City-Regions. Regional Studies.
https://doi.org/10.1080/00343404.2015.1016415

Flanagan, K., & Uyarra, E. (2016). Four dangers in innovation policy studies - and how to avoid them. Industry and Innovation.
https://doi.org/10.1080/13662716.2016.1146126

Florida, R. (2002). The Rise of the Creative Class. Washington Monthly. https://doi.org/10.1111/j.1467-8691.2006.00398.x

Florida, R., Adler, P., & Mellander, C. (2017). The city as innovation machine. Regional Studies.
https://doi.org/10.4324/9781315143736-8

Forbes, D. P. (2005). Managerial determinants of decision speed in new ventures. Strategic Management Journal.
https://doi.org/10.1002/smj.451

Forskningsrådet. (2020a). Calls for Industry. Forskningsrådet. (2020b). FORNY2020.

Forskningsrådet. (2020c). SkatteFUNN.

Fowle, M. (2018). The entrepreneurial dream: Happiness, depression and freedom. Proceedings of the European Conference on Innovation and Entrepreneurship, ECIE.

Frick, J., & Ali, M. M. (2014). The Importance of Emerging Markets for Petroleum Technology Companies in Norway: Management and Entry Operation Strategies. In IFIP Advances in Information and Communication Technology. https://doi.org/10.1007/978-3-662- 44733-8_60

Friestad, J. H. (2017). Oljebedrift satser på redningsutstyr for spedbarn. Stavanger Aftenblad.

George, G., & Bock, A. J. (2011). The Business Model in Practice and its Implications for Entrepreneurship Research. Entrepreneurship: Theory and Practice. https://doi.org/10.1111/j.1540- 6520.2010.00424.x

Giebe, T., Grebe, T., Wolfstetter, E., Acs, Z. J., Audretsch, D. B., Andersen, K. V., … Meissner, J. O. (2008). The Financing of Research and Development. Research Policy. https://doi.org/10.1002/jae.992

Gompers, P. A., Lerner, J., Silviera, R., & Wright, R. (2007). The Venture Capital Cycle. Working Paper Available at https://Www.Aeaweb.Org/Assa/2009/Retrieve.Php?Pdfid=11. https://doi.org/HG4963.G66

Gornall, W., & Strebulaev, I. A. (2015). The Economic Impact of Venture Capital: Evidence from Public Companies. SSRN Electronic Journal.
https://doi.org/10.2139/ssrn.2681841

Grønning, T. (2009). The Biotechnology Industry in Norway: A Marginal Sector or Future Core Activity? In Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.003.0009

Habermas, J. (1991). The Structural Transformation of the Public Sphere: An Inquiry into a Category of Bourgeois Society. Contemporary Sociology. https://doi.org/10.2307/2072652

Hall, B. H., & Lerner, J. (2010). The financing of R&D and innovation. Handbook of the Economics of Innovation.
https://doi.org/10.1016/S0169-7218(10)01014-2

Hansen, M. T., Chesbrough, H. W., Nohria, N., & Sull, D. N. (2000). Networked incubators. Hothouses of the new economy. Harvard Business Review.

Hardaker, A. (2018). Fintech Startup gets new CEO. BusinessCloud. Retrieved from https://www.businesscloud.co.uk/news/fintech- start-up-gets-new-ceo/

Harnes, M. P. (2020). Solgründerne i Norsk Solar henter 130 mill NOK. Shifter.

Hart, M. A. (2012). The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses Eric Ries. New York: Crown Business, 2011. 320 pages. US$26.00. Journal of Product Innovation Management.
https://doi.org/10.1111/j.1540-5885.2012.00920_2.x

Hawkins, R. (2015). Marianna Mazzucato The Entrepreneurial State: Debunking Public vs Private Sector Myths. Science and Public Policy.
https://doi.org/10.1093/scipol/scu071

Hervas-Oliver, J.-L., Gonzalez, G., Caja, P., Sempere-Ripoll, F., Breschi, S., Lenzi, C., … Schumpeter, J. (2011). Economic welfare and the allocation of resources for invention. Research Policy. https://doi.org/10.1108/13673270810902920

Hisrich, R. D. (1990). Entrepreneurship/intrapreneurship. American Psychologist.
https://doi.org/10.1037/0003-066X.45.2.209

Hisrich, R., Langan-Fox, J., & Grant, S. (2007). Entrepreneurship Research and Practice: A Call to Action for Psychology. American Psychologist.
https://doi.org/10.1037/0003-066X.62.6.575

