19 ideas became six new companies in successful project

What ideas are in the drawers of Norrbotten companies? And what potential do they have? In 2020, Arctic Business, in which Region Norrbotten is a partner, started a project to explore the matter. Three years later, six new companies have been started.

Within the Northern Spinnoff project, students at LTU, working in Aurora Student Consultants, have evaluated 19 ideas. LTU Business has been responsible for the method and process. Which ideas can work in the intended market?

The students have worked with the companies themselves. The goal was to capitalize on business ideas that could become Norrbotten's next growth company and create new products and services, but also to highlight the expertise of the LTU students.

The project has been a success. Of the 19 ideas, six have become companies. Eight give rise to new products in existing companies. Three ideas are still in the works.

Positive feedback

– We are pleased with the very positive feedback that companies have given about working closely with students on their ideas, says Jens Lundström, CEO of Arctic Business Incubator AB.

One of the new companies is Skidra AB. They have developed a solution that makes it easier to trade cryptocurrency, without needing knowledge of the complicated technology behind it. 

It was in the summer of 2021 that Polish idea owners Bazyli Kucharski and Michal Ogierman stepped into Northern Spinoff with their idea. Now this spring, their first product will be released on the market.

– This method is an excellent way to quickly test your idea against the market and see if it is worth moving forward with. The students we worked with were really skilled and took the assignment very seriously, and we are grateful for that, says Bazyli Kucharski.

“Deeper understanding of innovation”

Hanna Olofsson, a civil engineering student and active in Aurora Student Consultants, notes that she has had the opportunity to apply theoretical knowledge in real-life situations.

– It has led to a deeper understanding of innovation and its endless possibilities, while also gaining further knowledge about what is required of companies to influence a specific market. I will carry the experience with me for the rest of my studies and in my future working life, says Hanna Olofsson. 

The project has been financed by the European Regional Development Fund Upper Norrland and Region Norrbotten.