Business Finland offers €20 million grants to incentivise research and development spending and collaboration
photo credits: Joakim Honkasalo/ Unsplash
In 2020, Finland started a new scheme with a simple goal: to get industry to invest in research and innovation. Five years later, with €826 million of public money spent, the Venturi Ecosystem programme has boosted industry’s R&D spending by €1.5 billion.
“[The programme] does deliver impact and results, and we plan to continue it,” says Kari Komulainen, director of funding services at the innovation agency Business Finland. “It is safe to say this has leveraged and mobilised significant funding from the private sector, as has been the goal.”
Finland has committed to boosting R&D investment from 3% to 4% of GDP by 2030. About two thirds of this will have to come from industry. To get companies to meet the goal, the government is using public funding to leverage…
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