Small and medium-sized tech firms from India have turned to Finland as their base for European Headquarters, R & D centres, funding, hiring talent and more. Over the last 5 years, Finland has become a hub spot for Indian firms seeking to enter the western market and develop their products.
Finland is a world-renowned innovation nation, having been the birthplace of the SMS, Linux, and the home of Supercell, Rovio and Nokia. It creates thousands of innovations a year and has the largest innovation to population ratio. It is a small wonder that Finland is an attractive location for Indian businesses to enter.
Here are some of the Indian companies that have gone to Finland and their reasons for doing so:
Ncrypted has developed a CMS system for small to medium size hotel businesses that want to escape the booking fees and competition in large booking portals. For this reason, Ncrypted wanted to develop their product in a location where the IP is highly protected and they can secure funding without losing ownership. The tech ecosystem and the ease with which it is possible to start a business in Finland has led to their choosing Finland as their base in the EU.
Goal: To develop their product which has demand
Reason for choosing Finland: Strong IP protection
Inteliment, a data-analytics company sought to expand into new markets and to boost their product development.
They chose Finland as their location, where they are setting up an innovation centre. Entering Finland gives them many benefits such as access to EU, great talent, incentive and tax benefits.
Goal: To expand to new markets, product development
Reason for choosing Finland: Good location, incentives and talent
Mumbai based Rsmart created a cargo and ground handling management product based in ERP which was highly useful and innovative.
By the very nature of their product – dealing with airport activities, Rsmart had plans to internationalise and enter Europe early on.
Rsmart set up its European headquarters and product development centre in Finland due to its ideal location in Europe and the high level of technology that is easily accessible.
Goal: International expansion for their cargo and ground handling product
Reason for choosing Finland: Vantaa region in Helsinki is the hub for airport tech products. Access to the EU
2s Consulting developed a business intelligence and analytics solution for the health care industry. Their product found a high demand and they needed to develop it to its fullest potential. They choose Finland to set up their R&D centre as Finland is strong in health tech and is one of only 7 countries in the world that exports more health tech than it imports.
Goal: To fulfil demand for their health care analytics product
Reason for choosing Finland: Top innovation ecosystem, strong healthcare tech set up.
Technolabs found that their retail cloud solution was very successful in India, thus expanding to the EU and the US was the next natural step.
It chose Finland has its location for product development, branding themselves as a Finnish company. This helped them to expand easily to EU and USA.
Goal: Expanding their successful retail cloud solution
Reason for choosing Finland: Branding. Finland is a recognised world tech leader.
Indian companies are highly innovative, developing unique and disruptive products that have applications in various industries around the globe. However, to take their business to a global level where the competition is fierce, they need to have a strong base in a tech ecosystem with powerful IP protection and other advantages.
Finland offers many benefits to Indian companies that seek to expand abroad. Entering Finland is a sure way to create global success. Indian innovation can touch with the world through a Finnish roadmap.