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The Finnish Venture Capital Ecosystem
Will CardwellPartner, Courage VenturesAdjunct Professor, Kenan-Flagler Business School
Based in Espoo, Finland, Will has been part of the Finnish startup community for over 20 years. As a venture capitalist and angel, he has been part of 41 investments including 26 exits. He also shares his knowledge as an adjunct professor at Kenan-Flagler Business School at University of North [email protected]
My Career
Agenda• Is Finland a Success Story in Building a Venture
Capital and Angel Ecosystem?• If so, how did we do it?• What are some success stories?• What is the current status and outlook for the
future?• What can Belarus learn?
Is Finland a Success Story in Building a Venture Capital and Angel Ecosystem?
Impact of Venture Capital in Finland• VC/PE investing accelerates growth:
– Sales growth 9 percentage points (PPT) faster on average– Employment growth double as fast, i.e. 6 PPT faster on average– Added value growth 6 PPT faster on average
• VC/PE investing accelerates internationalization and strengthens company’s board:– VC/PE investment increases portfolio companies’ export intensity and
the number of foreign board members– The board members are more experienced, on average, when measured
by age and number of outside directorships.Tomi Alén: The Impact of Venture Capital and Buyout Investments in Finland – 2012
How about Business Angels?
Finnish Business Angels Network (FiBAN)• FiBAN is a Finnish, national, non-profit association of private
investors that aims to improve the possibilities for private persons to invest in unlisted potential growth companies.
• The association’s work is based on the activity by private investors and cooperates with networks supporting high-growth goals. The FiBAN network is today one of the largest and most active business angel networks in Europe with over over 500 approved members and 100 events annually.
• The three main activities consists of 1. Matchmaking of startup and investors, 2. Sharing of best practices and 3. Representation of the private investors' interest.
• FiBAN is a member of the European Business Angels Network (EBAN) and was chosen as the "Business angel network of the year 2012 and 2014".
The Keys to Success. Invest in…Local Organization Global Reach
Two Key Government Actors
• Sitra is a future fund that collaborates with partners from different sectors to research, trial and implement bold new ideas that shape the future. Our aim is a Finland that succeeds as a pioneer in sustainable well-being.
• Tekes is the publicly funded expert organisation for financing research, development and innovation in Finland. We boost wide-ranging innovation activities in research communities, industry and service sectors.
Some Inspiration and Success Stories
”the world’s least powerful CEO…”
Current status and outlook for the future?
Finnish Early Stage Investors
What can Belarus learn from Finland?
What can Belarus learn from Finland?• Long term vision in building ecosystem, but
take fast, measurable actions.• Back (very) young people, but old too…• Support capacity building both in
entrepreneurial talent and capital investing• Embrace failure on the way to success
Thanks!• Questions?
Sample of Finnish Startup Path
Sample of Israeli Startup Path
