China is an attractive market and can be the gateway to getting a foothold in the rest of Asia. At the same time, the country is very different from the Nordics and Europe and that can make it difficult for companies to create a solid foundation for a Chinese business adventure.
Danske Bank has entered into a partnership with the Norwegian accelerator company nHack to help Nordic start-ups get into the Chinese market. The official start date was 27 September with a launch in Shanghai.
To begin with, six Norwegian start-up companies have been chosen to take part in the accelerator programme in China. During October, companies from other Nordic countries will also get the opportunity to apply to go to China.
“We will find the giants of tomorrow among the entrepreneurs of today. We want to help these companies test their business ideas in foreign countries and get to the markets faster. At the same time, we hope to learn from their way of thinking and the entrepreneurial spirit they posses,” says Trond Mellingsæter, country manager of Danske Bank in Norway.
The participating companies have varying areas of focus while they are in China, but they all wish to either establish themselves or raise capital in one of the world’s largest economies. Trond Mellingsæter predicts that the entrepreneurs will get their ideas tested much faster in China than anywhere else in the world.
"The Chinese are very fast when it comes to adapting to new trends, the access to capital is good and it is very possible to produce there. If the start-ups are able to break through in China, the market is enormous.”
- Trond Mellingsæter, Danske Bank's country manager in Norway