Business Finland

Business Finland is a prominent public organization under the Finnish Ministry of Economic Affairs and Employment, serving as a key pillar in the nation's economic development strategy. Unlike traditional venture capital firms, Business Finland operates as a government agency, providing a comprehensive suite of services encompassing innovation funding, internationalization support, and travel promotion. Its core mission is to accelerate the growth of Finnish companies, foster research and development, and enhance Finland's global competitiveness by helping businesses expand into international markets.

The organization offers a diverse portfolio of funding instruments tailored to various stages of a company's lifecycle and specific project needs. These include grants for early-stage R&D and exploration, such as Tempo and Explorer funding, as well as larger loans like R&D Loans and Venture Debt for more mature companies pursuing significant innovation or scaling initiatives. Business Finland's support is not equity-based but rather provided through non-dilutive grants and repayable loans, making it a crucial resource for companies seeking to de-risk innovation and market entry without surrendering ownership.

In 2022, Business Finland demonstrated its significant impact by granting approximately EUR 270 million in R&D and innovation funding, underscoring its commitment to fostering a vibrant innovation ecosystem. The organization's funding programs cater to a wide spectrum of needs, with typical first cheques ranging from as little as EUR 10,000 for exploratory projects to substantial R&D Loans and Venture Debt facilities that can extend up to EUR 10 million. For instance, Tempo funding, aimed at early-stage business concept development, typically provides between EUR 50,000 and EUR 100,000.

Beyond direct financial support, Business Finland also provides extensive advisory services, market intelligence, and networking opportunities to help Finnish companies navigate the complexities of international expansion. In 2022 alone, it supported over 1,000 companies in their internationalization efforts, facilitating their entry into new markets and boosting their export capabilities. This holistic approach positions Business Finland as an indispensable partner for Finnish enterprises striving for growth and global success, playing a unique role in bridging the gap between public policy and private sector innovation.