The Startup Ecosystem of Finland

Moreover, Finland offers an attractive business environment for foreign investments, with a strong ecosystem of accelerators, angel investors, and VCs supported by government backing. Business Finland, through initiatives like 6G Bridge and Data Economy Bridge, provides funding and services for R&D projects. The majority of Finnish startups are concentrated in the capital, making it a key startup hub in Northern Europe. Local initiatives like Business Helsinki and Helsinki Partners contribute to the growth of the local startup scene, along with similar initiatives in cities like Espoo, Vantaa, Oulu, and Kuopio.

Despite its small market size, Finland has produced numerous successful startups across various industries, showcasing a unique ability to create groundbreaking global solutions. The country’s track record includes Nokia’s dominance in the early mobile phone industry and recent advancements in the gaming sector, with companies like Supercell and Rovio achieving unicorn status. Finland also offers growth opportunities in sectors such as bioeconomy, clean and smart technologies, health and wellbeing, ICT, digitalization, and travel and tourism.

Several Finnish startups have achieved successful exits, with notable acquisitions like Wolt by DoorDash in 2022 for €7 billion. Alongside talented entrepreneurs, Finland actively promotes its business environment through global events like Slush, which attracts a large number of participants annually and boosts the nation’s ranking as a key player in the startup ecosystem.

In conclusion, Finland’s thriving startup scene, supported by a range of advantages and innovative initiatives, solidifies its position as a leading global hub for startups and entrepreneurial ventures.