From Technology Platform to Market: NorX Takes Important Steps with Support from EDIH Oceanopolis
How do you make the leap from a functional technology platform to actual use in the market? For NorX Nordic Exchange, the answer has been access to the right expertise at the right time.
Through EDIH Oceanopolis and Nordic Edge, the company received not only strategic guidance but also concrete help in setting the right priorities during a critical phase. “Once you’ve developed an idea into a concrete product, the big challenge is getting it adopted in the market. That’s the issue we’re working on now,” says Arne Hansson Rannestad, CEO of NorX
“Once you’ve developed an idea into a concrete product, the big challenge is getting it adopted in the market. That’s the issue we’re working on now,” says Arne Hansson Rannestad, CEO of NorX
A Solution for the European Market
NorX Nordic Exchange has developed a digital marketplace for trading guarantees of origin for electricity in Europe. The platform has already been launched, and several major players have joined.
The company has thus demonstrated both its technological capability and that the solution meets a real need in the market. Nevertheless, one crucial challenge remained: getting the players to actually use the solution in practice.
Technology Meets Reality
Even with a functioning platform, it proved challenging to secure the first paying customers. One of the main reasons was the payment solutions.
NorX had developed modern solutions based on both Stripe and blockchain technology, but the market wasn’t ready.
The customers—often large, established companies— wanted traditional bank-to-bank payments and integrations with existing systems. At the same time, NorX was working with advanced technologies such as stablecoins and blockchain, which placed high demands on both expertise and trust in the market.
“Being able to talk to someone who understands that technology and has access to banks and financial institutions is absolutely crucial,” says Arne.
Gained access to expertise they otherwise wouldn’t have had
Through EDIH Oceanopolis, NorX was connected with a mentor who had extensive experience in fintech and building companies. It had an immediate impact.
“Being able to bounce ideas off someone who has personally built companies from start to finish and gone through the entire startup journey is extremely valuable,” says Arne.
The collaboration began with a review of the strategy, business model, and market. It quickly became clear that certain priorities needed to be adjusted.
Among other things, the plans for early-stage fundraising were called into question. Instead, the focus shifted to what really matters in the early stages: acquiring paying customers and proving that the solution works in practice.
“Experience and networks are often crucial to success. Technology for the banking and finance industry isn’t very widespread, either in Norway or the Nordic region, and it’s great to be able to contribute with contacts during this exciting phase NORX is in.” “After many years in the fintech industry, you learn what often works and what doesn’t work so well—that comes in handy,” says Lasse Meholm, who has served as a mentor to Arne through EDIH Oceanopolis.
From Plans to Action
Throughout the mentoring program, NORX has worked purposefully to strengthen both its strategy and execution. The company has conducted a series of demonstrations for potential customers and worked actively to secure its first real transactions.
At the same time, the mentor has facilitated introductions to relevant players in the banking and finance sectors—an important step toward addressing the challenges related to payment infrastructure.
At the same time, the collaboration has led to the development of a new innovation project, in which NorX is examining how blockchain and tokenization can be used more effectively in the solution.
“Mentor has provided input that we’ve incorporated into the project, and which is quite significant for our future direction,” says Arne.
This work also forms the basis for an application to Innovation Norway.
Has Accelerated Development
Although the impact isn’t easy to quantify, Arne is clear about what the collaboration has meant:
– I definitely think this has accelerated our progress—both in terms of technology development and market penetration. NorX has gained a clearer direction, a better basis for decision-making, and a stronger foundation for further growth.“Receiving mentoring has been a very important addition to our overall expertise within the company, ” he adds.
“The collaboration with NorX has worked very well. I’ve provided input on the system itself, the administrative processes, and marketing activities. Fortunately, Arne has made his own choices and implemented changes where we agree,” says Lasse
The Way Forward
At the end of the mentoring period, the platform is up and running, work on payment solutions continues, and the company is moving forward with getting its first customers fully into production.
At the same time, NorX faces a classic balancing act: between meeting today’s market needs and developing tomorrow’s solutions.
On the one hand, it’s about implementing traditional payment solutions that customers trust. On the other hand, there’s the potential in new technologies like blockchain and tokenization.
It’s always challenging to do two things at once: optimizing today’s solutions while also securing long-term strategic advantages through the development of technology that will place the company in a unique position in the European market. NorX has found a good solution. It’s going to be a very exciting six months for the company, says Lasse
A solution that meets the need
For NorX, access to the right expertise has been crucial during a critical phase.
“Being able to access such key personnel in a way that startups can prioritize is extremely valuable. I would definitely recommend this to others, ” concludes Arne Hansson Rannestad
