Global technology market is evolving at a rapid page and Finland has lately emerged as a promising destination for Indian startups. Founders are finding opportunities in establishing or relocating their businesses to the country. Finland is ranked 14th most promising emerging ecosystem for startups in the Global Startup Ecosystem Index 2024. It highlights the commitment of the country to offer a vibrant and innovative environment to the tech entrepreneurs.

Finland is also ranked as the sixth most conducive environment for innovation globally in the list of Global Innovation Index 2023. It reflects the ambitious efforts of the country to enhance competitive edge on the international stage.

The Finnish government is offering a plethora of incentives to support the startups which are opting to establish or relocate in the country. The SMEs and technology sector are mainly being targeted. The incentives include financing for research and development to the startups which are established and based in Finland.

Hanna Riski, Senior Advisor for Startup Attraction at Business Finland, said that the ecosystem of Finland is attractive due to reasons like stability, safety, transparency and relatively low bureaucracy. It is now one of the most business-friendly places in the world.

India is a priority country for Finland. Several initiatives have already been launched by the Business Finland office in New Delhi to draw Indian startups to Finland. Startup Permit process is a significant initiative. Residence permits are granted under it to the startup teams with innovative and scalable business ideas.

About 45 Indian startups have received the permits since 2018. Many have expressed interests in the proactive programs of it. Laura Lindeman, Senior Director of Business Finland, said that the primary focus of Finland is on sectors like renewable energy, food, bioeconomy, quantum computing, defense, telecommunications, healthcare and electronic gaming markets.