Holcombe, R. G. (2003). The origins of entrepreneurial opportunities. Review of Austrian Economics. https://doi.org/10.1023/A:1022953123111

Holden, S. (2013). Avoiding the resource curse the case Norway. Energy Policy.
https://doi.org/10.1016/j.enpol.2013.09.010

Howells, J. (1996). Tacit knowledge, innovation and technology transfer. Technology Analysis and Strategic Management.
https://doi.org/10.1080/09537329608524237

Iammarino, S. (2005). An evolutionary integrated view of regional systems of innovation: Concepts, measures and historical perspectives. European Planning Studies.
https://doi.org/10.1080/09654310500107084

Innovasjon Norge. (2020). In Wikipedia.

Isaksen, A., & Karlsen, J. (2010). Different modes of innovation and the challenge of connecting universities and industry: Case studies of two regional industries in Norway. European Planning Studies.
https://doi.org/10.1080/09654313.2010.516523

Isaksen, A., & Karlsen, J. (2013). Can small regions construct regional advantages? The case of four Norwegian regions. European Urban and Regional Studies.
https://doi.org/10.1177/0969776412439200

Isaksen, A., & Trippl, M. (2016). Path development in different regional innovation systems: A conceptual analysis. In Innovation Drivers and Regional Innovation Strategies. https://doi.org/10.4324/9781315671475

Kamien, M. I., & Schwartz, N. L. (1978). Self-Financing of an R & D Project. American Economic Review.

Karlsen, J., & Larrea, M. (2018). Regional innovation system as a framework for the co-generation of policy: An action research approach. In New Avenues for Regional Innovation Systems - Theoretical Advances, Empirical Cases and Policy Lessons.
https://doi.org/10.1007/978-3-319-71661-9_13

Karlsson, C., & Warda, P. (2014). Entrepreneurship and innovation networks. Small Business Economics.
https://doi.org/10.1007/s11187-014-9542-z

Kawasaki, G. (2004). The Art of the Start. Int J Syst Evol Microbiol.

Kawaski, G. (2000). Rules for Revolutionaries. Notes on the eCustomerExperience Conference.

Kemmis, S. (2009). Action research as a practice-based practice. Educational Action Research.
https://doi.org/10.1080/09650790903093284

Kemmis, S. (2010). What is to be done? the place of action research. Educational Action Research.
https://doi.org/10.1080/09650792.2010.524745

Kenney, M. (2015). Venture Capital. In International Encyclopedia of the Social & Behavioral Sciences: Second Edition.
https://doi.org/10.1016/B978-0-08-097086-8.73018-2

Kerr, W. R., Nanda, R., & Rhodes-Kropf, M. (2014). Entrepreneurship as Experimentation. Journal of Economic Perspectives.
https://doi.org/10.3386/w20358

Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Nature. https://doi.org/10.2307/2278703

Kirzner, I. M. (2009). The alert and creative entrepreneur: A clarification. Small Business Economics.
https://doi.org/10.2139/ssrn.1224842

Klette, T. J., & Møen, J. (2012). R&D investment responses to R&D subsidies: a theoretical analysis and a microeconometric study) 'R&D investment responses to R&D subsidies: a theoretical analysis and a microeconometric study. World Review of Science, Technology and Sust. Development World Review of Science Technology and Sustainable Development.
https://doi.org/10.1504/WRSTSD.2012.047687

Klitkou, A., & Coenen, L. (2013). The Emergence of the Norwegian Solar Photovoltaic Industry in a Regional Perspective. European Planning Studies.
https://doi.org/10.1080/09654313.2012.753691

Kortum, S. S., & Lerner, J. (1998). Does Venture Capital Spur Innovation? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.10583
https://doi.org/10.2139/ssrn.10583

Kroknes, V. F., Jakobsen, T. G., & Grønning, L.-M. (2015). Economic Performance and Political Trust: The impact of the financial crisis on European citizens. European Societies.
https://doi.org/10.1080/14616696.2015.1124902

Kuhlmann, S., & Arnold, E. (2001). RCN in the Norwegian Research and Innovation System. Background Report No 12 in the Evaluation of the Research Council in Nor- Way.

