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Macroeconomic Framework Conditions and the Management of Research and Development in the Nordic Countries

image of Macroeconomic Framework Conditions and the Management of Research and Development in the Nordic Countries

Research and development are often singled out as one of the key drivers of growth in the Nordic economies. However, there appears to be only limited knowledge about how the framework conditions for private sector research and the prioritisation of public sector research ensure efficiency and quality in national research efforts as a whole. The project "Macroeconomic Framework Conditions and the Management of Research and Development in the Nordic Countries" sheds light on the existing framework conditions for research and development in the Nordic countries. The project provides some of the knowledge needed to answer the question of how to ensure that research and development in the both the private and public sector continue to yield high returns. The project also looks into how the various Nordic countries differ from each other in terms of the organisation of and framework conditions for public and private research. The project forms part of the Danish Presidency of the Nordic Council of Ministers in 2005.

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Nordic venture capital initiatives

In Norway, insufficient supply of private equity in general and venture capital in particular has during the last years been put forward as a main weakness of the Norwegian institutional system. This resulted in the 2001 establishment of Argentum. This is a government-owned investment company, and the only pure fund-of-fund investor in the private equity sector in Norway. Argentum aims, through its investments, to facilitate access to international venture capital, and to be a main driving force in the development of an internationally competitive private equity environment in Norway. Argentum invests through either established or new fund management structures, the idea being to achieve an arms length relationship between what is basically indirect state ownership and individual projects; thus boosting private equity markets without influencing through state strategic control.

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