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Nordic Innovation Monitor

Mark Marich

Over the past decade, the Nordic nations have emerged with some of the world’s most innovative and competitive economies. According to the Nordic Council of Ministers’ latest Nordic Innovation Monitor, the current economic crisis may offer an opportunity to help accelerate innovation in the region.

Clearly, the Nordic countries, especially Iceland, have been hard-hit by the present downturn, and developing innovative local companies must be part of pathway back to prosperity. As the report shows, lots of competitive advantages, in areas such as human capital and use of information and communications technology (ICT), are already in place. Areas of long-standing weakness include lower levels of entrepreneurial activity and weak “entrepreneurial cultures.” In an effort to jumpstart entrepreneurship, the report recommends that Nordic nations embrace open innovation models, do more to nurture local entrepreneurs, and provide a more open environment to immigrant entrepreneurs.  

Report: Nordic Innovation Monitor 2009

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