Lagendijk, A., & Cornford, J. (2000). Regional institutions and knowledge - Tracking new forms of regional development policy. Geoforum.
https://doi.org/10.1016/S0016-7185(99)00031-7

Langeland, O. (2007). Financing innovation: The role of norwegian venture capitalists in financing knowledge-intensive enterprises. European Planning Studies.
https://doi.org/10.1080/09654310701529029

Laursen, K., & Salter, A. (2005). Open for innovation: the role of openness in explaining innovation performance among UK manufacturing firms. Strategic Management Journal.
https://doi.org/10.1002/smj.507

Lavoie, M. (2009). Introduction to post-Keynesian economics. Introduction to Post-Keynesian Economics.
https://doi.org/10.1057/9780230235489

Lazonick, W. (2010). Innovative business models and varieties of capitalism: Financialization of the U.S. corporation. Business History Review.
https://doi.org/10.1017/S0007680500001987

Lazonick, W. (2014). Profits without prosperity. Harvard Business Review. https://doi.org/10.1353/abr.2012.0147

Lazonick, W., & Mazzucato, M. (2012). The Risk-Reward Nexus. Policy Network.

Lee, P. (2016). Huddlestock aims to disrupt institutional asset management. Euromoney.

Lee, S. Y., Florida, R., & Acs, Z. J. (2004). Creativity and entrepreneurship: A regional analysis of new firm formation. Regional Studies.
https://doi.org/10.1080/0034340042000280910

Level39. (2017). Norway's Crown Prince makes first live trade on Huddlestock.

Level39. (2018). Huddlestock announces Simen Teigre as new CEO. Løvås, J. (2019). Vindvinner skal bygge solpark i Pakistan. Dagens Næringsliv.

Lundvall, B.-Å. ;, & Borrás, S. (2005). Science, Technology, and Innovation Policy. In Oxford Handbook of Innovation.
https://doi.org/10.1093/oxfordhb/9780199286805.003.0022

Lundvall, B.-Å. (2011). Notes on innovation systems and economic development. Innovation and Development.
https://doi.org/10.1080/2157930X.2010.551064

Madsen, E., Alsos, G., Borch, O., Ljunggren, E., & Brastad, B. (2007). Developing Entrepreneurial Orientation-The role of Dynamic Capabilities and. In Regional Frontiers of Entrepreneurship Research. https://doi.org/papers://BA75DBD3-74D3-4A2D-AAAC- 910414082C6C/Paper/p11814

Mäkitie, T., Normann, H. E., Thune, T. M., & Sraml Gonzalez, J. (2019). The green flings: Norwegian oil and gas industry's engagement in offshore wind power. Energy Policy.
https://doi.org/10.1016/j.enpol.2018.12.015

Mazzucato, M. (2013). State of innovation. New Scientist.
https://doi.org/10.1016/S0262-4079(13)62088-6

Mazzucato, M. (2015). Building the Entrepreneurial State: A New Framework for Envisioning and Evaluating a Mission-Oriented Public Sector. SSRN.
https://doi.org/10.2139/ssrn.2544707

Mazzucato, M. (2017). Mission-oriented innovation policy. UCL Institute for Innovation and Public Purpose Working Paper. https://doi.org/10.1080/13662716.2016.1146124

McGimpsey, I., Tannock, S., & Lauder, H. (2016). Postcapitalism: a guide to our future. British Journal of Sociology of Education.
https://doi.org/10.1080/01425692.2016.1223702

McGinn, D. (2012). Too many pivots, too little passion. Harvard Business Review.

McKinley, W. (2008). The mystery about mysteries: A commentary on Alvesson and Kärreman. Academy of Management Review. https://doi.org/10.5465/amr.2008.31193559

Mcniff, J., & Whitehead, J. (2002). Action Research : Principles and Practice. Educational Research.
https://doi.org/10.4324/9780203184646

McNiff, J., & Whitehead, J. (2006). All You Need to Know About Action Research (An Introduction). Journal of Social Issues. https://doi.org/10.4324/9780203305676

McNiff, J., & Whitehead, J. (2009). Writing an action research proposal. In Doing and writing action research.

