Swedish company Norrsken opens entrepreneurship hub in Rwanda

Norrsken, a Swedish entrepreneurship hub, has recently announced its expansion to Rwanda, marking its first step into the African market. The company aims to provide entrepreneurs in Rwanda with access to international capital, training, and network, positioning the country as a gateway to the East and Central African markets. Funda Sezgi, the COO of Norrsken, shared insights into the decision to venture into Rwanda and the company's future plans during a recent interview with CNBC Africa. Rwanda's rapid economic growth, impressive infrastructure, and strategic geographic location were key factors that drove Norrsken to select the country as its launchpad into the region. With an average annual economic growth rate of 7.5%, Rwanda's commitment to progress and development has created a conducive environment for entrepreneurship. Additionally, the ease of doing business in Rwanda, as highlighted by the World Bank, surpasses that of countries like the US and France, further solidifying its appeal as a destination for expansion. Sezgi emphasized Norrsken's goal of contributing to Rwanda's transition from an agriculture-dependent economy to a knowledge-based one, supporting entrepreneurs in scaling their operations internationally and addressing the capital gaps prevalent in the ecosystem. The company's collaborative approach, built on the success of its operations in Stockholm, underlines the importance of partnerships and network building in fostering a thriving entrepreneurial environment. As Norrsken sets its sights on further expansion beyond Rwanda, plans to explore markets in Europe, such as London, Barcelona, and Berlin, as well as other African countries like South Africa, are already in motion. The company's foundation, backed by a $50 million budget from its founder, aims to attract additional capital from successful entrepreneurs in Sweden to bolster its investment in Rwanda and potentially establish new funds based on market needs. Learning from its experience since 2016, Norrsken intends to leverage its understanding of ecosystem support, access to capital, and talent acquisition to drive impact in Rwanda's entrepreneurial landscape. While maintaining a broad focus on supporting entrepreneurship and innovation, Norrsken remains open to sector-specific opportunities, with a keen interest in areas like food tech and agrotech given Rwanda's unique market dynamics. The company's adaptable approach and commitment to learning from the local ecosystem reflect a strategic and long-term vision for fostering entrepreneurship in Rwanda and beyond.