Finland's Innovation Strengths and Weaknesses Summary Table 2015
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Transcript of Finland's Innovation Strengths and Weaknesses Summary Table 2015
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FINLANDS INNOVATION STRENGTHS AND WEAKNESSES
Element Assessment* Key strengths Key weaknesses
Money: investment in science and innovation
Strong Strong overall, business and government investment in R&D, even when adjusted for industrial structure; good access to seed, start-up and early stage VC funding
Relatively more limited access to later stage venture capital and growth finance; somewhat lower investment in non-R&D intangibles
Talent: people and skills for innovation
Medium strong
Strong basic (literacy, numeracy, problem solving) skills; high proportion of population with tertiary education; relatively high proportion of work force are STEM graduates; strong researcher base in industry; high absorptive capacity of firms, including SMEs
Limited critical mass of internationally mobile students and researchers; somewhat limited ability to attract world-class researchers; [no benchmarking data on management skills]
Knowledge assets and exploitation: access to and exploitation of science, ideas, expertise and collaboration
Medium strong
Strong academic/business collaboration, including with SMEs; high quality research institutions in targeted technology areas; large number of patent registrations (but can be misleading as a metric as highly sector dependent)
Limited internationally recognised academic research; relatively weak international collaboration networks in science
Innovation policies: governments actions to encourage innovation
Strong High quality intellectual property regime; established and well-regarded national innovation agency; successful growth support programmes; strong open data initiatives; relatively pro-innovation public procurement; innovation policies relatively well coordinated (based on systems view of innovation); policy evaluation well-established
Fragmented policy approach in previous parliamentary period (2011-2015); uncertain impact of recent introduction
of R&D tax credits
Broader environment: ease of and incentives for innovating
Medium Relatively business-friendly environment (except some labour market policies); high-quality infrastructure (especially broadband); a number of highly effective technology clusters; firms relatively fast adopters of new technology; school instils entrepreneurial attitudes (and entrepreneurship is part of curriculum)
Mixed ability to attract foreign R&D investment; surprisingly negative attitudes towards scientific research; inflexible wage determination and hiring and firing practices; relatively low levels of entrepreneurial activity; small and not very competitive local market
Innovation outputs: overall innovativeness of the economy
Medium Relatively high proportion of innovative companies and company sales from new innovations; comparative advantage in knowledge-intensive, high-tech products; strongly positive technology balance of payments
Mediocre overall labour productivity; relatively low level of early stage, growth-oriented and internationally oriented entrepreneurial activity; relatively small proportion of exporting firms; lower levels of service sector and non-technological innovation
* Strengths and weaknesses have been assessed relative to comparable countries rather than on an absolute basis
Sources: Insights from international benchmarking of the UK science and innovation system (Tera Allas for Department, for Business,
Innovation and Skills, 2014); European Commission Innovation Union Scoreboard 2015; OECD Science, Technology and Industry
Outlook 2014; The Global Innovation Index 2014; World Economic Forum Global Competitiveness Report 2014 - 2015