Global Economic Outlook with Jon Kåre Stene
Last week, we hosted this year’s first Global Economic Outlook in collaboration with Danske Bank, as part of our quarterly series.
We were pleased to welcome Jon Kåre Stene as our speaker for the event. As a partner and co-founder of Skyfall Ventures and former co-founder and COO of Oda, Stene is passionate about highlighting the vast opportunities that technology can bring. At the same time, he emphasizes the potential and prospects within tech and venture capital in Norway.
Jeff Bezos once stated, “Access to venture capital is the most important reason for the USA’s innovation ability and lead in technology!” To highlight the contrast between the U.S. and European countries in terms of venture capital investment, Stene referenced a quote from The Draghi Report: “There is an annual investment gap of 750-800 billion Euros needed to ensure Europe’s competitiveness and transition to a greener, safer, and more digital everyday life.” Stene explains that, in order to keep pace with technological development, there must be an increased focus on venture capital investment in Europe and in Norway.
Building on his argument, Stene pointed out several future opportunities that could emerge from the advancement of AI (Artificial Intelligence). He explained that as AI evolves, labor could become nearly cost-free, with robots potentially taking over many undesirable jobs. AI-driven tutors could make education almost free, AI-powered healthcare could provide affordable 24/7 medical support, and by 2030, there is hope that SMR (Small Modular Reactors) power plants will be deployed at scale. Additionally, by 2050, fusion energy could replace coal and natural gas boilers, minimizing the need for new fusion plants to be built.
To effectively emphasize the need for a shift towards greater focus on technological development and innovative solutions in Norway, Stene presented an insightful graph. The graph clearly illustrates Norway’s heavy dependence on oil and gas. Stene then posed the question, “What would happen to Norway if oil and gas disappeared tomorrow?” He pointed out that our national economy is highly reliant on these resources, and stressed the importance of thinking in new directions. The oil and gas reserves in the ground will not last forever, and a transition to greener and more sustainable solutions is necessary. To achieve this shift, we are dependent on venture capital and technological development.
From the right: Rune Rolfsen, Jon Kåre Stene and Christopher Vonheim
To conclude his presentation, Stene highlighted one crucial point: The expertise, skills, and talent required to thrive in the rapidly evolving technological landscape are all present within Norway. The country holds enormous potential, but to unlock it fully, we must place a stronger emphasis on venture capital and create an environment that attracts skilled individuals to work in technological development. Just as we expect Norway to be superior in winter sports, the same level of expectation should be applied to Norwegian technological advancement and innovation.
OCC would like to extend a big thank you to everyone who participated in the event, to Jon Kåre Stene for his engaging presentation, and to Danske Bank for being our partner in this event.