Meisingset, S. (2021). Skulket og strøk på videregående: I dag er gründerselskapet verdt 600 millioner. Dagens Næringsliv. Retrieved from https://www.dn.no/teknologi/fintech/finansteknologi/borsnoteri ng/skulket-og-strok-pa-videregaende-i-dag-er-grunderselskapet-verdt-600-millioner/2-1-943305

Meyer, K. E., Mudambi, R., & Narula, R. (2011). Multinational Enterprises and Local Contexts: The Opportunities and Challenges of Multiple Embeddedness. Journal of Management Studies.
https://doi.org/10.1111/j.1467-6486.2010.00968.x

Meyer, T., Stobbe, A., Kaiser, S., & Walter, N. (2008). Venture Capital : bridge between idea and innovation. Economics.

Meyers, K. (2020). Entrepreneurs of an certain age, in this uncertain time. Kauffmann Foundation.

Minniti, M. (2005). Entrepreneurship and network externalities. Journal of Economic Behavior and Organization.
https://doi.org/10.1016/j.jebo.2004.10.002

Mokyr, J. (2011). The Lever of Riches: Technological Creativity and Economic Progress. The Lever of Riches: Technological Creativity and Economic Progress. https://doi.org/10.1093/acprof:oso/9780195074772.001.0001

Nair, R. (2003). The art of growing a company: An entrepreneurial monologue. Vikalpa.
https://doi.org/10.1177/0256090920030106

Narula, R. (2002). Innovation systems and "inertia" in R&D location: Norwegian firms and the role of systemic lock-in. Research Policy.
https://doi.org/10.1016/S0048-7333(01)00148-2

Narula, R. (2004). R&D collaboration by SMEs: New opportunities and limitations in the face of globalisation. Technovation.
https://doi.org/10.1016/S0166-4972(02)00045-7

Narula, R. (2012). Do we need different frameworks to explain infant MNEs from developing countries? Global Strategy Journal.
https://doi.org/10.1111/j.2042-5805.2012.01035.x

NEFCO. (2019). Norsk Solar to construct a solar power plant in Ukraine with NEFCO financing. Retrieved from https://www.nefco.org/news/norsk-solar-to-construct-a-solar- power-plant-in-ukraine-with-nefco-financing/

Nikolaisen, P.-I. (2019). Huddlestock og Dovre vil bli ny fintech-kjempe: "Flere bør slå sammen kreftene." Shifter.

Nikolaisen, P.-I. (2021). Solgründere går på børs: Henter over 100 millioner. Shifter. Retrieved from https://shifter.no/nyheter/solgrndere-gar-pa-bors-henter-over- 100-millioner/206068

Nordic9. (2014). Reemsys. Retrieved from https://nordic9.com/companies/reemsys-company8438495304/

NRK. (2015). Finansteknologi fra Universitetet. NRK.

NSA. (2017). National Winners 2017. Retrieved from https://nordicstartupawards.com/national-winners-2017

Ordanini, A., Miceli, L., Pizzetti, M., & Parasuraman, A. (2011). Crowd- funding: Transforming customers into investors through innovative service platforms. Journal of Service Management.
https://doi.org/10.1108/09564231111155079

Osterwalder, Alexander;, & Pigneur, Y. (2010). Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers. A handbook for visionaries, game changers, and challengers. https://doi.org/10.1523/JNEUROSCI.0307-10.2010

Osterwalder, Alexander. (2004). The Business Model Ontology - A Proposition in a Design Science Approach. Business. https://doi.org/10.1111/j.1467-9310.2010.00605.x

Osterwalder, Alexander, & Pigneur, Y. (2010). Business Model Generation. A Handbook for Visionaries, Game Changers, and Challengers. https://doi.org/10.1523/JNEUROSCI.0307-10.2010

Parker, D. (2020). Postcapitalism. Counterfutures. https://doi.org/10.26686/cf.v2i0.6437

Patel, N. (2015). 90% Of Startups Fail. Forbes.

Patel, P., & Pavitt, K. (1997). The technological competencies of the world's largest firms: Complex and path-dependent, but not much variety. Research Policy.
https://doi.org/10.1016/S0048-7333(97)00005-X

Pavitt, K. (1984). Sectoral patterns of technical change: Towards a taxonomy and a theory. Research Policy.
https://doi.org/10.1016/0048-7333(84)90018-0

Pernecky, Jack, M. (2016). Action Research Methodology. Bulletin of the Council for Research in Music Education.

