Finland offers the highest caliber of researchers and engineers found within Europe. Many companies – particularly those led by innovation – have chosen to take advantage of this by establishing operations within Finland’s tech clusters found in cities such as Helsinki, Oulu, Salo and Tampere.
Recently, Finland has successfully attracted some of the world’s largest enterprises such as General Electric, Altair Semiconductor and Zalando, which have sought growth from very Finnish ingredients. With newly established locations in Finland, they have benefitted from the favorable business ecosystem and the multitude of available resources, including the well-educated, English-speaking talent pool as well as seamless collaboration between universities and commercial enterprises, enhanced by appealing costs of living.
Zalando, the German e-commerce giant, was in urgent need of highly-educated product development engineers and quickly found its solution in the capital city of Helsinki. In August 2015, only half a year after their first visit in Finland, Zalando’s new development site in Helsinki was up and running.
“Technology is the unofficial first language of Finland. Our passion towards new technologies is perfectly portrayed in our startup scene. The amount of venture capital obtained by startups and growth companies in Finland, in relation to the GDP, is the highest in Europe,” says Arto Pussinen, Head of Industry at Finpro’s Invest in Finland.
Finland has also enhanced its cost competitiveness in terms of wages and taxes. One example of this is represented by the current 20 percent corporate tax rate, which is significantly lower than in many comparable economies such as Sweden, Germany and the Netherlands.
These cost-saving comparisons can also be extended to research and development. In Finland, the average cost of a 20-member R&D unit is 50 percent lower than in San Francisco. Additionally, the “Silicon Valley Effect” – which has key talent moving repeatedly from company to company – does not exist in Finland.
While tech companies continue to establish operations in Finland, there has developed a simultaneous flow of new R&D and engineering initiatives that are taking place in the northernmost Europe. One of the focal points of the new wave of global investors has been the city of Salo in Southern Finland, where dozens of former tech experts from Nokia and Microsoft are seeking new opportunities to display their skills and experience.
As Finland booms, there could not be a better time to explore the benefits of Finland’s tech ecosystems found on display at Slush.
Arto Pussinen, Head of Industry, Invest in Finland, Finpro, e-mail: email@example.com, p. +358 50 556 8320
Hetta Huittinen, Communications Manager, Finpro, e-mail: firstname.lastname@example.org, p. +358 40 033 9597
Finpro’s Invest in Finland assists international companies in finding business opportunities in Finland and produces information about Finland as an investment location. In addition, Invest in Finland develops and coordinates the national FDI promotion work networking actively with regional and international actors. Invest in Finland also compiles information about foreign-owned companies in Finland. For more information, please visit www.investinfinland.fi
Finpro helps Finnish SMEs go international, encourages foreign direct investment in Finland and promotes tourism. Finpro is formed by Export Finland, Visit Finland and Invest in Finland. Finpro is a public organisation with 240 professionals working in 36 export centres in 30 countries and 6 regional offices in Finland. www.finpro.fi Finpro – Growth for Finland