Finland has proven an excellent location for testing out new products and services. Finland has ranked high in different international comparisons relating to competitiveness and innovation throughout the 2000s.
Finland has developed the innovation policy consistently. One of the strengths of the Finnish innovation environment is the active and successful dialogue involving companies, research institutes and the public sector.
Organisation of innovation policies and R&D funding
The formulation of national Finnish science, technology and innovation policies has been assigned to an expert body, the Research and Innovation Council, which is chaired by the Prime Minister.
Nearly 80 per cent of governmental R&D funding is channeled through two ministries, Ministry of Education and Culture and the Ministry of Employment and the Economy. These ministries are the foremost organizations responsible for science and technology policies.
The two governmental agencies Tekes, The Finnish Funding Agency for Technology and Innovation and The Academy of Finland distribute research funding in Finland with open, competitive schemes.
Tekes – the Finnish Funding Agency for Innovation
Tekes is the main government financing and expert organization for research and technological development in Finland. Tekes finances company R&D projects as well as projects in universities and research institutes. Tekes funding incentives and Tekes programmes have had a significant impact on the innovation cooperation between companies and research organisations.
Academy of Finland
The main focus of the Academy of Finland is in the multifaceted advancement of professional research career options, the establishment of cuttingedge research environments and the utilization of international opportunities.
Sitra, the Finnish Innovation Fund
A third development agency funded by the government is Sitra, the Finnish Innovation Fund. Sitra is an independent public fund which under the supervision of the Finnish Parliament promotes the welfare of Finnish society. Sitra's responsibilities have been stipulated in law.
Finnvera is a specialised financing company governed by the Finnish State. Finnvera has official Export Credit Agency (ECA) status and it provides businesses with loans, guarantees, venture capital investment and export credit guarantees.