On Tuesday afternoon, a significant step was taken toward fostering entrepreneurship in Greenland with the establishment of a new working group. This initiative is spearheaded by Maren Granlien, the chief consultant at Ilik.
“The network aims to bring together private individuals interested in investing in Greenlandic startups, ultimately helping to nurture even more local businesses,” Granlien shared in an interview with KNR.
The newly minted Business Angels Network Greenland is designed to inspire and mobilize sustainable investments in the nation. This mission was articulated through a press release from Ilik, underscoring the need for financial backing in local enterprises.
This network is not functioning in isolation; it is a vital component of the North Atlantic Business Angels Network, which already has a presence in Norway, Sweden, Finland, Denmark, and the Faroe Islands. Granlien explained, “The North Atlantic Business Angel Network launched a project aimed at fostering collaboration and idea exchange to create more business opportunities in these smaller regions, and they recognized the importance of including Greenland.”
Following the recent general meeting, the association was officially formed, creating a dedicated working group. This team includes Nanna Lumholldt-Vangkilde, Finn Meinel, Augusta Lundblad, along with Granlien herself. Looking ahead, the working group will focus on promoting the association across the country in hopes of attracting potential investors and entrepreneurs. They also plan to conduct courses for prospective investors, educating them on the intricacies of the Business Angels model.
Granlien noted, “Two Greenlandic entrepreneurs have been invited by BANG to pitch their ideas, ideally in front of business angels from Greenland as well as those from Iceland, the Faroe Islands, and Northern Norway.”
### Competence Development: A Shared Investment
It’s important to understand that this network extends beyond mere financial investment. Granlien emphasized that the exchange of skills and knowledge is equally critical.
“Investors can offer much more than just capital; they can provide the expertise needed to help companies advance,” she explained. “Startups often reach a stage where they require not only funding but also networking advice and specialized skills.”
Participating companies will have the opportunity to benefit from this skill development, which Granlien believes is essential for fostering robust growth.
### Navigating Growing Pains
The primary challenge for many companies is reaching a growth plateau. “At some point, businesses may find it hard to secure loans from banks,” Granlien acknowledged. “Often, they need capital that reflects a higher risk appetite—this is where business angels come into play,” she added.
Granlien concluded, “The goal is to bridge the gap between the moment startups exhaust their own resources and the point at which they need external investment to continue growing.”