2022 | StartupBlink View the Global Startup Map p. 131 Oslo is still ranked 1st nationally and retains a large gap from other Norwegian cities. After entering the top 100 last year, it has now advanced to 72nd globally, rising 27 places in the overall rankings. Oslo is the 9th highest ranking city in Northern Europe. It is in the top 100 globally for several industries, ranking highest in Ecommerce & Retail at 32nd. Stavenger proved to be a national leader in Hardware & IoT, ranking 42nd globally. At 2nd place nationally, Stavanger increased by an impressive 178 spots to 198th globally, entering the global top 200. At the same time, Bergen jumped 119 spots to 332nd. Both cities surpassed Trondheim, now ranked 4th nationally after a decrease of 6 spots to 373rd globally. Trondheim is the only Norwegian city that saw a decrease, losing its place as Norway's second highest ranked ecosystem. Norway's startup scene has become much more diverse with 5 new Norwegian cities entering the top 1000: Halden, Kristiansand, Steinkjer, Fredrikstad, and Haugesund, settling in the 700 - 900 tier. With these new reinforcements on the Index, Norway more than doubled its number of cities in the global top 1000, which is a commendable achievement. A higher number of successful ecosystems in a country is a sign of maturity. Startup Ecosystem Overview The Norwegian startup ecosystems are highly collaborative, with a strong network of both public and private sector stakeholders. The country also benefits from a high level of technology and innovation while prioritizing assistance to startups and entrepreneurs via a robust public sector support system. Norway has a long tradition of private-public partnerships in business initiatives. The government not only takes a stake in large corporations, but invests in small businesses and startups all around the country through different funds and organizations. Noteworthy examples are Innovasjon Norge, an organization stimulating innovation and entrepreneurship, as well as Investinor, a well-known and active startup investment company funded by the Norwegian government. The ecosystem has drastically improved recently, as both foreign and domestic entrepreneurs and investors have discovered the opportunities and excitement of the Norwegian startup landscape. More money was invested in Norwegian tech companies in 2021 than ever before, marking record values in VC deals and funding rounds. Nevertheless, Norway is still underperforming compared to other Scandinavian countries like Sweden, which started developing their startup ecosystems as strategic assets decades ago. Further, the stability and security of the Norwegian economy sometimes discourages risk-taking. The country has a small population of roughly five million people, which limits its talent pool and incentivizes talent acquisition from other countries. Norway also has one of the highest costs of living in the world, and lags behind its Nordic peers in terms of private investment into the tech sector. This does not mean that there are no startup success stories.