Startups

May-2023

SET UP YOUR STARTUP BUSINESS FOR SUCCESS

Startups in Finland have been growing in recent years, and the country has become an attractive destination for entrepreneurs. The Finnish startup ecosystem is supported by a combination of government initiatives, accelerators, and incubators, along with a strong emphasis on innovation and technology.

Here’s an overview of how to start a startup in Finland and resources to help you:

  1. Develop your business idea: Start by refining your business idea and creating a solid business plan. This will help you stay focused and communicate your vision to potential investors and partners.
  2. Choose a legal structure: Determine the most suitable legal structure for your startup, such as a private limited company (osakeyhtiö, or Oy) or a sole proprietorship (toiminimi). Each structure has its advantages and requirements, so it’s essential to research which one suits your needs best.
  3. Register your business: Register your startup with the Finnish Trade Register (kaupparekisteri) and obtain a Business ID (Y-tunnus). This will allow you to legally operate your business in Finland.
  4. Open a bank account: Open a Finnish bank account for your startup, which is necessary for handling business transactions and receiving investments.
    Apply for funding and support: Explore funding options available to startups in Finland. These may include government grants, loans, and tax incentives, as well as private investments from angel investors or venture capital firms. Business Finland, a government organization, offers various funding and support services for startups.
  5. Join the startup ecosystem: Connect with other entrepreneurs, mentors, and potential partners by joining local startup communities, attending networking events, and participating in industry conferences. Some well-known startup hubs and co-working spaces in Finland include Maria 01, A Grid, and NewCo Helsinki.
  6. Participate in accelerator and incubator programs: Accelerator and incubator programs can provide valuable resources, mentorship, and networking opportunities for startups. Some notable programs in Finland include Startup Sauna, Kiuas, and xEdu.
  7. Build your team: As your business grows, you’ll need to hire talent to help you execute your vision. Post job openings on local job boards and attend job fairs to find skilled professionals in Finland.
  8. Market your business: Create a marketing strategy to promote your startup and reach your target audience. Utilize online marketing, social media, and public relations to increase your brand’s visibility and credibility.
  9. Stay informed and compliant: Keep up to date with changes in regulations, taxes, and other legal requirements that may affect your startup. Consult with legal and financial professionals to ensure you stay compliant.

Starting a startup in Finland can be an exciting journey, and the country offers a supportive environment for entrepreneurs. By leveraging available resources and actively engaging with the local startup ecosystem, you can build a successful business in Finland.