Survey shows 58% of companies in Faroe Islands engaged in innovation between 2020 and 2022

A recent survey conducted in collaboration with the Research Council reveals that 58% of companies in the Faroe Islands engaged in innovation between 2020 and 2022. This figure ranks as the second highest in the Nordic countries, surpassed only by Finland at 61.5%. Sweden follows closely with 57.6%, while Norway reported just 50%, Iceland at 48%, and Denmark at 46%.

The companies indicating innovation typically offer a new product or service. They may also be in the process of developing a new product, service, or operational process. The term “innovation” also encompasses firms that have undertaken or purchased research and development.

When compared to the European context, Faroe Islands companies demonstrate a strong performance in innovation.

Particularly, two sectors are leading significant investments in innovation in the Faroe Islands: Agriculture, Forestry and Fisheries, and Information and Communication. Together, these sectors accounted for 80% of the total expenses related to innovation.

Moving forward, the statistics will be collected biannually to monitor trends, as noted by the Statistics Faroe Islands.