Peyton, A. (2018). Huddlestock and Acuity bring mobile trading to Sri Lanka. Fintech Futures. Retrieved from https://www.fintechfutures.com/2018/01/huddlestock-and- acuity-bring-mobile-trading-to-sri-lanka/

Phan, P. H., & Der Foo, M. (2004). Technological entreprenuership in emerging regions. Journal of Business Venturing.
https://doi.org/10.1016/S0883-9026(02)00116-7

Pitelis, C., Sugden, R., & Wilson, J. R. (2006). Clusters and globalisation: The development of urban and regional economies. Clusters and Globalisation: The Development of Urban and Regional Economies.
https://doi.org/10.4337/9781847200136

Plummer, L. A., Haynie, J. M., & Godesiabois, J. (2007). An essay on the origins of entrepreneurial opportunity. Small Business Economics.
https://doi.org/10.1007/s11187-006-9036-8

Popper, K. (1963). Science as Falsification. Conjectures and Refutations, Readings in the Philosophy of Science. https://doi.org/10.2307/3517358

Powell, W. W., & Grodal, S. (2005). Network of innovators. In The Oxford Handbook of Innovation.
https://doi.org/10.1093/oxfordhb/9780199286805.003.0003

Prelipcean, G., & Boscoianu, M. (2008). Venture Capital Strategies for Innovative SME's. Annals of the University of Oradea, Economic Science Series.

Produktdesign, P. (2015). Reemsys Process.

Quattrone, G., Proserpio, D., Quercia, D., Capra, L., & Musolesi, M. (2016). Who Benefits from the "Sharing" Economy of Airbnb? In Proceedings of the 25th International Conference on World Wide Web - WWW '16.
https://doi.org/10.1145/2872427.2874815

Reason, P., & Bradbury, H. (2006a). Handbook of Action Research. Participative Inquiry and Practice London.

Reason, P., & Bradbury, H. (2006b). The Handbook of Action Research - Introduction. The Handbook of Action Research - Concise Paperback Edition.

Ries, E. (2011). Build, Measure, Learn. Inc.

Ries, E. (2016). The Lean Startup by Eric Ries. The Starta.

Rodríguez-Pose, A., & Comptour, F. (2012). Do Clusters Generate Greater Innovation and Growth? An Analysis of European Regions. The Professional Geographer.
https://doi.org/10.1080/00330124.2011.583591

Rothaermel, F., & King, D. (2015). Tesla Motors, Inc. Harvard Business Review. https://doi.org/MH0032

Ruzzier, M., Hisrich, R. D., & Antoncic, B. (2006). SME internationalization research: past, present, and future. Journal of Small Business and Enterprise Development.
https://doi.org/10.1108/14626000610705705

Sandø, T. (2013). Disse seks konkurrerer om 1 million. Stavanger Aftenblad. Retrieved from https://www.aftenbladet.no/okonomi/i/7yOBW/Disse-seks- konkurrerer-om-1-million

Saxenian, A. (2015). Regional Networks and the Resurgence of Silicon Valley. California Management Review. https://doi.org/10.2307/41166640

Schacht, W. H. (2013). Small business innovation research (SBIR) program. In Small Business Administration Programs: Overview and Considerations.

Schön, D. A. (1983). From Technical Rationality to Reflection-in-Action. In The Reflective Practitioner. How Professionals think in Action.

Schumpeter, J. A. (1934). The Theory of Economic Development. Harvard University Press. https://doi.org/10.1007/0-306-48082- 4_3

Schumpeter, J. a. (1942). The process of creative destruction. Capitalism Socialism and Democracy. https://doi.org/10.1002/sej.36

Singer, S., Amorós, E., & Moska, D. (2015). Global Entrepreneurship Monitor - 2014 Global Report. Global Entrepreneurship Monitor. https://doi.org/ISBN: 978-1-939242-05-1

Sogner, K. (2007). The fall and rise of the Norwegian IT industry in the global age, 1970-2005. Business History Review.
https://doi.org/10.2307/25097421

Sogner, K. (2009a). Innovation as adaptation: The digital challenge in the norwegian fishing industry, 1970-1985. Business History Review.
https://doi.org/10.1017/S0007680500000556

Sogner, K. (2009b). Slow Growth and Revolutionary Change: The Norwegian IT Industry Enters the Global Age, 1970-2005. In Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.003.0010

Sprowls, C. (1994). Hard drive: Bill Gates and the making of the Microsoft empire. The Journal of Strategic Information Systems.
https://doi.org/10.1016/0963-8687(94)90014-0

SSB. (2020). Nyetablerte foretaks overlevelse og vekst. Retrieved September 10, 2020, from https://www.ssb.no/fordem

Stake, R. E. (2005). Qualitative case studies. In The sage handbook of qualitative research. https://doi.org/10.1016/b978-0-08-044894- 7.01532-3

Stangler, D. (2014). In Search of a Second Act: The Challenges and Advantages of Senior Entrepreneurship.

