INNOVA EUROPE SUMMIT
L ong before the phrase “startup ecosystem” became a fixture of the zeitgeist , Finland had already established itself as a solid powerhouse of entrepreneurial resilience. After all, this is the country that is home to Nokia – a company that not only revolutionised global telecommunications but fundamentally reshaped the nation’s economic identity. So it feels fitting that the Innova Europe Summit, which champions responsible venture creation, chose as its venue this year Aalto University; founded in 2010 through the merger of three universities spanning science & technology, design & art and business & economics, it has since become a focal point for Finland’s entrepreneurial revival. Located six miles west of Helsinki city centre on the leafy Otaniemi campus in Espoo, the institution played host to the 11-strong Innova coalition’s latest annual event, which included a competition where student finalists from member universities pitched their startup concepts live before a panel of judges. The proceedings began with ex-Nokia CEO Risto Siilasmaa, now the founder and chairman of WithSecure, reflecting on the “need to let young people take things to places we would not have thought possible”. He called on Europe to “become more entrepreneur-friendly”. The EU Commission has taken action to prevent global scaleups because it fears a reduction in market competition, but Siilasmaa contends that fostering European “global champions” is bound to benefit the entire community. He also highlighted the role of institutions such as Aalto, noting that as “a proud alumnus”, he feels the academic experience “stays with you… you get [the education] and you want to give back”. He said that students have a “we can do anything” mentality and then university “gives them the tools to help them act more skilfully”. As he put it: “Entrepreneurship is not a profession; it’s a way of thinking about the world”. During a compelling panel discussion, Jonne Kuittinen of the Finnish Venture Capital Association shared a striking statistic: Finnish startups secured nearly €2 billion in funding last year. This impressive 56 per cent surge completely defied the broader investment cooling trend currently felt across the rest of Europe. “The Finnish startup scene is punching above its weight”, he declared. Empowering budding entrepreneurs Apurva Ganoo, lecturer in entrepreneurship at Aalto University School of Business and the Innova Europe event lead, provides some impressive figures to back up Kuittinen’s claim. He notes that some 80 per cent of Aalto students are considering a career as an entrepreneur; the university is number three in patenting applications in the entire country; and alumni startups to date are worth a staggering €30 billion. Ganoo talks about “student empowerment” in the context of entrepreneurship; for instance, Slush, the celebrated startup and founder showcase, was scaled by members of Aaltoes, the university’s
entrepreneurship society, founded in 2009 and widely credited with the rapid emergence of a startup culture in Finland. The society successfully pitched the university for space, taking over a 1,500-square-metre former industrial building on the Otaniemi campus. This became known as the Startup Sauna – a legendary co-working space and early-stage accelerator. Through the association, students gain direct access to early-stage grant funding, prototyping stipends and venture capital networks to bring their ideas to life and – most importantly – “[the university management] don’t dictate how to spend the money”, relates Ganoo. The areas in which Aalto budding entrepreneurs have had most success, as he explains, include advanced biomaterials and plastic alternatives; the university is a global pioneer in wood cellulose, nanocellulose and bio-composites designed to replace single-use plastics, fossil-based synthetics and unsustainable textiles. Then there is space tech and low-earth orbit innovation, with Aalto’s cleanrooms and Space Lab acting as the launchpad for Northern Europe’s microsatellite boom, featuring spinouts such as ICEYE and Kuva Space. Their offerings have dual-use capabilities: the same SAR radar used to track natural disasters and ocean pollution is equally vital for border security, maritime domain awareness and defence intelligence. Quantum technologies and materials science are other booming areas; Finland is a European heavyweight when it comes to quantum computing hardware and quantum-inspired algorithms, as evidenced by the university’s world-class quantum technology laboratories. Talking about the Innova coalition, Ganoo says he believes that academic institutions pooling resources means that they can more effectively “play a role in tackling major challenges”. He provides the example of Codeunited, a European higher education project on which Aalto is the lead coordinator, having partnered with French business school Edhec (one of the co-founders of Innova, along with ESMT Berlin and Polimi Graduate School of Management in Milan) to secure a €1.3 million grant. The funding comes from the European
Ex-Nokia CEO Risto Siilasmaa says institutions such as Aalto have a key role to play in shaping future entrepreneurs
Ambition • ISSUE 4 • 2026 27
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