Luck, hard work and a cardiac arrest towards success

Published: 22.03.11

Sigmund Lunde did not become an entrepreneur to get wealthy, but today Omega has 775 employees and is worth several hundred million kroner. Getting there has meant hard work, failures and eight minutes of cardiac arrest.

Entrepreneur: Sigmund Lunde established Omega AS, but the success was not a given. (Photo: Einar Tho/Haugesunds Avis)

He had a good, solid job at Haugesund Mekaniske Verksted (HMV) in Haugesund. He was an engineer within construction and petroleum. It was the mid-eighties and computers were introduced at the workplace. Sigmund Lunde was interested. Very interested. In 1986, the young man from Kåta at the Ølsfjord started his own company.

“It was because of my interest in computers. I liked finding solutions, and I guess I`ve always been creative,” Lunde says.

No future in Futura

The company’s first clients were in his hometown: Berge Sag and Ølen Betong. The company was named Kåta Data, but after six months it became K-Data. That name worked better, Lunde thought. In 1987 he took the next step. Futura Computer Centre was established in Ølensvåg. This was a more serious establishment attempt. Still, Futura could quickly have become a one of the companies mentioned in the article above (ref.).

“We could not live off Futura, but we actually did for a little while. We became three, four, then five employees. We soldered circuit boards and made software solutions. It was actually one hundred percent doomed, but we learnt a lot.”

The Working Environment Act did not apply to the enthusiasts at Futura Computer Centre. The days were hard. Sometimes it meant getting up at 3am to drive all the way to Oslo, and working there till 6pm. Then back home again. The pay was low. In 1991 it was clear that Futura did not have a future.

“In principle we were bankrupt, but we did not let that happen. We established Omega AS and brought into it a one million kroner debt. I believe that was the right move. We established a good relationship with our bank.”

Found out where the money was

Into Omega AS Lunde and his partners brought what they saw would be profitable, and left the rest. The understood they were a company of expertise. Omega went from hardware to software, and focused on project support and consultancy. They found out that the best clients were within the oil and gas industry.

“Before 1991 most of it was amateurish. Omega has made money every year since,” Lunde says.

Omega now has 775 employees, a 35 million kroner result after tax last year, offices in five Norwegian cities and six other countries. Statoil is the biggest client. Many of the jobs are within project management and engineering services in the oil industry.

Gave up control

“I did it my way” is the title of the Haugaland Conference this year. “We did it our way,” says the entrepreneur from Ølensvåg. He talks about sourcing the right people. Use everyone’s strong side. Build a team. Petter Aalvik, an old childhood friend with solid education and business experience came home and became Omega`s Chief Executive Officer. That can be tough on an entrepreneur.

“It was challenging giving up control, but in this area I am convinced many entrepreneurs make a mistake. You have to let in expertise. Our employees represent our real value,” says Lunde, who is still Chairman and Omega’s largest shareholder with 27,58 per cent through Mittdistrikt Invest AS.

Is Omega good for the heart?

“Would you like to start up something else? “

“Many people ask me that, but I do not think we will be that lucky again. Because we have been lucky,” says the 48 year old.

At the same time Lunde is aware that it costs to build something on his own.

“A couple of years ago I was lying without a heartbeat for eight minutes on the road right over here.”

“Was it stress related?”

“Well, it has been an unhealthy lifestyle.”

Three months after the cardiac arrest Omega organised a triathlon. Sigmund Lunde won. He could have relaxed and sold Omega. There have been several interested parties. The price would have been several hundred million.

“We have no process around selling. We are locally owned, and that`s part of our strength. It is not a given that another owner would want the headquarters in Ølensvåg. Not everybody thinks this is the centre of the world.”

Lunde is surprised that so many newly established companies disappears that quickly.

“Why do you think rural municipalities like Vindafjord seems to make a better go of it?”

”Things are clear-cut here, and that is a good culture. People in Ølensvåg think it is positive if someone succeeds.”

Today Sigmund Lunde tells his story at the Haugaland Conference. Proving that it is possible to succeed.