The Finnish government decided yesterday to propose to Parliament that the financing granted for the founding of Aalto University should be reduced by EUR 11.7 million in 2015.
Under the proposal, this reduction will continue to be made in the same amount annually until 2020.
Founded in 2010, Aalto University was given the task of generating cutting-edge know-how for Finland. This type of expertise, capable of enhancing the country’s competitiveness, is essential to expanding Finland’s industrial base. Developing, promoting, and commercialising new know-how will be critical to helping the country come through the current downturn. This is Aalto’s mission, why the university was created, and where it is already succeeding.
Finnish businesses committed themselves to collecting EUR 200 million to act as the initial capital for Aalto when it was founded. The State committed itself to providing matching funding totalling EUR 500 million and to providing new capital for Finland’s other universities under similar terms. In addition, the State committed itself to provide additional funding to found the new university under an agreement that would see the sum concerned rise on a phased basis to EUR 100 million by 2012 and make the sum, again on a phased basis, open to the country’s entire university sector competitively between 2015 and 2020. Aalto University, in turn, committed itself to a set of challenging targets and to becoming a world-class centre of excellence in its fields by 2020.
Both Finnish business and Aalto University have kept their commitments, but the State has not followed through on its commitment as agreed. There is currently a total shortfall in the State’s financing commitment of EUR 70 million or EUR 30 million annually. The government’s latest proposal will only further undermine the fundamentals of Finland’s newest university.
Aalto University is well on the way to achieving its targets. The quality of research at Aalto has improved, the number of degrees completed has increased, and the university has also reorganised its degree programmes. Aalto has also been successful in attracting international talent to its faculty, and over 30% of its new professors currently come from outside Finland. The world’s leading university of technology, MIT, recently highlighted Aalto as one of top five rising stars in developing innovation and entrepreneurship out of 200 worldwide.
‒ Investments in universities should be long-term, any sudden reductions in university funding will always have a negative effect, according to Aalto University’s President, Tuula Teeri.
‒ The investment that has been made in Aalto University is yielding results in line with the targets set for it, and compromising on a successful investment like this is not in Finland’s best interests.
Founded in 2010, Aalto University was given the task of generating cutting-edge know-how for Finland. This type of expertise, capable of enhancing the country’s competitiveness, is essential to expanding Finland’s industrial base. Developing, promoting, and commercialising new know-how will be critical to helping the country come through the current downturn. This is Aalto’s mission, why the university was created, and where it is already succeeding.
Finnish businesses committed themselves to collecting EUR 200 million to act as the initial capital for Aalto when it was founded. The State committed itself to providing matching funding totalling EUR 500 million and to providing new capital for Finland’s other universities under similar terms. In addition, the State committed itself to provide additional funding to found the new university under an agreement that would see the sum concerned rise on a phased basis to EUR 100 million by 2012 and make the sum, again on a phased basis, open to the country’s entire university sector competitively between 2015 and 2020. Aalto University, in turn, committed itself to a set of challenging targets and to becoming a world-class centre of excellence in its fields by 2020.
Both Finnish business and Aalto University have kept their commitments, but the State has not followed through on its commitment as agreed. There is currently a total shortfall in the State’s financing commitment of EUR 70 million or EUR 30 million annually. The government’s latest proposal will only further undermine the fundamentals of Finland’s newest university.
Aalto University is well on the way to achieving its targets. The quality of research at Aalto has improved, the number of degrees completed has increased, and the university has also reorganised its degree programmes. Aalto has also been successful in attracting international talent to its faculty, and over 30% of its new professors currently come from outside Finland. The world’s leading university of technology, MIT, recently highlighted Aalto as one of top five rising stars in developing innovation and entrepreneurship out of 200 worldwide.
‒ Investments in universities should be long-term, any sudden reductions in university funding will always have a negative effect, according to Aalto University’s President, Tuula Teeri.
‒ The investment that has been made in Aalto University is yielding results in line with the targets set for it, and compromising on a successful investment like this is not in Finland’s best interests.
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