The Internet of Things (IoT) is a major part of the current wave of technological changes and improvements taking place around the world known as Industry 4.0. IoT is the rapidly growing network between physical objects which enables these objects to connect and transmit data. It is estimated that the market for IoT devices will reach 560 Billion USD by 2022 and up to 750 Billion USD by 2030.
Vehicles, meters, home appliances and a growing list of physical objects are being embedded with sensors, electronics, softwares and other devices that monitor and gather data and transmit these data to be analysed. IoT devices has made it possible for Smart Cities to become a reality in the future, and India has committed to developing over 100 Smart Cities across the country.
While this wave of embedded technology in appliances and devices has already begun to grow in India, there are only about 120 firms in the country offering IoT technology and there is tremendous scope for many more firms to enter the IoT arena to develop solutions for the Indian and global marketplace.
For Indian companies eager to develop their own products, protect their intellectual capital and enter new markets, it is an exciting and opportune time to consider taking their business international to add value to their company, brand and solutions. Expanding abroad may, in fact, be necessary, as firms must be able to access the latest in technology and hire skilled and experienced talent.
This can be done by leveraging an international business ecosystem, accessing high-level technology, setting up R&D centres and working in collaboration with laboratories and universities. However, going international is challenging and many firms resist the idea of expanding to another country. These challenges are intimidating but are worth overcoming, we address this in our post discussing the challenges, benefits and advantages of taking a business global.
For Indian companies that wish to access the best in tech environments at competitive costs without compromising quality, Finland is the destination of choice. Known as the home of Nokia, Angry Birds and Supercell, this small country has a disproportionate amount of tech innovations that have had a global impact.
The Finnish IoT landscape has many features that are relevant and beneficial to Indian tech companies. Here, we feature important highlights of the Finnish IoT landscape that tells Indian firms exactly why Finland is the place to go to for their next stage of innovation, product development and global market entry.
Heavy Investment by Microsoft in Finland
Software giant Microsoft and other companies have invested in Finland to develop IoT. Microsoft, in particular, has invested 14 million euros in a foundation called ‘IoT Paja’ in Espoo. This laboratory is set-up to help tech start-ups gain access to a variety of advanced equipment and support services which will help tech companies create prototypes of their IoT solutions.
Not only to tech startups gain access to extremely advanced and expensive equipment for free, they also can receive funding for developing and testing their products and also for commercial production.
Access to labs means investing in product development, not equipment
Thanks to the laboratory set up in Finland by Microsoft, firms do not need to invest heavily in equipment and machinery and can instead focus on developing a working prototype and a fully functional solution. This helps startups save on costs and enables them to bring a solution to the market quickly.
Universities and research associations like Aalto University and VTT also collaborate extensively with businesses towards product and tech development. These bodies have space, high tech equipment, students and skilled researchers that businesses can access with little to no cost to develop their prototypes. Through their connections with these universities and research bodies, firms can also find out means to fund their product development and network to find clients and partners.
One of the features that makes Finland unique is that companies and other organizations within the tech and business ecosystem are very collaborative and work towards a common benefit for all members of the ecosystem. Thus firms will find that setting up a business in Finland is easy because the government and governmental agencies are very helpful and approachable. Startups can collaborate with universities and students on projects and simultaneously observe possible recruits.
Organizations such as Business Finland, VTT, Aalto University, ELY, various ministries, associations and networks are all open to members of the ecosystem and are approachable and informative. PrEver in Bangalore is also part of the Finnish ecosystem located in India to help Indian business quickly and seamlessly enter and operate in Finland.
Once part of the Finnish ecosystem, Indian companies can access the local network and rapidly find suppliers, partners and clients and thus jumpstart their company’s growth and also shorten the timeline for product development.
Digile Programme to Support R&D
The Digile programme set up in Finland is dedicated to making Finnish businesses and the company world leaders in IoT technology. This programme offers funding for IoT research and development and aims to create new ecosystems to support interoperability between various hardware and software solutions that have been developing vertically. The programme has already supported advancements in smart traffic, smart cities, elder care, 360° video, capillary networks and much more.
Finland as a location to accelerate IoT development
Indian companies in the IoT and networking sphere need to do intense research and development, protect their IP, hire skilled talent and access the latest in technology while interacting with other businesses and organizations across the world. Doing so from a location that is geared towards technology and research development, with high levels of access to funding and skilled resources is the fastest and smoothest way for Indian firms to accelerate their IoT product and tech development.
Finland offers a tech and business ecosystem that is highly collaborative due to close interactions and support between the government, organizations such as Business Finland, ELY, VTT, Helsinki Business Hub and even with us, PrEver Consulting located in Bangalore, India.
Together, we assure a smooth transition to entering and establishing your business in Finland while opening up possibilities to develop world-class products and reaching customers and clients the world over.