Entrepreneurship Maintains Positive Image in Finland amidst Financial Crisis
The Global Entrepreneurship Monitor (GEM) indicates that the euro-zone crisis has not damaged the positive perceptions toward entrepreneurship in Finnish society and economy.
​Entrepreneurship researchers at Turku School of Economics have studied Finnish entrepreneurial activity, institutional factors, and the structure of entrepreneurial activity in Finland, as part of the annual Global Entrepreneurship Monitor.
According to the recently published report, Finnish entrepreneurial potential remains high: as much as 55 per cent of the whole adult population, and especially the highly educated population segment, perceive good opportunities for entrepreneurship.
More entrepreneurial opportunities are perceived in the economy in Finland than in other innovation-driven countries. In an international comparison of 24 innovation-driven economies, Finland ranks third.
Successful entrepreneurs are respected in Finland, and the attention paid to entrepreneurship in public media has increased. Finland has a higher-than-average percentage of opportunity-based entrepreneurship among innovation-driven economies, and the elimination of barriers to entrepreneurship has progressed despite the slow-down in the economy.
Research and development should create more new business
The GEM study shows that, even though the positive mind-set continued to prevail, changes in entrepreneurship took place rather slowly last year, both in Finland and among other export-led open economies.
The Finnish early-stage entrepreneurial activity was again slightly below the average among the innovation-driven countries.
In Finland, businesses invest a great deal in research and development, but their efforts still fail to create enough new business opportunities, the researchers say.
According to the study, Finnish entrepreneurs want to grow their businesses at a measured pace. In comparison with other innovation-led economies, most Finnish companies aim at moderate growth.
Academy Professor Anne Kovalainen led the Finnish research group at Turku School of Economics at the University of Turku. Other members of the group are Professor Jarna Heinonen, Researcher Tommi Pukkinen and Collegium Researcher Pekka Stenholm.
The research was funded by Ministry of Employment and the Economy and Turku School of Economics at the University of Turku.