19 ideas became six new companies

Luleå-based incubator Arctic Business took in 19 ideas in the Northern Spinoff project, which has now led to the formation of six new companies.

It was in 2020 that the Northern Spinoff project started to explore the potential of exciting ideas that existed in companies in Norrbotten. The goal has been to utilize scalable business ideas that have the potential to become Norrbotten's next growth companies, but also to show the competence that exists among students at Luleå University of Technology.

Arctic Business identified companies and ideas. The university's business development company LTU Business has been responsible for the method and process with its Innovation Due Dilligence (IDD) service. Students active in the student organization Aurora Studentkonsulter have performed the actual work with the companies.

They can now report that six new companies have been formed from the 19 ideas received. Eight ideas have led to existing companies developing new products, only two ideas turned out to be unproductive and three are still in progress.

The EU-funded project ends this spring. It has also been funded by Region Norrbotten and the Swedish Agency for Economic and Regional Growth, Tillväxtverket.

Lennart Håkansson