The Enterprise Driven Growth Initiative (EDGI), implemented by Resonance under the USAID-funded Digital Economy and Market Development activity, engaged in a partnership in early 2023 with Nalik Ventures A/S to further our shared goals of enabling inclusive enterprise-driven growth and diversification in Greenland. Nalik Ventures is the premier and strategic partner for trade promotion and enterprise development to the Government of Greenland. Their leadership in bringing investment and business development services to small and medium-sized enterprises (SMEs) is pivotal in the mission of creating an inclusive entrepreneurial ecosystem for all of Greenland.
The EDGI activity's formal partnership with Nalik Ventures was initially set to conclude in September 2024. However, we are thrilled to announce that this partnership has been extended, along with the EDGI Activity, through September 2025.
The new Chief Executive Officer of Nalik Ventures, Thomas "Tyt" Mogensen, and former USAID Senior Development Advisor to the Government of Greenland, Jeremy Stratton, formalize the extension of our partnership to foster inclusive enterprise-driven growth and diversification in Greenland.
In the past year, Nalik Ventures, under the leadership of their new CEO Thomas “Tyt” Mogensen, have been developing their new strategic goals. To support Nalik and USAID’s mutual goals of improving investments and small business growth in Greenland, the EDGI team first carried out a benchmarking activity aimed at developing a picture of impact-focused and innovative investment approaches. EDGI spoke with 6 leaders from investment firms, innovation funds, and impact investors to understand their strategies for engaging stakeholders and building strong entrepreneurial ecosystems in rural or unique locations like Greenland. Through the insights developed in this process and several discussions with the Nalik Ventures team, two key themes were identified to explore more deeply in alignment with the forthcoming strategic goals and timeline of Nalik’s roll-out:
In 2024, Nalik Ventures published its strategic goals. As they progressed in acting towards their newly redefined vision, the EDGI team dug deeper into further benchmarking activities, carrying out interviews and facilitating live conversations with peer networks of investors and BDS providers from comparable regions in the Arctic and beyond. These efforts sought to draw out valuable insights, recommendations, and best practices to complement Nalik Ventures' strategy roll-out and outreach efforts with both external and internal stakeholders as identified previously. In September 2024, the outputs of these benchmarking activities were presented to the Nalik Ventures Board of Advisors.
Nalik Ventures has also supported EDGI and partner Inuva in their pilot of an Inclusive Business Incubator (IBI), targeting small businesses in the outlying municipalities of Greenland. These outlying areas do not have vital business ecosystems, and companies need access to business development support. As part of their strategic plan, Nalik Ventures is developing better systems to reach these entrepreneurs. The IBI has graduated two cohorts so far, with entrepreneurs developing stronger business strategies, engaging in partnerships and developing peer networks, and working through other key issues with their business mentors. This collaboration was a significant accomplishment of the program, with positive participant feedback and an improved understanding of what future support and collaboration with Nalik Ventures can offer them.
Inoqut Kristensen of Nalik Ventures (second from right, top row) with Inuva and some members of Cohort 2 of the Inclusive Business Incubator program in Qassiarsuk, Greenland.
Photo Credit: Sarah Woodall.
As a key partner in the EDGI project and the pinnacle of the business ecosystem in Greenland, we are excited to continue our warm working relationship with Nalik Ventures. Our extended partnership will be a collaborative effort, focusing on addressing Nalik Ventures' discrete needs as they work towards boosting their functions as a one-stop shop portal for new, scaling, and mature businesses throughout Greenland. Together, we will position Nalik Ventures as a prime destination for foreign investment and partnership, and we look forward to the collective success this will bring.