Sparebank 1 Sør-Norge – A commercial community player
Since its beginnings in 1839, the old savings bank (Sparebanken) has been an important building block in the local community. For the bank to grow, the surrounding community must grow, and banks as a tool for growth have been – and still are – instrumental. Much has changed since the establishment of the savings bank in Egersund, but the mission to contribute to an attractive region remains strong.
Image: Terje Eide, CEO Nordic Edge and Inge Reinertsen, CEO Sparebank 1 Sør-Norge.
“Our social mission to help build local communities and the region is clear, and from our perspective Nordic Edge fits very well into that mission,” says Inge.
Inge Reinertsen, Group CEO of SpareBank 1 Sør-Norge, meets with Terje Eide for a conversation about the role as owner in Nordic Edge. SpareBank 1 Sør-Norge, formerly SR-Bank, has been an active owner together with Lyse and Smedvig since the establishment in 2015. Inge is the top executive of one of Norway’s largest banks, tasked with delivering sound investments and strong customer relationships – while at the same time being a clear and significant local contributor.
“We are proud to be one of Norway’s largest banks with solid local roots,” says Inge, and continues:
“We want Rogaland to be a growth region. When Rogaland grows, the bank grows too – it’s as simple as that. That’s why it is absolutely crucial that we, Nordic Edge, the University and others, build the region. Together.”
Nordic Edge is important for Rogaland
No entrepreneur is able to grow without financing, and financing alone is not enough to create innovation. The interface between ideas, people, competence and capital is exactly where Nordic Edge was created to work, and since 2015 member companies have, among other things, raised more than NOK 500 million in external funding.
“The fact that we have actors working in this interface together with the university, the public sector and private players carries a lot of weight,” says Inge.
Without an intermediary actor – someone who can connect ideas with opportunities – the pace of innovation will slow down.
“We are very clear that this is crucial for continued innovation and transformation in Rogaland: without us, who can connect entrepreneurs with the right investors, or companies with the right opportunities, the region will fall behind,” says Terje.
“And this is exactly what we need more of going forward,” says Inge.
One example Terje highlights is how much ‘Brussels money’ Rogaland as a region has managed to secure in the form of various project fundings and grants. This is money that creates direct value and growth, and that does not appear by itself.
“Participation in larger EU projects requires not only competence, but also resources to deliver. On their own it is demanding for companies to spend time and money on applications and reporting, but together with us, the municipality and the university, we have a strong team that can bring many millions home to Rogaland,” says Terje.
Someone has to challenge the established
“Nordic Edge’s role as a challenger is extremely important, because we need to shift policy towards innovation,” says Inge, and continues:
“And here we need clear voices with credibility and weight.”
Inge points out that today, for example, there is a huge paradox in having a very wealthy state but poor municipalities with shaved-down municipal budgets. It is thought-provoking that the conditions are tightest for those who are supposed to work with innovation and create new jobs and new industries.
“We spend over NOK 700 billion on public procurement without having a goal that these procurements should promote innovation. Here we should be far more proactive,” says Terje.
It does not take much adjustment in tender processes for new solutions to be able to win in the public sector. In that way, you help new companies and new solutions move forward without using public subsidies.
“If we continue with an ‘as is’ attitude like today, we will as a nation end up misallocating a lot of money unnecessarily. This is something both we and Nordic Edge can help change,” Inge concludes.
Contact
Terje Eide
CEO
+47 911 42 956
terje@nordicedge.org