Nokia is Finland's biggest success story
Published:
6 June 2004 y., Sunday
A new study says Switzerland should offer young companies far more financial support if it wants to boost economic growth.
The report by the Swiss Academy of Engineering Sciences examined Finland’s success in promoting innovation and asked what Switzerland could learn from the experience.
“Finland has developed a high dynamic in innovation activities,” Beat Hotz-Hart, co-author of the study, told swissinfo.
“Switzerland has an interest to understand how this dynamic is produced and what can be done through economic policy and innovation policy to accelerate innovation activities,” said Hotz-Hart, who is also deputy director of the federal office for professional education and technology.
After a recession at the beginning of the 1990s, the Finnish economy grew by 4.3 per cent a year between 1995 and 2001.
In the same period, Switzerland’s gross domestic product increased by only 1.7 per cent a year. According to the experts, European Union entry boosted Finland’s economy by 0.8 per cent. But a far more important factor is its strong political commitment to innovation.
One of the study’s recommendations is to set up a new foundation to provide venture capital funding for start-up firms.
Hotz-Hart said the foundation would need at least SFr300 million to be effective.
He said that the equivalent Finnish fund had €650 million (SFr1 billion) at its disposal – money generated by the privatisation of the national electricity companies. Profits from investing the capital are used to promote start-ups.
For new companies trying to turn a science project into a business, the research and development phase is a tricky time with private venture capitalists often reluctant to get involved.
Šaltinis:
swissinfo.org
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission approved an application from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Commission today reiterated the potential of existing EU-rules on mediation in cross-border legal disputes, reminding Member States that these measures can only be effective if put in place by Member States at national level.
more »
Exports of animals and animal products from the European Union to Russia are expected to receive a boost after five new certificates for exports between the EU and the Russian Federation entered into force on August 15.
more »
World Bank Group President Robert B. Zoellick visited Moldova on August 11-12 at the invitation of Prime Minister Vlad Filat.
more »
These are the financial results of the banking activities of the Danske Bank Group in Lithuania (Danske Bankas and Danske Lizingas UAB).
more »
The European Investment Bank (EIB) today signed its first loan agreement with Armenia.
more »
Given the worsening food crisis in the Sahel, the Commission today agreed to disburse €14.9 million for food security in Niger, the worst affected country in the area.
more »
The European Commission has cleared under the EU Merger Regulation the proposed restructuring of Arnotts' debts in return for a transfer of control to Anglo Irish Bank and Royal Bank of Scotland (RBS).
more »
The European Commission today approved a new financial support package of €135 million for Morocco.
more »
The European Commission is allocating an extra €10 million in humanitarian aid for Liberia.
more »