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OECD Reviews of Innovation Policy: Finland 2017

image of OECD Reviews of Innovation Policy: Finland 2017

Although Finland achieved a widely acclaimed transformation to become a leading knowledge-based economy in the late 20th century, the 2009 recession and disruptive change contributing to a deep restructuring of the information and communication technology (ICT) industry and the downsizing of traditional sectors have weighed on the economy, productivity growth and international competitiveness. Numerous policy reforms have since been undertaken, and public and private investment, especially in applied R&D, has been cut back. Strengthening and lifting Finland’s innovation system out of a period of uncertainty requires a coherent and unified new vision for science, technology and innovation (STI), renewed investment and policy instruments. This vision should be oriented towards renewal tackling societal challenges and developing new knowledge-based competitive advantages at global scale. Success calls for better co-ordination and co-operation among policy actors and national and regional-levels, and further internationalisation.

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Business sector innovation challenges in Finland

This chapter discusses the main economic and innovation challenges that the Finnish business sector is encountering today. It analyses the main features of the Finnish industry, its economic structure and business demographics, and their recent evolution, as well as current trends in terms of firm productivity and different types of business investment in innovation. The analysis reflects on the ability of Finnish businesses to engage in more radical innovation, and current efforts to strengthen small and mediumsized enterprises’ involvement in R&D and innovation. The chapter further discusses what new economic competences for global markets and value-chain integration are required to facilitate access to (global and public) markets. In concludes by examining industry-science collaboration and how growth of young innovative firms and start-ups can be effectively enabled.

English

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