Nordic Innovation

What Nordic Innovation does

Nordic Innovation is the official innovation instrument of the Nordic Council of Ministers, headquartered in Oslo, Norway, with a staff of approximately 20 employees drawn from the five Nordic countries. Founded in 1973 and funded by the governments of Denmark, Finland, Iceland, Norway, and Sweden (plus the self-governing areas of Greenland, the Faroe Islands, and Åland), it functions as an intergovernmental catalyst rather than a commercial entity: it does not sell products or services and earns no commercial revenue, instead channeling public appropriations and co-funding roughly 70 ongoing cross-border innovation projects at any time.

Its operating model centers on three multi-year flagship programs that frame each funding cycle — currently Innovative Solutions for 2030 (green transition), Nordic Forward: Resilience and Competitiveness for 2050 (deeptech, value chains, data-driven ecosystems), and Nordic Growth & Capital Attraction (internationalization and capital access). Within these programs Nordic Innovation issues open calls for proposals (e.g., NOK 10 million allocated per call in the Nordic Secondary Critical Raw Materials Value Chains program), runs competitive tenders for ecosystem studies, and convenes stakeholders at major Nordic democracy forums (Almedalsveckan, Arendalsuka, Folkemødet, SuomiAreena, Arctic Circle Assembly). It also publishes a portfolio of practical business tools — the Nordic Circular Economy Playbook 2.0, Nordic Sustainability Reporting Standard, Growth Market Partner Toolbox, CIRCit Workbooks, Nordic Urban Mobility 2050 Futures Game — and runs content assets such as the Nordic Innovation Forecast podcast.

Beyond direct funding, Nordic Innovation coordinates multi-stakeholder alliances (Nordic Scalers, Nordic Proof, Nordic Innovation House) and has recently extended into deeptech verticals via the Nordic Additive Manufacturing Alliance (NAMA), the Nordic Quantum Alliance, and the New Nordics AI (NNAI) initiative co-funded by Microsoft and Google. It co-locates administratively with sister Nordic Council of Ministers organizations NordForsk and Nordic Energy Research, and is governed by a board with representatives from all five Nordic governments under current chair Kasper Emil Søgaard.

Name

Nordic Innovation

Legal name

Nordic Innovation

Website

https://nordicinnovation.org

Company type

Private

Founded year

1973

Operating status

Operating

Headcount range

11–50 employees

Short description

Nordic Innovation is the intergovernmental innovation agency of the Nordic Council of Ministers, headquartered in Oslo. It funds and coordinates cross-border innovation programs for SMEs, research institutions, clusters, and public sector actors across Denmark, Finland, Iceland, Norway, and Sweden.

Ownership category

akta.pro rank

Product category

Public Innovation Funding

NAICS

Religious, Grantmaking, Civic, Professional, and Similar Organizations (813), Other Similar Organizations (except Business, Professional, Labor, and Political Organizations) (81399)

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Development Cooperation & Foreign Aid Administration (BPAIAIAG)

akta.pro secondary industries

Value Chain Development & Supplier Upgrading (BPADAMAI), SME & Entrepreneurship Development (Trade-Linked) (BPADAMAE), Circular Economy & Resource Efficiency (BPADALAM)

Keywords

• Innovation funding programs
• Public sector grants
• Cross-border collaboration
• Sustainable growth programs
• Circular economy initiatives

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Government Funding: Nordic Innovation is funded by the five Nordic governments (Denmark, Finland, Iceland, Norway, and Sweden) through the Nordic Council of Ministers. They provide grants to projects and programs that contribute to Nordic added value and sustainable growth.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Nordic Innovation is an intergovernmental organization under the Nordic Council of Ministers that administers publicly funded innovation programs and grants to accelerate sustainable growth across Denmark, Finland, Iceland, Norway, and Sweden. It co-funds approximately 70 ongoing cross-border innovation projects through three main programs (Innovative Solutions for 2030, Nordic Forward, and Nordic Growth & Capital Attraction) and publishes a portfolio of free business tools and standards (Circular Economy Playbook, Sustainability Reporting Standard, Ethical AI Landscape) for Nordic SMEs, researchers, and public sector actors.

