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17 March 2020

Challenge competition for leading companies raised a lot of interest

At the beginning of the year, Business Finland launched a challenge competition for internationally operating leading companies. The companies were asked for proposals to increase their research, development, and innovation activities in Finland and to provide solutions to future significant challenges. The deadline for submitting proposals was on March 4th. The number and level of the submitted proposals surprised Business Finland.

In their proposals, companies have been ambitious and are seeking significant increases in R&D activities. Adding up all the proposals, the increase in R&D investments is about 1.5 billion euros and nearly 2 000 new R&D positions. Altogether, 25 companies actively investing in R&D from different industries have taken part into the competition. Unfortunately, the amount of funding is limited to a few major projects which is really low in relation to the ideas the companies have presented.

The most impressive competition proposals will be selected for the next round for which the actual applications for funding will be requested. The aim is that the first financing decisions will be made in Summer 2020 when the winners of the competition will also be announced.

Read more at Business Finland’s website (in Finnish).