The tech industry in Europe is on track to achieve its projected capital investment of $41 billion USD. European tech startups are growing stronger year by year, with Finland ranking second in capital investments per capita. Finland’s tech scene has started witnessing notable growth and big names like Google and Bayer are establishing headquarters in the country. This comes as no surprise since Finland is the birthplace of one of the most discussed tech trends, 5G.
The biggest contributor to this thriving scene is the Finnish Startup Permit, which is helping start-ups with professional advice and even funding in some cases. The permit makes it easier for entrepreneurs outside of the European Union to establish and run their businesses there. Finland is a country on the hunt to add innovative start-ups to its vibrant ecosystem and the government is doing everything in its power to achieve that.
Finland is also a big player in one of the fastest-growing industries, which has generated revenues of nearly $1.6 billion USD in 2020, iGaming.
Helsinki, in particular, is a tech powerhouse with plenty of networking and creative opportunities for software developers. More broadly, Kalevala Kasino is one of the most popular gaming platforms in Finland, even though it has only been operational since 2006. Its innovative features, including the latest technology for secure payment methods and the availability of customer support in Finnish, attracted Finnish players and made it the powerhouse it is today. Operators like Kalevala Kasino have also contributed to Finland’s reputation as a tech hub.
Another industry in which Finland is investing a lot at the moment is health tech. To facilitate its adoption, the country has created an ecosystem in which academia, hospitals, and tech start-ups co-exist. Multiple hospitals work alongside universities for mutual research, using the available technologies to drive the growth of this technology. The eye-opening fact about this is that hospitals are embracing the innovation, and are even implementing a system that collects live data from clinics and patients. This demonstrates the value and benefits of health tech, as well as its exciting potential in the future.
Moreover, at the end of last year, the country launched the ‘90 Day Finn’ program for selected US-based tech professionals. The program provided free entry for 90 days to one of the world’s leading technology hubs, Helsinki. The selected participants were invited to get a taste of Finland’s unique work-life balance, getting help with the documentation, housing, healthcare, and education. They would then be introduced to the local businesses and tech hubs to make networking easier. Those able and willing to adapt would get further support from the government to get permanent residency.
These types of programs are popular for attracting US citizens to countries around the world, countries that want to increase their success by growing stronger sectors. Besides its place as a major player in the technology industry, there are many other reasons why companies choose to relocate to Finland. The support that entrepreneurs and start-ups get from the government is beyond compare. On top of that, it is also considered one of the happiest countries to live in, with its universal healthcare and attractive work-life balance being two of its best-selling points. So, it seems safe to assume that Finland will have little trouble attracting new companies and cementing this burgeoning reputation as the world’s new tech hub.