8 Great Reasons why Indian tech firms are going global in Finland
Indian tech firms face a major problem of lacking access to leading-edge technology to innovate their products. For many small firms and startups, this is could spell doom as ICT firms by their very nature rely on technology to survive and grow. Finland, a small Nordic country in the North of Europe has proven to be a surprising but perfect location for Indian firms seeking to expand their business globally and innovate their products. This article shows you 8 great reasons why Indian tech firms are internationalizing in Finland.
Finland is already home to Indian tech giants Infosys, Wipro and TCS. However, smaller Indian technology firms are also making their home in Finland, a growing trend over the last 3-5 years. Companies like Rsmart, NCrypted, Inteliment, Allied Digital, 2s Consulting and many more have now expanded to Finland. Here are the biggest reasons why:
1. Finland has the best technology ecosystem
IT and ICT firms from India find a very supportive business ecosystem in Finland. Finnish businesses have historically worked together and co-operated in doing business. The Finnish business ecosystem has active players such as suppliers, governmental bodies, universities, distributors etc. working in co-operation to achieve their goals. Finland is especially home to startups and fosters innovation in technology.
2. Finland has a highly talented pool of technologically skilled labour
Indian companies benefit from hiring highly skilled people in Finland. Finnish people are very well educated, and there is an availability of ICT brainpower that hugely benefits innovative Indian companies. The costs for such skilled labour in Finland is also very competitive. Finns are used to working in a multi-cultural environment and are experienced in global and international business.
3. 90% of young adult Finns speak English
Setting up a business and working in Finland is a breeze for Indian companies as English is widely spoken in Finland. Despite the prominence and usage of Finnish, Indian companies will not struggle as they can navigate the country and speak to people in English itself.
4. University collaborations and pilot testing
Universities in Finland work closely with businesses, forming collaborations in which university students, faculty and the business work together to solve problems, test solutions and more. Aside from university collaborations, Indian businesses can also find testing and piloting laboratories in Finland which are highly optimized to provide such testing facilities. This helps Indian firms go from ideation to piloting in a very short span of time.
5. Quick business set-up, no bureaucracy and high transparency
Finland ranks 13th on the ‘Ease of Doing Business’ index. Many Indian firms and startups have been able to rapidly register their business in a seamless manner in a few weeks, in some cases taking just days depending on the nature of the firm and their requirements. Finnish officials are humble and helpful, even senior-level business authorities are open and provide relevant information to help Indian companies set up. Finland is the third most transparent country in the world according to The Corruption Perception Index and is a haven for doing business.
6. R&D Funding
Finland is a huge spender on R&D funding, with investments in R&D for startups going well over 380 Million Euros in 2016-17. In Finland, Indian comapanies can find support in doing R&D by applying for funding from authorities like Tekes and VTT. This can help firms accelerate their product innovation to create a world-class product.
7. Gateway to going global
Once set up in Finland, Indian firms can easily move to other European countries due to the nearness of Finland to other countries as well as due to the connectivity provided by Finnair Airlines. Accessibility to the USA and the rest of North America is also easier from Finland. Finland is well connected to all the major cities in the world and provides world-class travel services.
8. International Brand Image
Indian firms especially benefit from getting incorporated in Finland as they can then brand themselves as an international company with Finnish technology. This overcomes branding issues and lends authority and recognition to the business and opens doors to the rest of the world.
Going global made easy for Indian ICT firms
Indian businesses have been expanding to Finland as a means to solve their problems for several years. They have also benefitted from the rapid product development that is only possible in a progressive and supportive business ecosystem as is available in Finland. Finland is a major hub for cleantech, biotech, fintech, smart maritime, digital inclusion and so much more. Indian firms with truly innovative products can find a mass of opportunities in Finland that well outweight the risks of taking a step towards globalization.
Indian companies can easily find support and information through PrEver consulting and will benefit from PrEver’s expertise and partnership with Helsinki Business Hub.