Product overview

Nordic Innovation is an organization under the Nordic Council of Ministers that offers a portfolio of innovation programs, funding opportunities, and practical business tools rather than a unified product. Its core programs include Innovative Solutions for 2030 (green transition), Nordic Forward: Resilience and Competitiveness for 2050 (deeptech and value chains), and Nordic Growth and Capital Attraction (international scaling). The organization provides downloadable tools including the Nordic Circular Economy Playbook 2.0 and its predecessor, the Nordic Ethical AI Landscape, the Nordic Sustainability Reporting Standard, the Nordic Urban Mobility 2050 Futures Game, CIRCit Workbooks, and the Growth Market Partner Toolbox. Additionally, Nordic Innovation publishes research reports, hosts the Nordic Innovation Forecast podcast, and facilitates various innovation alliances such as the Nordic AM Alliance (NAMA) and Nordic Quantum Alliance.

Differentiator

Problem solved

Functional benefit

Brands

• Nordic Scalers: A program dedicated to the most promising and ambitious Nordic scale-ups
• Nordic Innovation House
• Nordic Innovation Forecast
• Nordic Circular Economy Playbook
• Nordic Proof
• #NordicMade

Products and services

• Innovative Solutions for 2030 A funded program that supports cross-border projects delivering innovative solutions for the Nordic green transition by 2030, including circular economy, bioeconomy, and sustainable resource management. Open to Nordic SMEs, research institutions, clusters, and public actors via calls for proposals.
• Nordic Forward: Resilience and Competitiveness for 2050 A funded program building cross-border value chains, fostering deeptech business ventures, and enabling data-driven ecosystems to strengthen Nordic long-term competitiveness and resilience. Eligible to consortia of Nordic companies, research institutions, and clusters.
• Nordic Growth and Capital Attraction A funded program focused on internationalizing Nordic companies, scaling sustainable solutions globally, and accelerating access to private and public capital. Open to Nordic scale-ups, SMEs, and ecosystem partners.
• Nordic Circular Economy Playbook 2.0 A free step-by-step toolkit for Nordic manufacturing companies to reduce inefficiencies in linear operations by applying circular business model principles.
• Nordic Circular Economy Playbook A free guide providing in-depth understanding of how to achieve circular advantage for companies and businesses, with practical methodologies to implement circular economy strategies.
• Nordic Ethical AI Landscape A free landscape map showcasing Nordic companies specialized in ethical AI and responsible use of data, helping businesses understand how to position themselves at the forefront of AI developments.
• Nordic Sustainability Reporting Standard A free sustainability reporting standard designed for smaller companies but comparable with established international standards, consisting of 11 steps with 64 reporting requirements.
• Nordic Urban Mobility 2050 Futures Game A free engagement tool allowing stakeholders to explore what Nordic cities should look like in 2050 and what can bring them closer to that sustainable mobility future.
• CIRCit Workbooks Free workbooks and guides for businesses and organizations transitioning towards a circular economy, divided into six focus areas with different approaches.
• Growth Market Partner Toolbox Free templates for Nordic SMEs who want to increase their presence in growth markets in collaboration with local partners.
• Nordic Innovation Forecast Podcast A free podcast featuring discussions with experts on circular economy, health innovation, mobility, data sharing, and sustainable business in the Nordic region.

Quantifiable outcome

• Approximately 70 ongoing Nordic innovation projects co-funded
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Partnerships

15 partnerships are on record, tiered core, major and minor.

