A significant donation from LähiTapiola to support the University of Oulu’s innovation activities – “More vitality and economic growth for Northern Finland”
The University of Oulu will receive a total of 900 000 € in Kasvukipinä funding from LähiTapiola.
The total Kasvukipinä donation will be allocated to the university’s innovation activities. The donation will support the creation of research-based companies and will be directed to the critical final phase of the innovation process, enabling the resolution of identified challenges and the removal of barriers to commercialisation.
“We thank LähiTapiola for its willingness to support Finland’s vitality and competitiveness by directing additional resources specifically to universities. We want to use this valuable additional funding in our innovation process to create the conditions for growth and new business”, says Arto Maaninen, Rector of the University of Oulu.
According to Maaninen, the University of Oulu aims to bring research results and university expertise into wider use in society more effectively, as new research-based business increases regional vitality and economic growth.
“New companies, especially technology-driven startups, bring innovation that improves productivity and opens up new markets.”
President of LocalTapiola Group Sari Heinonen sees the importance of innovation for Finland.
“Finland’s future growth and success will be built on bold innovations and new solutions. Companies play a key role in this development – they bring jobs, new expertise and competitiveness to society and accelerate economic renewal. LähiTapiola wants to be involved in enabling projects that combine research, creativity and entrepreneurship. Together, we will build a stronger and more sustainable Finland”, says Heinonen.
From research results to companies
At the University of Oulu, Kasvukipinä funding makes it possible to support projects that need special support to ensure commercialisation. A key role is played by Business Finland’s Research to Business (R2B) funding instrument. It is intended for researchers at research organisations who want to commercialise their research results.
“The funding will be directed to the critical post-R2B phase, for which there has so far been no public funding available. The new additional resource and a three-year funding period will help us evaluate the impact of the model and establish it as part of the innovation process”, says Jouko Uusitalo, Director of the Innovation Centre at the University of Oulu.
Since the 2000s, 78 research-based companies have been created at the University of Oulu. Each year, a few new companies are established. The goal is to increase the number of new innovations and companies created, as well as their growth potential.