CONTRIBUTION OF GOVERNMENT FUNDING TO START-UP SUCCESS IN THE DIGITAL ECONOMY : Tekes funding for Finnish young innovative companies
Ho, Huu (2016)
Ho, Huu
Centria-ammattikorkeakoulu (Keski-Pohjanmaan ammattikorkeakoulu)
2016
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-201605036050
https://urn.fi/URN:NBN:fi:amk-201605036050
Tiivistelmä
The digital economy has urged start-ups to adopt a new business model that enables all business processes to take place at the same time. However, they are facing more challenges in fundraising due to the emerging requirements of huge amount of capital for innovation, and business development process, including commercialisation, market development and globalisation.
Finland, where the country’s national pride was grounded on Nokia icon for decades, has recently beheld an explosion of start-ups. They were expected to be the next economic engine creating innovations, employments and economic growth, and hence securing the Finnish welfare state. Finnish government annually provided hundreds of millions for funding young innovative businesses via a sophisticated support system. Tekes was among others, however, the key player in the system.
This thesis is thus based on the author’s interest in public policy and its impacts on start-ups. Its goal was to investigate how public funding may contribute to start-up success in the new digital economy. At its scale, a new business model in the digital economy, associated with financial requirements alongside the lifespan of a start-up, would be analysed. Tekes impacts on Finland’s innovative start-ups would be then observed as an example of one of the most successful funding agencies worldwide.
However, the contribution of public funding is not the same in different countries. Further researches regarding circumstance of a certain country are necessary for policy makers to adjust appropriate policies in entrepreneurship and entrepreneurs.
Finland, where the country’s national pride was grounded on Nokia icon for decades, has recently beheld an explosion of start-ups. They were expected to be the next economic engine creating innovations, employments and economic growth, and hence securing the Finnish welfare state. Finnish government annually provided hundreds of millions for funding young innovative businesses via a sophisticated support system. Tekes was among others, however, the key player in the system.
This thesis is thus based on the author’s interest in public policy and its impacts on start-ups. Its goal was to investigate how public funding may contribute to start-up success in the new digital economy. At its scale, a new business model in the digital economy, associated with financial requirements alongside the lifespan of a start-up, would be analysed. Tekes impacts on Finland’s innovative start-ups would be then observed as an example of one of the most successful funding agencies worldwide.
However, the contribution of public funding is not the same in different countries. Further researches regarding circumstance of a certain country are necessary for policy makers to adjust appropriate policies in entrepreneurship and entrepreneurs.