1. Project: GIVE A MAN A FISHING ROD - Nordea Business School “From Idea to
Investor”
Category: CORPORATE SUSTAINABILITY&RESPONSABILITY
Summary
Nordea Latvia had been supporting its customers facing financial difficulties since the
beginning of the
economic crisis. Based on the lessons learnt in “School of Opportunities 2009” for
unemployed
persons, Nordea decided to focus the support for starting entrepreneurs on the small
and medium-sized
(SME) segment in 2010.
The challenge was to create a unique and remarkably different educational
programme that would
motivate, encourage, and equip the „would-be-entrepreneurs‟ with business
knowledge and skills.
Together with 14 leading business consultation companies, Nordea Business School
“From Idea to
Investor” was created. The 6 month programme consisted of 15 lectures, workshops,
mentoring, and
coaching sessions, all free of charge for participants. The school attracted up to 2,000
applications and
there were more than 10 persons per seat contest to 150 participant places. The
programme will end in
May 2011 and the goal is at least 10 new businesses established.

2. The programme also reached the comms and business objectives. The School
generated positive media
coverage with more than 50 media articles, including TV and radio, and a target
audience of more than
100,000 people was reached. Nordea continued to increase its reputation in the
dimensions of safe and
stable; open and honest; a successful and growing bank. As for business – the
number of net customers
in the SME segment increased 50% in 2010.
Situation
The Latvian government acknowledged: small and medium-sized entrepreneurship is
vital to the
country‟s recovery from the economic crisis.
The Latvian population in turn has the highest motivation towards entrepreneurship
among EU
countries. Nevertheless, the rate of successful companies is remarkably lower
(Eurobarometer). 73%
respondents admit “a wish to be an entrepreneur”, but only 6% writes a business plan
(Nordea, 2010).
The main barriers: lack of skills, a business idea, and motivation; fear of failure.
Nordea has been supporting its customers facing financial difficulties since the
beginning of the
economic crisis, organising activities for the unemployed. The focus for 2010 is a
facilitation of new
SME business.
Objectives
The goal:
1) Increased Nordea reputation as a reliable and safe partner; 2) Increased customer
awareness of

3. Nordea as a partner in the SME segment
Target audiences:
Existing/potential customers,
Opinion leaders in entrepreneurshipand business,
Mass media.
The objectives:
- Create the Nordea Business School andattract partners for the programme content;
- Attract at least 100 applicants and 50 participants;
~ 10 new enterprises established;
~ 40 media publications about the project;
~a target audience of 50,000 people reached.
Research:
- Situation analysis about existing entrepreneurship support programmes,
- Stakeholders interviewed (business consulting and training companies),
- Online questionnaire (>5,000 respondents).
Strategy
The strategy was to create a unique educational programme: Nordea Business
School that would
remarkably differ from existing entrepreneurship support instruments.
The goal of Nordea Business School was to give to would-be-entrepreneurs “a fishing
rod, not a fish”
or to give them inspiration, encouragement, business knowledge, and skills.
Thus, the potential entrepreneur would be:
1) fully equipped to be able to start their own business,
2) able to apply for financial grants or loans;

4. 30 able to spend the funds the most wisely.
Nordea invited 14 leading business consultant and training companies to voluntarily
join the
programme. All of them agreed to provide lecturers, coaches, and mentors free of
charge.
Nordea Business School “From an Idea to an Investor” was created as a two-step
programme
consisting of 15 lectures, workshops, individual mentoring, and coaching sessions
covering subjects on
creativity, psychology of entrepreneurs, marketing, accounting, team creating, brand
development,
sales and exports, etc.
Execution
The project planning started in the summer of 2010 and will end in May 2011.
The communication activities were planned throughout the entire project:
1) Raise of Interest (Oct. 2010-Nov. 2011)
Objectives: to attract possible participants to apply for the first round of the Nordea
Business School; to strengthen Nordea‟s reputation as a safe and reliable partner.
Messages: survey results on “would-be-entrepreneurs”; launch of Nordea Business
School.
2) Share of Know-How (Dec-Jan 2011)
Objectives: to attract participants to apply for the second round; to strengthen the
image of
Nordea and project partners as experts in the SME segment.
Messages: Investors opinion about the first round applications: the quality of the
proposed
business ideas, experience, and knowledge of “would-be-entrepreneurs”.
3) Success Stories (May 2011)

5. Objectives: to prove the effectiveness of the Nordea Business School; strengthen the
reputation of Nordea as a partner in the SME segment.
Messages: Success stories on new businesses.
Communication channels: events, media relations, direct communication,
facebook.com, and
twitter.com.
Documented Results
Input or Project results:
- Free of charge programme of 15 lectures (estimated worth ~1,000 LVL per person)
- 2,000 applications in 2 rounds (on average more than 10 persons per seat contest
and 20
times more applicants than expected)
> 150 participants.
Estimated results at the end (May 2011):
~20 complete business plans submitted
~15 participants to participate in “Speed Dating with an Investor”
~50 participants to receive the certificate.
Output or Communication results:
> 50 positive/neutral media items
> a target audience of 100,000people reached through free of charge programme
partners‟
direct communication channels.
Outcome or Business results:
Increased Nordea reputation in dimensions:
Safe, stable (25%, Jan 2010 to 43%, Jan 2011)
Open, honest (15%, Jan 2010 to 20%, Jan 2011)

6. Successful, growing (25%, Jan 2010 to 33%, Jan 2011)
Business - the number of net customers in the SME segment increased 50% in 2010.
Name of the links
• Nordea Business School official page (Description, program, lecturers, online
lectures)
http://www.nordea.lv/Par+Nordea/Sponsorešana+un+labdariba/Biznesa+skola/14359
42.html
• Nordea Business School Facebook page -
http://www.facebook.com/pages/Nordea-biznesaskola/
120945761301726
• Video: Launch of Nordea Business School, Nov 1 2010 -
http://www.youtube.com/user/NordeaLatvija#p/c/E2B0941438A16AEF/0/XW1e2Dsb2
Ps
• Photos: Launch of Nordea Business school, Jan 18, 2011 -
http://www.flickr.com/photos/nordealatvija/sets/72157625851798032/
• Video: Interview with Head of SME Nordea Ms Kristine Lomanovska in Latvian
National
programme I, Jan 18, 2011 -
http://www.youtube.com/user/NordeaLatvija#p/c/D053779058117D35/8/TvmWyV6Qx
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