Last week was Oslo Innovation Week (OIW), perhaps the most dynamic week in our capital’s entrepreneurial world. The opening ceremony, this year held in the medieval castle grounds of Akershus Festning, was – as ever – full of energy and verve.
Founders/entrepreneurs remain my favourite group of people – passionate, driven, idealistic (many are!) and full of can-do spirit. During OIW, this group of people gets to mingle with big hitters from politics, industry and finance. A big thanks to Tom Miskin for inviting me, and hats off to the formidable Lauga Oskarsdottir for expertly holding the reins on stage!
It was great to meet some people for the first time, like Øystein E. Søreide and Geir Førre, and to see old colleagues, associates and friends again. A special shout-out to Bjarne Melbye, Daniel Caetanya Fossum, Daniel Döderlein, and Marcus Winnfors Ravik - always a pleasure to catch up with you!
My 4 key takeaways from this week were:
· The entrepreneurial ecosystem struck me as less empowered than before, and I do wonder if this is due to the anti-entrepreneurial policies currently enacted, such as exit tax on those who go abroad; wealth tax on unrealised gains (a disaster on founders’ personal budgets and a dampener on investors’ desire to invest), and other putative own goals that this post is too short to address.
· The dearth of available investment capital was probably the most repeated story I heard the whole week. ‘Everyone’ seems to be scrambling for funding. The investors I met last week must have felt besieged!
But what stayed with me the most was the advice given by two nestors of entrepreneurship on stage on the first day (the witty repartee of Håkon Haugli could actually merit its own bullet point, but I’ll stick to business):
· There is currently an unprecedented concentration of capital. We must all take our cues from the leaders of AI, and Ravi Belani shared some eye-opening things about what that means for whoever wants to prosper in this space.
· There is currently also a big knowledge gap between those who want to spread the use of AI and those who are supposed to use it. Despite the vast resources and ultra-heavy media coverage poured into AI over the last two years, this is still the case! That really hit home what an uphill road we have ahead of us with Quantum Technology (QT) awareness building!
I believe that QT will have such massive B2B impact that B2C relevance may not even emerge as a key driver. The differences in advantages between the “haves” and the “have nots”, industrially and societally, will be so huge, that “selling it” to mass market recipients may not be necessary. This could lead to a new level altogether in the seemingly never-ending arms race between the empowerment vs the disempowerment of ‘Joe Bloggs’. The latter is really not aware of this!
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