Talukdar, G. (2017). Acuity Partners teams up with ground breaking fintech innovation Huddlestock. Daily Financial Times.

Tandsæther-Andersen, B. (2018). Murshid Ali går av som CEO i Huddlestock - Simen Teigre tar over. Shifter.

Thiel, P. (2014). Competition Is for Losers. Wall Street Journal. Tödtling, F., van Reine, P. P. homme, & Dörhöfer, S. (2011). Open Innovation and Regional Culture-Findings from Different Industrial and Regional Settings. European Planning Studies. https://doi.org/10.1080/09654313.2011.618688

Uyarra, E. (2009). What is evolutionary about "regional systems of innovation"? Implications for regional policy. Journal of Evolutionary Economics.
https://doi.org/10.1007/s00191-009-0135-y

Uyarra, E., & Flanagan, K. (2010). From regional systems of innovation to regions as innovation policy spaces. Environment and Planning C: Government and Policy.
https://doi.org/10.1068/c0961

Valide. (2020). Plogen.

van Hemert, P., & Nijkamp, P. (2010). Knowledge investments, business R&D and innovativeness of countries: A qualitative meta-analytic comparison. Technological Forecasting and Social Change.
https://doi.org/10.1016/j.techfore.2009.08.007

Vass, T. E. (2008). Will More Venture Capital Spur Regional Innovation? SSRN ELibrary.
https://doi.org/10.2139/ssrn.1269405

Visser, W. (2010). Schön : Design as a reflective practice. Collection.

Walker, D., & Myrick, F. (2006). Grounded theory: An exploration of process and procedure. Qualitative Health Research.
https://doi.org/10.1177/1049732305285972

Wallsten, S. (2015). The Competitive Effects of the Sharing Economy: How is Uber Changing Taxis? Technology Policy Institute.

Wasserman, N. (2006). Rich Versus King: Strategic Choice and the Entrepreneur. Business.
https://doi.org/10.5465/ambpp.2006.22896807

Wasserman, N. (2008). The founder's Dilemma. Harvard Business Review.

Weldeghebriel, L. (2016). Huddlestock inngått partnerskap med Saxobank. Shifter.

Wicken, O. (2009a). Policies for Path Creation: The Rise and Fall of Norway's Research-Driven Strategy for Industrialization. In Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.003.0004

Wicken, O. (2009b). The Layers of National Innovation Systems: The Historical Evolution of a National Innovation System in Norway. In Innovation, Path Dependency, and Policy: The Norwegian Case.
https://doi.org/10.1093/acprof:oso/9780199551552.003.0002

Wikipedia. (2020). Research Council of Norway. In Wikipedia.

Wood, B. (2017). Prince of Norway carries out first trade on crowdtrading platform. Business Daily.

Woolley, L. (2015). Drop Tests RescuePod. Retrieved from https://www.youtube.com/watch?v=piGcd1SIL0A&feature=emb_ title

Wright, M., Robbie, K., Wright Robbie Ken, M., Wright, M., Robbie, K., Wright Robbie Ken, M., … Wright Robbie Ken, M. (1998). Venture Capital and Private Equity: A Review and Synthesis. Journal of Business Finance & Accounting. https://doi.org/10.1111/1468- 5957.00201

Yin, R. K. (2006). Case Study Reserach - Design and Methods. Clinical Research. https://doi.org/10.1016/j.jada.2010.09.005

Yin, R. K. (2009). Case Study Research: Design and Methods. Essential guide to qualitative methods in organizational research. https://doi.org/10.1097/FCH.0b013e31822dda9e

Yoon, H., Yun, S., Lee, J., & Phillips, F. (2015). Entrepreneurship in East Asian Regional Innovation Systems: Role of social capital. Technological Forecasting and Social Change.
https://doi.org/10.1016/j.techfore.2015.06.028

Yoon, I. J. (1995). The growth of Korean immigrant entrepreneurship in Chicago. Ethnic and Racial Studies.
https://doi.org/10.1080/01419870.1995.9993865
Cover for The Impact of Norwegian Government Funding Policies Through the Lens of an Entrepreneur
Published
October 1, 2021