Startup: a warm innovative climate of cold Finland

Finland claims the title of one of the most favorable European countries for startups and innovations. This year, Helsinki entered the TOP-5 the most dynamically developing startup ecosystems in the world, according to the international organization Startup Genome. At the same time, Finland was included into the TOP-10 innovative economies in the world - Bloomberg Innovation Index 2020.

The small country with a population of 5.5 million has record venture capital figures and well-known "unicorns" such as Supercell or Yousician. All it motivates innovators to join the Finnish startup ecosystem.

Why do startupers choose Finland?

Firstly, it’s a Schengen country with a high standard of living and developed economy, and it’s easy enough to do business there (20th place in the Doing Business 2020 ranking). An important detail is that due to the small domestic market, companies registered in Finland usually focus on the world market, initially relying on global promotion channels and revenue models.

Secondly, Finland is willing to invest in startups. The country's startup ecosystem consists of a large number of entrepreneurs and investors who are ready to support start-ups financially. Finland has a well-developed venture capital market, the Finnish Venture Capital Association, and the Finnish Business Angels Network. Finnish startups also have open access to the online platform, where they can attract investment in exchange for shares.

Thirdly, numerous government programs, startup hubs, accelerators and business incubators help innovators to launch a startup in Finland. One of the largest startup conferences in Europe, Slush, takes place in Finland every year. The event is organized by Startup Sauna, a non-profit foundation to promote innovation, which implements about a hundred events a year on startups and entrepreneurship.

Participation in the team innovation hackathon "10 Days 100 Challenges" is an effective tool for foreign innovators to integrate into the European startup ecosystem. The event is organized by the leading universities of Helsinki i.e. Haaga-Helia, Laurea and Metropolia, partners of the business incubator UF Incubator.