There is a bilateral lack of awareness by Nordic companies on how to enter the U.S. healthcare market paralleled by a lack of awareness in the U.S. of the value, benefits, and solutions that Nordic healthcare companies can deliver.
Nordic companies generally focus on their technology, but do not always fully understand how the U.S. healthcare market works. But when their ideas have been presented to the U.S. healthcare industry, there is agreement that Nordic technologies represent needed solutions. Hence, the market sees value, which is a long-term opportunity that cannot be fully exploited until the Nordic companies are properly prepared, mentored, and made ready.
With co-funding from Nordic Innovation through our new Life Science and Health Tech program, the five national trade promotion agencies from the Nordic countries have joined forces with the City of Winston-Salem in North Carolina, FCA Venture Partners, Flywheel Co-Working, and Winston Starts in the Nordic AMPlify 2021 project.
Together, they offer a program to accelerate the U.S. market entrance and growth for the most promising Nordic digital health and medtech companies.
"As a selected company in Nordic AMPlify's 2020 program I would recommend all companies with go-to-market interest towards the U.S. to apply for the next cohort. This program will give your company a structured process with personal mentors to get your business straightened out for the complex U.S. healthcare market.”Mika Pyyhtiä , CEO Megical
Accelerating U.S. market entry
The Nordic AMPlify program will support the most promising Nordic digital health and medtech companies by providing:
support from U.S. healthcare systems:
- Clinical & commercial feedback.
- Pilots and test beds.
- Mentoring by best-in-class clinical and business leaders.
- Funding opportunities by providing direct access to a large network of prominent U.S. venture capitalists and investment firms.
- US network development.
- Defined learning modules optimizing the chances of success.
- Partnering and collaboration with other Nordic companies also entering the U.S. market.
The Nordic AMPlify 2021 will be centered around five key activities that will begin in late May 2021 and run until April 2022:
- Launch webinar.
- Application and selection.
- U.S. discovery tour.
- Immersion program.
Nordic companies interested in participating in Nordic AMPlify 2021 can contact:
Claudia Hidou, Project Lead at Business Sweden
The Nordic AMPlify 2021 program has identified the City of Winston-Salem in North Carolina, USA, as a optimal entry point for Nordic digital health and medtech companies in the U.S. market.
30 percent of the local population works in the education and health services section and the two largest employers in the city are both health companies.
The city has been ranked as the top city in USA for small business growth and is ranked as the 4th best city to start a new business. They also boast more than 30 organizations supporting the local entrepreneurial ecosystem.
Additionally, the state of North Carolina was ranked as the best state for business in 2019 by Forbes, has the lowest corporate tax rate in the U.S. and is a global leader in life science as home to more than 700 bioscience companies with a 36 percent growth rate since 2001.
Building on previous success
The ultimate goal of Nordic AMPlify is that participation in the program will significantly shorten time to market for Nordic companies and kickstart a successful U.S. growth journey.
Furthermore, the objective of Nordic AMPlify is to promote and support Nordic values. Nordic AMPlify also aims to promote and enable cross-Nordic collaboration between the Nordic companies.
Nordic AMPlify was originally established in 2020. Since then, Innovation Norway and Innovation Centre Denmark have joined the core team. The Nordic AMPlify 2021 will build on the great results from 2020. Almost 100 companies signed up for the launch seminar and 30 companies applied to participate in the program. Ultimately, 12 startups were selected, and they ended up impressing U.S VC funds and participated in webinars with U.S. stakeholders – as well as receiving tailored mentoring.
“Nordic AMPlify is exceptionally well and efficiently organized. It focuses on clear business driven requirements and needs that companies entering the U.S. market need to understand thoroughly instead of superficial or generic overview info that are so common in accelerator programs (...). The investor driven selection process, which already in itself brings value to the companies and shows the value to companies taking part this is not just an exercise by the national export organizations, but a program that has U.S. knowhow and infused in it from the get go.”Seppo Salorinne, Co-founder and Chief Product Officer at Kamu Health
The program learning models were also developed, as well as a strong Nordic-U.S ecosystem consisting of more than 250 U.S. hospitals, prominent early-stage venture capital funds and top partners.
“Nordic AMPlify is an extremely good way of taking interesting Nordic technologies and acclimating them to the U.S. ecosystems (…). It’s an excellent program that I truly believe will contribute to the well-being of the United States as well as to the economic success of the Nordic companies involved.”Dr. Jonathan Gertler, MD Back Bay Life Science Advisors
The program also builds on previous Nordic export initatives including activities and branding material produced in the Nordic Welfare Solutions program run by Nordic Innovation.
The Nordic AMPlify 2021 project is co-funded by Nordic Innovation as part of our Life Science and Health Tech program running from 2021-2024.
The program’s main focus is on helping to make the Nordics a leading region within life science and health technology and support the Nordic prime ministers’ vision for the Nordic region to become the most sustainable and integrated region by 2030.