Radical innovations and startups offer opportunities for growth

Radical innovations are an essential source of economic renewal and offer an excellent opportunity for Finland to maintain competitiveness. Tekes – the Finnish Funding Agency for Technology and Innovation is increasingly investing in young growth companies.

At the early stage of technological transformation, it is worthwhile for companies to be involved in following and learning from the process with an appropriate level of investment. As the technology develops and the transformation gathers strength, it is the early actors who are able to react fast, according to Anne-Christine Ritschkoff, Executive Vice President, Strategic Research, and Jouko Suokas Executive Vice President, Business Solutions, at the VTT Technical Research Centre of Finland.

During periods of economic uncertainty, it is important to make sure that innovation is promoted by adequate investment in long-term research and product development in cooperation with universities and research centres.

It is often faster to create new business activities in an existing company than in a newly established company. Established companies have functioning financial arrangements, distribution channels and other networks.

Tekes establishes new branch for startups

Tekes has established a new branch for startups or young growth companies which will be managed from the beginning of April by Jukka Häyrynen, formerly the CEO of nanotechnology coating company Picodeon.

The funding provided by Tekes to young growth companies has been increasing rapidly in recent years. This year, a third of the total funding from Tekes is aimed towards startup companies that have been in business for less than five years.

Sources: Helsingin Sanomat, 3T, Tekniikka&Talous, Picodeon