In an increasingly competitive global market, innovative startups face numerous challenges in scaling their businesses internationally. Recognizing the importance of fostering such ventures, Business Finland, a key player in promoting Finnish innovation and business growth, is doubling down on its support for startups with promising international potential. Through revamped services and a renewed focus on companies poised for global success, Business Finland aims to bolster Finland’s position as a hub for innovation and entrepreneurship.
Tailored Support for International Growth
Business Finland’s startup team is stepping up its efforts to assist companies in identifying new clients, opening new markets, and establishing crucial networks within their industries and ecosystems. The emphasis is not just on technological innovation but also on the diverse expertise of the company’s team and its commitment to international expansion. With a focus on startups with significant research and development projects underway, Business Finland aims to ensure that Finnish startups are well-equipped to address global needs and challenges.
Moreover, Business Finland’s financing services have undergone notable changes to better cater to the needs of startups. The Tempo funding program targets startups under five years old with new product or service ideas. Emphasizing the company’s planned research and development initiatives, Tempo funding aims to support innovative startups with the passion and resources required to succeed in the international market.
Similarly, the Young Innovative Company (YIC) funding program, designed for startups with high business potential, has been revamped to offer greater support. The conversion of the loan portion into a grant and an increase in the maximum funding amount to one million euros demonstrate Business Finland’s commitment to easing the financial burden on startups and facilitating their rapid scaling.
Early Engagement for Enhanced Support
Recognizing the importance of early engagement, Business Finland urges startups to connect with its experts at the outset of their entrepreneurial journey, ideally before preparing funding applications. By engaging with Business Finland’s startup team early on, companies can gain valuable insights into refining their business ideas, accessing suitable funding options, and leveraging additional services offered by Business Finland.
Senior Advisor Marko Kotonen highlights the aim of these discussions: to help startups clarify their business concepts and guide them toward the most appropriate funding avenues. Beyond financing, these interactions often unveil opportunities for business development and utilization of Business Finland’s comprehensive suite of services. By fostering such early engagements, Business Finland aims to empower startups to make informed decisions and navigate the complexities of international expansion more effectively.
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