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Innovations

Businesses’ research, development and innovation (RDI) must be funded through partnerships, public RDI funding, and increasing EU funding for Finland. Effective funding models and partnerships between different stakeholders will encourage firms to create new export products and prosperity.

Last modified 06.09.2024 at 14:50

The welfare of people, nature and the environment is highly dependent on the companies’ RDI efforts. It helps create new exports, increase growth and improve quality of life. When investments in RDI are increased and new technologies and business models are used, export products and services of higher added value can be developed. Finland has set the ambitious goal of increasing investment in public- and private-sector RDI to 4% of GDP by 2030.

  1. Public RDI funding must increase considerably: 2/3 of public RDI funding must be directed at supporting companies’ RDI, because every euro in public support for companies directly leverages two euros in the company’s own additional funding. Companies’ position in the EU’s investment instruments as well as commercialisation of innovations must be strengthened.
  2. Together, we can do more, and partnerships need funding. Endeavours like Business Finland’s leading company programme and public–private partnerships (PPP) encourage companies to cooperate both with each other and with universities and research institutes.
  3. The amount of EU funding for Finland must increase: The level of EU RDI funding allocated to Finland must increase significantly. This needs to be done by increasing the participation of SMEs and Mittelstand companies in European value chains. Finland must budget a national counterpart for the preparation for EU projects and for services to support applications
  4. Public procurements must be harnessed to promote innovation: the criteria for purchases made with tax money must be quality, functionality, usability, life-cycle value for money, operational efficiency achieved through innovations and low carbon emissions. When reforming the rules governing public procurement in the EU, innovation and the ability to take risks should be prioritised.
  5. Businesses must get the skilled labour they need: the number of highly educated individuals in both the private and public sectors must be increased, as well as the amount of industry-led research. Universities and research institutes must increase their cooperation to make it worthwhile for companies to conduct research in Finland in particular.