The Foundation was established at the end of 2003 to mark the 100th anniversary of the Technology Industries of Finland. The Foundation’s initial capital was one hundred million euros. Since 2005, the Foundation has granted approximately four million euros per year to various projects.
The Foundation uses the return on its capital to support:
- training and research in universities and research institutes
- the development of educational activities in schools and educational institutes
- projects designed to promote the recognition and public image of the technology industry and the supporting industries
Instead of giving out personal grants, the Foundation has chosen to finance groups working in educational and research institutes. The people working in projects we finance have an employment contract with the institutes in question. Projects typically require funding of some 200,000 – 300,000 euros and take 2-3 years to complete. In research projects, we prioritise young applicants who have recently become doctors and are about to start their research careers. Professors and other senior scientists may also be included as applicants, but the funding is expected to be used for hiring junior members of the research team. The project funding may be used to cover all kinds of expenses arising from research work. However, equipment purchases may only be considered in exceptional cases. In training projects, priority is given to the development of teaching methods in mathematics and natural sciences as well as technology subjects.
The results of the projects funded by the Foundation are public and may be freely used unless the Foundation’s Board of Directors decides otherwise for any reason.
With the exception of Fulbright scholarships, the Foundation does not award personal study or travel grants, and, as a rule, does not provide funding for seminars, symposiums or conferences.
The Foundation's charter states: "The purpose of the Technology Industries of Finland Centennial Foundation is to promote training and research that help raise the level of competence in the industries represented by the Technology Industries of Finland and that help promote business and bolster competitiveness, as well as fostering a favourable and innovative business environment."