Finland on the Rise: Can it Unseat Europe's Start-Up Leaders?

Construction is underway for what aims to be Europe’s largest start-up campus, Maria 01, in Helsinki. This co-working space, which currently hosts about 240 startups in an innovative environment, emphasizes community and networking for entrepreneurs, blending work and leisure with unique perks like saunas and recreational clubs. Helsinki has invested over €6 million into this not-for-profit hub since its inception in 2016, which is set to expand with new buildings by 2028, increasing its footprint to 50,000 square meters.

Finland’s start-up ecosystem, although not as recognized as Sweden’s or the UK’s, is gaining momentum, having produced 12 unicorns and ranking 7th in Western Europe. Major factors contributing to Finland’s growth include supportive government initiatives, like a €112 million investment from Business Finland in 2024, and events such as the renowned Slush conference.

While Finland promotes a transparent and open business culture, it is still trying to establish itself against more mature players. Concerns are raised about recent political decisions, like raising the VAT and adjusting citizenship requirements, which could hinder its attractiveness to international entrepreneurs. Despite these challenges, local founders express a sense of optimism about the future.

However, the pace of progress and the need to maintain the intimate community spirit as the ecosystem expands are critical to Finland’s ambitions in the competitive European start-up landscape.