Finland has best framework for entrepreneurship

Finnish gazelle companies grow faster and become larger than their Nordic peers, according to the Nordic Growth Entrepreneurship Review 2012.

Finland has the best framework conditions for entrepreneurship in the Nordic countries, according to the Nordic Growth Entrepreneurship Review 2012 published by Nordic Innovation, an institution working to promote cross-border trade and innovation.  The review provides an analysis of Nordic framework conditions for entrepreneurship and the growth of young firms.

According to the review, Finland has improved the framework conditions most in the last three to four years among the Nordic countries. In particular, Finland has improved the most in the area of entrepreneurial culture. Business regulations have improved in Finland resulting in lower administrative burdens and better competition.

Finnish gazelles grow faster

Finnish gazelle companies grow faster and become larger than their Nordic peers, also creating significantly more jobs than gazelles in the other Nordic countries. Finland is also a leading country in the area of patent system standards and in the area of R&D activity, according to the review.

Three-quarters of the Finnish gazelles are in services, equally in more and less knowledge intensive ones. Gazelles in general manufacturing (12%), and higher-tech manufacturing in particular (7%), are more highly represented in Finland than in other Nordic countries.

According to the review, Finland defines the global frontier in the policy area of creation and diffusion of knowledge. Publicly supported Vigo Accelerators, which offer early stage investing and support to companies, are among the promising new policy initiatives in Finland.

Source: Nordic Innovation

04 February 2013

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