In recent years, the Nordic countries have improved the framework conditions for entrepreneurship and thereby continued the development that has taken place over the last decades. In important areas, the framework conditions for entrepreneurship in the Nordic countries are as strong as those in the best-performing countries.
The strong framework conditions for entrepreneurship that are gradually being developed in the Nordic countries have led to many startups. Entrepreneurship is attracting more media attention, and entrepreneurs now have a much better public image. The Nordic entrepreneurial culture is now closer to the entrepreneurial culture of the best-performing countries.
Young Nordic growth firms (gazelles) have a considerable impact on job creation in relation to their number. In the Nordic region, a total of 602 gazelles created 29 588 new jobs during the period of 2006-2009.
However, the Nordic countries are faced with a major challenge in a crucial area. This study reveals that, throughout the Nordic region, there is a lack of ability and skills to accelerate growth in young firms and to fully realize their global potential – in spite of a somewhat greater gazelle growth in Finland compared to other Nordic countries. The lack of entrepreneurial capabilities seems to relate to the lack of experienced management teams in young companies, resulting in difficulties in attracting later-stage venture capital.
The report highlights entrepreneurial ecosystems as a possible instrument for stimulating growth in young firms and as a supplement to effective framework conditions. In strong ecosystems, multiple private-sector resources are mobilized, and intensive collaboration and networking provides complementary skills, experience and networks to young growth firms, thereby stimulating growth. It could be argued that ecosystem operators seem to provide cohesion to the various framework conditions, and function as network fertilizers in strong ecosystems.