Davitnorway nominated to “Entrepreneur of the year award”

(translated article from SRbank News Center)

The brothers Jan and Vidar Halvorsen, founders of DavitNorway has patented a new concept for adjustable davits.
Their innovation can save ship operators and ship owners for millions of NOK.

Since the start of 2015, 16 batches of entrepreneurs and innovators has attended the Entrepreneurial program of Sparebank 1 – SR bank. 280 jobs have been created, and 110 million NOK found trough external investors. The value of the companies today Is calculated to 1150 million NOK, with Boost.ai as the largest success amongst these. 

“ When I see what is presented here today,  have no doubt that we can add several new jobs to the existing list of 280 jobs already created. This is just gold, SR-Banks Corporate director for business marked, Tore Medhus, stated as he awarded 50.000 NOK and a nomination to the “Entrepreneur of the year “ award, to DavitNorway AS earlier this week. 

50.000 NOK and the nomination for “Entrepreneur of the year “-Award is presented to the startup-company who has developed and distinguished itself the most, through the 4 months program participants of  SRBank /Grunderhub’s entrepreneurial program go through. 

For DavitNorway, the participation in the program was a simple decision and the benefits are clear :
“ Our business idea is based on many years with hands-on experience from the maritime industry. A davit is a critical part of a ship, lowering and hoisting rescue boats, workboats and lifeboats in and out of the mothership. 

The challenge we have experienced is that many davits are difficult to maintain at sea, as critical components are often placed above working height. Maintaining while at sea can be risky. 

 Unexpected damages can occur due to rough use, human error or unexpected incidents. For example, if a rogue wave slams the workboat into the shipside and damages it beyond operational status. Such an accident could effectively cause the mothership to have to go to the harbor and wait for a new workboat with the same specifications since the davit and the workboat is pretty much set to each other. Days, even weeks delays while waiting for a new workboat can cost a lot for owner /operator. For ships in the oil and offshore industry, the loss of operational income can be in the millions (NOK)’  

The DavitNorway brothers has patented an adjustable davit which fits variable size workboats /FRC / rescue boats in the same davit. 

The davit can use variable sizes – width, height, length—within their weight classes. 
Now we are just waiting for certifying bodies to come back with their approval, then full-scale testing and sales are following in short order.
A grant from Innovation Norway – the Norwegian governments grant for innovation, has already been awarded, with more grants in the pipeline. 
Private investors have also invested in the company and more investors are now looking to buy into DavitNorway. 

What has your main benefit from the entrepreneurial program been? 

First and foremost, we have been helped to form a structure around the concept, and the company. As with many entrepreneurs, we had too much a focus on product and market, and not enough on the structure of the company and business model. 
In the program we were constantly challenged; talk to the user, find the real pain-points they have, find the right niche. We had classroom courses weekly, where we committed ourselves to work on and show progress in each and every session. This really gave us a direction; a focus. We could almost say it felt like our concept was stripped apart, and rebuilt step by step. 

The market DavitNorway are targeting holds thousands of vessels which would have a direct need for their products, in the merchant navy, military naval industry and offshore industry alike. 

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