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make investments based on “face value”, where the process may be less time-consuming, says Bratlie. DON’T BE PATIENT! Rune Rinnan is a seasoned veteran in the venture capital business in Norway, dating back to the early 1990s when he formed the venture capital fund Telenor Venture, managed by his company Televenture Management. Today he is the managing partner of Televenture Management, managing Norsk Innovasjonskapital (NIK). Rinnan and his partners are focusing on the leading research institutions at Kjeller outside Oslo, Trondheim and Bergen, searching for projects with commercial potential. - There is a good undercurrent of projects and companies out there, and it’s possible to obtain financing for good projects if they are put in the right context, which is a portfolio of projects, Rinnan says. That means diversification, spreading the risk. During the last two and a half years, Televenture has raised private venture capital of around NOK 350 million, and NOK 220 million as in-kind contribution for three funds, and will soon start raising capital for a fourth, basically from high net-worth private investors and family offices.
Rinnan and Televenture are not focusing on startup companies though, but more mature projects close to revenues or with revenues. What about capital for startups? - As I said, there is capital but very little of it is available for startups and is not enough to grow an optimal crop of new businesses, which we really need in this county to create future alternatives to the dominating oil and gas business, Rinnan concludes. AND THE SOLUTION? - To solve the market failure syndrome in early stage risk capital, other countries have put in place incentives, like various forms of tax incentives, to make it more attractive for private investors to invest in startup companies. And they make more public capital available, says Karl-Christian Agerup. - I’m convinced incentives will help, just because the capital is rational. The government has promised to launch a number of seed capital funds, where public capital is matched with private capital. Two such funds are expected to be launched soon, but insiders believe none of them will be based in Oslo. ICT Norway is advocating hard for a seed capital fund to be based