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Finnish health & wellbeing startups consider Finland to be a good platform for the development of health technology

 

Finnish health & wellbeing startups consider Finland to be a good platform for the development of health technology

Last fall we asked health & wellbeing startups about their field of work, their challenges and how they view Finland as a place to run a startup. Our aim was to provide a better understanding of the current startup companies in the field, and about the challenges they face. Here are the results of the Finnish Health Startup Industry Report 2017.

Finnish health & wellbeing startups consider Finland to be a good platform for the development of health technology and for starting a company. Aspects contributing to this are the high level of research & education, and the possibilities of receiving funding from governmentally supported organizations. Challenges arise in later stages of starting up and are related to growth.

The three main challenges health & wellbeing startups face in their daily work are revenue growth, finding funding and recruiting. Bottlenecks in funding was a common topic in the interviews conducted based on the initial survey. In Finland it is fairly easy to find early-stage funding for establishing your company, but there is a lack of later-stage investments of larger size both in public and private funding.

Even though Finland is seen as a good platform for development, the Finnish market-size is considered to be small and the aspiration of the startups is to expand to international markets both when finding funding and acquiring customers.

Within Finland some differences were seen between the metropolitan area and other areas in the country. In general the health & wellbeing startups consider the conditions of startups located in the Metropolitan Area to be better than in other areas in Finland, as many of their key stakeholders are present there. However, when acquiring new customers, especially in the public sector, the process is considered more straightforward outside the metropolitan region, as the decision-makers are more easily approachable.

The ongoing healthcare -reform (Sote) in Finland is not seen as pressing matter by the startups. By the few who addressed the reform, the opinions were divided but in general many experienced the market to be stalled due to the ongoing reform.

Read the full report:

The Finnish Health Startup Industry Report 2017 from Upgraded – Health Startup Association of Finland

 

Questions or more information? Contact Raisamiina Rimpelä, raisamiina(a)upgraded.fi, +358 50 3698833.

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