They founded their startup, Awareable, as a student project during their second semester at the Department of Informatics. Awareable is an AI-enabled safety barrier for heavy machinery on construction sites, designed to predict and alert workers to potentially dangerous situations around large machines, like excavators. They hope to make a significant impact in the tech and construction sectors.
– Our start as a student project was pivotal in securing us a partnership with a major construction company, lending credibility to our startup and demonstrating the practical viability of our solution, Arnar explains.
Insights from the programme helped bypassing common pitfalls
Arnar attributes much of his success to the experiences and insights gained during the master’s programme. – The curriculum, particularly the focus on entrepreneurship, helped me bypass many common startup pitfalls.
Coursework in opportunity evaluation and business planning provided Arnar with a framework to assess risks, secure funding, and anticipate challenges he’d face as a new business owner: – The creation of student startups during the second semester made it easier for me to feel that I had what I needed to get started. The programme helped me think critically, know what to avoid, and how to approach things when starting a new business.
During the programme, Arnar learned a lot of new things that he didn’t expect to learn, which put him in a position to find new ideas.
– Without it, I wouldn't have known about iHub or met Dennis, who is now my co-founder. I think it changed the direction of my life pretty much.
The Value of a University Education in Entrepreneurship
When asked about the importance of learning entrepreneurship through a university programme, Arnar shares that it will lay the foundation for you to become more
advanced and adept at learning as an entrepreneur.
– In a programme like Entrepreneurship and Innovation Management, you bypass some of the common pitfalls that many founders encounter. For instance, many fail at fundamental aspects of building a startup. But if you’ve taken courses like Entrepreneurial Opportunity Evaluation (ENT4070) – the best course I’ve taken – you gain critical thinking skills that help you understand what could go wrong with your startup if certain elements aren’t in place.
Beyond academics, the master’s programme connected Arnar and Dennis to valuable networks and resources, including Oslo’s iHub, where they have been working full-time on Awareable. This supportive environment provided them with a safe space to explore, refine, and ultimately realize their startup vision.
Building Awareable: Growth Since Graduation
Since graduation, Awareable have made significant strides. – We've officially started a data collection process for our solution and are working on a prototype. We have bought a lot of the early equipment that we needed, recruited two more people, and started working full-time in the UiO iHub, which is very nice.
On top of everything, Arnar and Dennis are also participating in Gründer Academy, where they continue their education by participating in various workshops and taking classes. Their efforts have been further supported by funding from Norway's Innovation Authority and recognition from various pitching competitions, bringing in close to a million kroner.
The Skills and Mindset of an Entrepreneur
Reflecting on his journey so far, Arnar emphasizes a few key qualities essential for success in the startup world: curiosity, a drive to learn, and resilience. – You must be curious, risk seeking, and enjoy learning new things. An entrepreneur should enjoy the thrill of tackling difficult challenges and, when faced with something a little bit scary, be able to say, 'Sounds interesting!'
Arnar believes other key qualities are self-drive and an intrinsic motivation to learn. While he deems intelligence as valuable, he sees social skills and teamwork as equally, if not more, crucial: – You must be willing to work and collaborate with others because you can't succeed alone. If you have strong communication and teamwork skills, you’ll thrive.
Looking Ahead: A Potential to Transform Construction Safety
Through Entrepreneurship and Innovation Management, Arnar and Dennis gained the skills and support necessary to transform a classroom project into a real product. With ongoing support from resources like iHub and mentorship, Awareable holds the potential to transform construction safety, showing how the right blend of collaboration and boldness can drive impactful innovation. Arnar and Dennis’s journey highlights how education and dedication can bring pioneering ideas to reality.
Facts
- Arnar’s background: Officer training and a Bachelor of Engineering in Electronics and Data from the Royal Norwegian Naval Academy.
- Dennis’ background: Bachelor in Computer Science from University of Wisconsin-Platteville
- iHub: Student innovation - UiO Growth House
- Gründer Academy
- Norway's Innovation Authority