Business Finland Boosts National Economy with €611 Million Funding in 2024
Helsinki, Finland
In a strong push to reinforce Finland’s innovation-driven economic landscape, Business Finland awarded a robust €611 million in funding throughout 2024. This substantial financial commitment was strategically distributed among Research and Development (R&D), research, and business initiatives to spur the continued growth of Finnish companies on the global stage.
Detailed Breakdown of the 2024 Funding
Of the total €611 million allocated, €383 million was dedicated to R&D initiatives directly benefiting companies, while research institutions enjoyed €177.5 million, and a further €50 million supported broader business development activities. These investments have catalyzed significant growth in exports and internal market expansions, particularly amongst Small and Medium-sized Enterprises (SMEs).
Impact on Exports and Employment
The impact of this funding is most evident in the export figures of companies that received innovation funding back in 2020. These companies have reported consistent export growth up to 2024, demonstrating the long-term benefits of early investment in innovation.
Lassi Noponen, Director General of Business Finland, highlighted the successes, stating, “SMEs that have received innovation funding from Business Finland have continued to maintain export growth, despite the challenging overall situation. The results of funded projects often become visible after a few years, which underscores the sustained impact of our funding strategies.”
High Customer Satisfaction and Target Markets
Business Finland’s initiatives have not only bolstered economic growth but have also achieved high customer satisfaction, particularly in international services and the Invest in Finland service areas, which scored an impressive 4.6 out of 5. Finnish companies are increasingly targeting key international markets, including Germany, Sweden, the United States, the United Kingdom, and Norway.
Leading Recipients of R&D Funding
The largest portions of R&D funding were awarded to prominent institutions such as the VTT Technical Research Centre of Finland (€55.6 million), Aalto University Foundation (€28.9 million), and Nokia (€22.7 million), reflecting the country’s commitment to remaining at the forefront of technological and educational advancements.
Regional Focus and Future Outlook
The regions receiving the most innovation funding in 2024 included Uusimaa (€289.0 million), Pirkanmaa (€64.1 million), Northern Ostrobothnia (€38.9 million), Central Finland (€38.4 million), and Ostrobothnia (€32 million). These investments have led to an impressive increase in SME exports by almost half (45%) and turnover by a third (31%), with employment figures swelling by 11,000 positions by the year’s end.
Noponen concluded, “Finland has made an important decision to invest significantly in research and development. Public investments must yield the greatest possible benefit for Finland, and we are committed to making strategic choices to ensure continued economic success and innovation leadership.”
For more information on Business Finland’s funding programs and future initiatives, visit Business Finland’s official website.
— Fortacofinoy News Team
