Business opportunities in Finland for Indian businesses in ICT, health tech, IoT, gaming and more
Known as the birthplace of Nokia, Finland is a recognized tech hub and centre for innovation and major technological progress. Finland is the home of Linux, SSH protocol, the SMS, Angry Birds, Supercell and so much more. Finland is a unique country with advanced technological business ecosystems that can enable the creation of the next global and innovative Indian ‘Apple’.
There are many Indian firms in the ICT arena across sectors such as health, finance, biotech, gaming, maritime and more that have innovative and disruptive solutions that can be a complete game changer in the industry.
These firms, however, also struggle with a number of problems that are typical for SMEs: such as a lack of the latest technology, skills and abilities, research funds, talented and skilled employees, a supportive business ecosystem and much more. For far-thinking and innovative Indian SMEs, the answer to these issues can be found in Finland.
Finland provides a supportive business ecosystem with many advantages such as access to new and recent technology, R&D collaborations, testing and piloting platforms, etc. In this article, you will learn about major opportunities available for Indian small and medium businesses engaged in ICT activities across fintech, health tech, maritime, digital solutions etc. Indian businesses looking for international business opportunities for innovation and growth can find the following opportunities in Finland very helpful.
5G network is slowly rolling out in India with test network trials being conducted by Airtel and Huawei, this is a new and important technological change about to appear in the world and Indian companies should be on the forefront of this.
Helsinki, the capital of Finland, has an advanced 5G network set up which provides the powerful development ground for 5G related solutions and innovations. Indian SMEs can make use of the new 5G network in the Helsinki region in Finland as a testing ground for 5G-enabled solutions and business concepts.
This 5G network in Finland is the most advanced set up in the world and global connectivity businesses and operators are already working in Finland developing and testing their solutions with the 5G network. Indian companies developing 5G solutions can benefit from the key technical infrastructure already set up and the ecosystems already operating.
There is also the opportunity to collaborate with the Aalto University at Helsinki, and take advantage of the testing network built by Aalto in collaboration with Nokia and Ericsson. Thus Indian firms can benefit from the best in research skills and technology.
Helsinki, in Finland, has a strong maritime region. Indian businesses in the maritime sector and ICT sector can find opportunities in the intersection between these two areas. Smart ships and automation in the maritime industry are underway and Finland offers the best platform and infrastructure for the development of smart technology in the Maritime industry.
Finland is a world shipbuilding leader and cruise-ship companies, icebreaking ships and maritime research bodies are located in Helsinki, Finland. Finland has a highly collaborative culture and companies work with the region’s best talent in the spheres of big data and cloud tech. Thus bringing together the industries of maritime, shipping and ICT and providing new and interesting opportunities to firms.
At present, companies in the Engineering and industrial areas are operating in the smart maritime technology in Finland. Some of them are Aker Arctic, ABB Marine and Wärtsilä, there is also cooperation with the Aalto University Marine technology and VTT. Indian firms can find support and incentives for R&D from these institutions and thus find that this the best place to develop groundbreaking and innovative solutions in the maritime industry.
Finland is a strong contender in the gaming industry, the home to Angry Birds and Supercell, with Supercell being the first gaming company to be valued at over 10 billion USD.
Indian gaming companies will be at home in the Helsinki region as the region is a home to innumerable companies and startups all working on developing mobile and desktop games, along with educational and health-related games and software.
The business ecosystem supports the gaming industry and the Aalto University also plays a key role in research and education this field.
Augmented reality and virtual reality are also highly developed in Finland and Indian companies can take advantage of the technology to develop their own unique solutions.
One of the recent setups in Finland making it the forerunner in internet connectivity is the completion of a submarine cable between Helsinki and Rostock in Germany. The exceedingly high speed and secure submarine cable connection has created a digital highway between Finland and Central-Eastern Europe.
Finnish company Cinia has also built a Digital Silk Road between European data-hubs and network service operators in China and other eastern nations. This makes Finland quite the digital Gateway between the east and the west.
This high speed and security of such connectivity can be hugely advantageous to Indian businesses. They can also benefit from the low cost of operation and the highly futuristic technology that makes Finland a prime location for data centres. Finland has the second most advanced digital economy in Europe and the 2nd best digital infrastructure in the world and thus is the most suitable home for Indian SMEs seeking innovation in the ICT and digital realms.
Finland provides a unique platform for research and studies in the health arena. Indian companies with a focus on genomic research and other health-related fields can find Finland to be a goldmine to conduct R&D, clinical trials and develop precision medicine.
The Helsinki Biobank has collected tissue samples for over 50 years in a continuous and consistent manner, this biobank data and meticulous health records offers the best combination for research in the health and medical field.
Many global firms such as Pfizer, Biogen and Eisai have set up operations in Finland and have partnered up with the Helsinki Biobank. Indian health tech SMEs also can also collaborate with research institutions and the Biobank in Helsinki for research and product development.
Indian companies also have a rich pool of incredibly talented people to hire, with over 29,000 people with education and experience in life sciences. Finland is the world’s most advanced and updated testbed and Indian SMEs in the health arena can greatly benefit from doing business here.
A snapshot of the opportunities in Finland for Indian SMEs
Indian SMEs have several unique opportunities to take their businesses and products to a world-class level. Firms from various sectors such as the ICT sector, health tech, digital sphere including IoT, Augmented and Virtual Reality, gaming, maritime industries and more can find many opportunities here.