Tag: ICT

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

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.

Smart Maritime

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.

Gaming

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.

Digitalization

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.

Health

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.

Invest in Finland

Finland is the next big thing in innovation and success stories, with many of them scripted to
perfection by Government agencies based here. These are the likes of Helsinki Business
Hub and TEKES bringing about a leading band of partnership along with PrEver.
PrEver has a long time tie-up with these agencies and can help businesses needing R&D and
growth solutions to set up their base in this Nordic country. It has helped funding and
nurturing various Startups and SMEs that have an innovative product or solution.
Finland is a land of innovation and is seen to have spawned a number of advancements in
technology. These include novel ideas such as harvesting electricity from wood pellets, which
is a great leap and reclusive to the conventional forms of generating electricity that are a bio-
hazard.
Also, the land is incumbent to a host of policies facilitating tolerance by the prevalent
Government. This ambiance created by the political establishment precludes any insurrection
of corruption or red tape too. Finland being the least corrupt country in the world, ranking in
the top four with Denmark, New Zealand and Sweden, makes investing here an added
advantage.

Be a part of the Finland exodus from India and register to a Gala event in Bengaluru with
keynote address, speeches by prominent people in the funding agencies and PrEver.

Different Types of Funding Optimization for Your Small Business

Introduction

A small business thrives on capital put into it by the founders. As each of them have some amount of remuneration paid to themselves, the business in this mode cannot deal with expansion.

These payroll distributions limit the company to a certain area of inception. It cannot move out of its present location and the founders have to deal with it until there is a considerable growth of the company- big enough to support their salary needs.

What are other modes of investment?

There are other diverse modes of investment for a small business. Let’s take a look at them:

  1. Friends and family This is the most popular mode of investment by start-ups. There can be considerable amount put forth by well wishers who have a common goal towards the success of the company. Even there is a better aspect in terms of interest paid to these kith and kin. They do not qualify for returning the amount with a specific interest annually. This consensus is not good for the intricacies of the bonhomie shared with them. The spat can turn ugly with them feeling cheated or the relationship can turn sour after not being paid their due for a long time. I know a person who bore the brunt of bitter relationships once his wife behaved rigid with his partner- the partner’s wife usurped the whole company and even runs it still. This is a drawback. But it is advisable to offer some interest to them that is competent in the market, just to keep peace.
  2. Angel investing This type of investment is quite popular as these investors engage with start-ups. Many people get benefited from these affluent individuals. But these people get a share in your business and the details of the investment should be checked carefully.

Conclusion There are quite a few benefits from various types of funding. But, the bigger picture is being buoyant in the industry with perseverance and dedication. A keen eye and professional guidance is the key to success. PrEver Consulting is doing a lot in these regard to equip start-ups through Helsinki Business Hub and strategies.

PrEver Consulting, along with Helsinki Business Hub and the Finnish Funding Agency for Innovation TEKES invite you to connect with the impressive R&D and product evolution opportunities Finland has to offer with a deep-dive into the Finnish innovation & support ecosystem.

For more information click on the link below:

Accelerate your business to a global success story from Finland