“Starting a business in Oslo is relatively seamless”
Investment manager Hanna Selvaag Wangsmo recommends the Norwegian capital for its work/life balance, entrepreneurial culture, and delicious chocolate milk.
“I generally find Oslo’s business environment to be fast-paced and energetic. We have a no-nonsense, honest, and efficient work culture. "Face time" isn’t really a thing here—people tend to focus on results rather than just being present.”
As an investment manager at RunwayFBU, the Oslo-based early-stage venture fund and tech hub founded in 2021, and years of experience at McKinsey and Dignio before that, Hanna Selvaag Wangsmo knows a thing or two about what defines Norway’s capital – and what makes it stand out from other big cities.
“People truly value their life outside of work—and who could blame them, given the rich cultural scene and nature this city has to offer? Personally, I'm an avid cross country skier, so I really value the vast network of slopes we have in the Nordmarka forest surrounding the city.”
Looking for the right team
RunwayFBU specializes in backing Norwegian and international industrial tech startups in different funding stages, from pre-seed to series A.
“We invest in technology that can make the industry become more efficient, resilient and sustainable”, Wangsmo explains. When it comes to deciding which companies to invest in, she stresses the importance of the human factor.
“We’re always looking for the right team. That could mean that they have an interesting background that they bring into their startup and build upon, but also that they dare to dream big. It usually also means that they already have a product that customers are willing to pay for”, Wangsmo says.
A strong entrepreneurial culture
As an ecosystem for startups, Oslo stands out for several reasons, according to Hanna Selvaag Wangsmo.
“Oslo is an attractive hub for startups and investments, particularly in technology. The city has a strong entrepreneurial culture, backed by solid support schemes and a growing international network.”
“While discussions around the tax system and incentives for entrepreneurs continue, it's important to remember that Norway is one of the most digitalized countries in the world. With efficient digital infrastructure and strong access to talent, starting a business here is relatively seamless and efficient.”
Leveraging AI for a long-term impact
Runway FBU continuously monitors and engages with exciting entrepreneurs, the investment manager says.
“While I can’t pinpoint exactly who we’re speaking with at the moment, a common theme these days is, of course, how to leverage AI in value propositions and products to create sustainable, long-term impact”, Wangsmo says, adding:
“I have to highlight two of our recent portfolio companies, Sonair and Otee, where a lot of exciting developments are taking place. Among the more mature scaleups, I have to mention my former employer, Dignio, which continues to make great progress.”
As for one last reason to take your business to Norway and Oslo, Hanna Selvaag Wangsmo points to a somewhat unsung national delicacy.
“Norway has amazing chocolate milk! While our “smågodt” has become a TikTok sensation, I find our selection of chocolate milk is unmatched anywhere in the world.”