• Nordic Additive Manufacturing Alliance (NAMA)coreStrategic or Co-development Partner · 4 June 2026Cooperative framework backed by Nordic Innovation through the Nordic Forward: Competitiveness and Resilience for 2050 program (2026-2028). Brings together four national pillars: FAME (Finland), RISE (Sweden), the Norwegian Additive Manufacturing Cluster, and Danish AM Hub for materials science, industrial implementation, circular business models, and maritime/energy applications.
• New Nordics AI (NNAI)majorStrategic or Co-development Partner · 25 November 2025Joint Nordic AI industry initiative supported by US tech giants Microsoft and Google. Nordic governments and tech companies providing initial funding to develop advanced AI systems and strengthen regional competitiveness with focus on applied AI solutions.
• Nordic Innovation Ecosystem Pre-SummitmajorStrategic or Co-development Partner · 1 November 2025Pre-summit held in Helsinki in November with Nordic Innovation Ecosystem participants. Organized alongside Business Finland, SISP (Sweden), Startup Estonia, and Financial Management Authority of Iceland (Fjarsýslan).
• RAMP (Raw Materials Partnership)coreStrategic or Co-development Partner · 1 January 2025EU co-funded Raw Materials Partnership for the Green and Digital Transition, launched in late 2025. Nordic Innovation supports preparatory projects through the RAMP initiative. Coordinated by Vinnova (Sweden) with participation from agencies across all Nordic countries.
• Innovation NorwaycoreOthersNational Norwegian innovation agency. Innovation Norway is listed as an additional funding opportunity for Nordic companies seeking support for innovation and development.
• Forskningsrådet (Research Council of Norway)coreOthersNorwegian research council providing funding opportunities for businesses and research organizations.
• Business SwedencoreOthersSwedish agency for growth and internationalization supporting Swedish companies with global expansion.
• Vinnova (Sweden)coreOthersSwedish innovation agency. Vinnova coordinates the EU co-funded Raw Materials Partnership (RAMP) and is a key partner for Nordic-level innovation initiatives.
• Tillväxtverket (Sweden)minorOthersSwedish agency for economic and regional growth supporting business development.
• Almi (Sweden)minorOthersSwedish state-owned company providing financing and business development support for SMEs.
• Business FinlandcoreOthersFinnish funding organization for business travel, R&D, and business development supporting Finnish companies' international growth.
• Danish Business Authority (Erhvervsstyrelsen)coreOthersDanish authority supporting business development and growth across Denmark.
• Rannís (Iceland)coreOthersIcelandic research council supporting research and technological development in Iceland.
• NordForskcoreOthersCo-located organization under the Nordic Council of Ministers. Nordic Innovation shares office space and administration with NordForsk.
• Nordic Energy ResearchcoreOthersCo-located organization under the Nordic Council of Ministers. Nordic Innovation shares office space and administration with Nordic Energy Research.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• EUREKA Network: Intergovernmental network for market-driven industrial R&D collaboration across Europe plus Israel, Canada, South Korea and others. Comparable as a public funding platform that enables cross-border innovation consortia, mirroring Nordic Innovation's role.
• European Innovation Council (EIC): EU funding body for breakthrough and scale-up innovation, supporting SMEs and deeptech ventures with grants and equity. Comparable because it administers multi-country innovation funding calls and complements Nordic Innovation in the EU stack.
• European Institute of Innovation & Technology (EIT): EU-level intergovernmental body that funds and coordinates cross-border innovation through knowledge and innovation communities. Directly comparable to Nordic Innovation as a multilateral innovation-promotion organization operating across borders.
• Nordic Energy Research: Another sibling organization under the Nordic Council of Ministers focused on Nordic energy R&D cooperation. Same institutional architecture, mandate structure and member-state funding model as Nordic Innovation, focused on a specific vertical.
• NordForsk: Fellow organization under the Nordic Council of Ministers that funds Nordic research cooperation. Highly comparable in mandate, governance, funding model and geographic scope; co-located and shares administration with Nordic Innovation.
• Enterprise Europe Network: EU-supported network helping SMEs find partners and access innovation funding across Europe. Comparable to Nordic Innovation's SME-targeted internationalization and partnership-building services and serves the same target segment.

Broad incumbents

• Innovation Norway: Norway's national innovation agency offering grants, loans and advisory services to Norwegian companies. A core partner of Nordic Innovation but operates at a single-country level with a much larger budget; comparable as a peer funding body for the SME segment.
• Vinnova (Swedish government agency): Sweden's national innovation agency funding cross-sector R&D and innovation. Partner of Nordic Innovation on RAMP and national pillars; mirrors the SME/digitalization/circular economy priority areas within a single-country scope.
• InvestEU Advisory Hub: EU-wide program providing advisory support to help project promoters structure and access financing. Adjacent to Nordic Innovation's advisory and capital-attraction mandate at a significantly larger EU scale.

Regional players

• Inter-American Development Bank (IDB) Group: Multilateral development bank supporting innovation, sustainability and SME development across Latin America. Comparable as a regional intergovernmental innovation funder but operating in a different geography than the Nordic region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/nordicinno
• YouTubeyoutube.com/user/NordicInnovation
• Facebookfacebook.com/nordicinnovation
• LinkedInlinkedin.com/company/nordic-innovation

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nordic Innovation