Ambassador Fulton's Remarks

September 11, 2009

Godmorgen allesammen!

Thank you Helge Kaltoft and MultiData for inviting me to open this year’s "Iværk og Vækst"

The strong focus on entrepreneurship and innovation here at this show is fantastic.  Bringing entrepreneurs, business leaders, mentors and service providers together in one place to learn, to advise and to promote - all with a common goal of building new relationships and building new businesses.

This event is helpful to others besides the exhibitors and visitors, because the value of successful entrepreneurship reaches beyond individual gains and achievements. New businesses create new jobs and prosperity for the entire society.  

Neither Denmark nor the United States have a monopoly on entrepreneurship and innovation, but these concepts have been key to both of our societies historically.  These are areas where we can learn a lot from each other.

Entrepreneurs are agents of change, finding new ways to combine resources in new products or services.  When entrepreneurs are successful, the size of the economic pie expands for everyone.

Every great company can be traced back to entrepreneurial spirits.

Think of Henry Ford, Alexander Graham Bell, Estée Lauder, or more recently, Bill Gates, Steve Jobs, Sergey Brin and Larry Page.

I know that Denmark too has its own prominent record of great entrepreneurs.

During my first visit to Jutland as U.S. Ambassador, I had the pleasure of meeting Jorgen Mads Clausen at Danfoss Universe.  While there, I saw the impressive organization that the Clausen family has built.

I came to Danfoss Universe to meet a large group of young people from all over the world who had gathered to showcase their innovative ideas to combat climate change.  The brilliance of these young people inspired me and gave me hope for the future.  That same sense of entrepreneurship that first drove the Claussen family is alive in every one of those young faces.

The entrepreneurial spirit a driving forces and motivation, but it is not enough.

To achieve success, an entrepreneur also must identify a need in the marketplace that is currently unaddressed and produce a unique and competitive product or service that answers that need.  This is where innovation comes into the picture.

These days we are hearing many innovative ideas on how to fight global warming and its consequences.  Some ideas end up being more commercially viable than others, but without the innovative ideas and efforts – including those that don't end up as profit-making enterprises – we would not find the array of solutions that become stalwarts of the marketplace.

I am proud that our Embassy is taking an active part of Ivaerk & Vaekst.

Our Commercial Section has teamed up with 20 different American franchises and will be here over the next two days to share with you some the opportunities that exist for Danish entrepreneurs in bringing these brands to the Danish market, and also to teach about what it means to be in franchising.

Franchising is not an industry, it is a business model.  In the U.S., franchising is big business. 18 million jobs have been created through franchising; this accounts for nearly 10% of the private sector economy. In fact, a new franchise store is opened every eight minutes in America.

I know to some of you, entrepreneurship and innovation may not be concepts you associate with franchising. But let me assure you, that there is both room and need for these in this line of business.

Although a franchisee will buy a total “package” including a well-known brand, a specific product or service as well as a proven business model, a franchisee needs motivation and innovation to succeed.

A franchise owner must be innovative in marketing efforts, in attracting clients, in training and sustaining employees.

To a master franchisee, an entrepreneurial spirit is key to expanding operations to build on success.

There are franchising opportunities in almost every field, not only restaurants.  Come visit our pavilion and we’ll show you more about some of the opportunities you may not know about.

In Denmark today, only 25 percent of new entrepreneurs are women. Franchising is one of the most effective ways for women to become entrepreneurs.

I believe that the entry of more women entrepreneurs into the market place means more goods and services that meet our current demands and our modern needs.  Issues that are traditionally high on women’s agendas such as social responsibility and environmental awareness have never been more important factors to integrate into a business setting than they are today.

But at the end of the day, it doesn’t matter who you are, it’s the fact that you are an entrepreneur at heart that matters.  And on that note, I want to wish you all two successful and inspiring days here in Forum. 

Today is a day for "entrepreneurs at heart."  I hope that each of you has a successful and inspiring day in Forum.

Thank you – and I’ll see you at our pavilion!