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Finnish startup scene

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Title: Finnish startup scene  
Author: World Heritage Encyclopedia
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Subject: Economy of Finland, Aaltoes, Finnishness, Management by perkele, List of radio stations in Finland
Collection: Economy of Finland
Publisher: World Heritage Encyclopedia

Finnish startup scene

The startup scene in Finland has given birth to products such as Linux and Angry Birds.


  • History 1
    • The early days 1.1
    • The dot-com bubble 1.2
    • Life after dot-com 1.3
  • 2007 till the present 2
  • Venture Capital 3
  • Official status 4
  • Companies 5
  • Notes 6
  • External links 7


Entrepreneurship itself in Finland is quite an old phenomenon. However, as everywhere else, first startups appeared in the early 1990s and some faced demise with the end of dot-com bubble in early 2000.

The early days

Prior to 1995, one of the key influencers was the Finnish demo scene that gathered together people interested in burgeoning technology. Companies like Hybrid Graphics,[1] Riot-E[2] and many others have roots in the demo scene.

The dot-com bubble

The time of dot-com bubble in USA was around 1995-2000.[3] The bubble has had a major impact on the Finnish start-up ecosystem. One of the most well-known dot-com companies, together with Riot E, was IObox.[4] IObox Oy was a Finnish mobile and web portal[5] operator. Formed in 1999, the dot-com company became part of Telefónica Mobile. At a sale price of $250m (€230m) in 2000, IObox represented the largest venture capital exit in Finland until the sale of MySQL AB[6] in 2008 for $1bn (€670m).

MySQL was another start-up that was built in the middle of the dot-com bubble. The company was founded in 1995 and the first version of MySQL was released in 1996.

Life after dot-com

The period starting from 2003 and ending roughly around 2006 was a post-dot-com recovery time for the Finnish start-up ecosystem. One of the key players in the ecosystem at that time was Sulake, which was started in 2001, but had its most important actions took place after registering as Sulake Corporation in 2003.

Aula movement was one of the key events in 2006 gathering people from different backgrounds to talk about social software.[7] This software community was the beginning of companies like Jaiku (later acquired by Google[8]) and Dopplr (later acquired by Nokia[9]).

2007 till the present

This period is characterized by the rise of a grassroots student movement initiated by Aaltoes, the emergence of a new wave of start-up entrepreneurs as well as creation of ArcticStartup, a local media 100% dedicated to covering the start-up scene in the Nordic and Baltic region.

Aaltoes, or Aalto Entrepreneurship Society, was founded in 2009 by a disciplinary group of students from the three founding schools of Aalto University. Currently, Aaltoes remains student-run and non-profit, while maintaining the largest startup community in Finland.

As in Silicon Valley most startups in Finland are IT related. Recently, however, companies developing physical end-products has risen. Notable examples include Jalo Helsinki[10] and Uploud Audio.[11] Former producing fire alarms while the latter producing nice looking loudspeakers.

Since its launch in January 2013, Finnish startups have been tracked and ranked by The site tracks over 600 Finland-based startups and publishes a monthly chart of the companies, based on their online visibility.

Venture Capital

In 2009 Finland was second largest investor in early stage startups in Europe measured by Venture capital as a percentage of GDP.[12]

Official status

Finnish member of Parliament Lasse Männistö has established a startup group inside the Finnish parliament.[13]



  1. ^ Hybrid Graphics
  2. ^ Riot-E
  3. ^ Dot-com bubble
  4. ^ Iobox
  5. ^ Web portal
  6. ^ MySQL AB
  7. ^ (
  8. ^
  9. ^
  11. ^ – Uploud Audio
  12. ^
  13. ^ Eduskuntaan startup-tiimi | TEK (Finnish) Google translation (English)

External links

  • Aalto Entrepreneurship Society
  • Aalto Venture Garage
  • Startup100 Finland
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