There is a growing number of Finnish Startups that initiate from an innovative born global idea.
There are also positive signs that more and more companies have internationalization written all over their business strategy.
Young Startups who aim at international markets and that have both a solid business idea and execution plan are entitled to effective support and funding. One actor on the support side is Business Finland. There is an example of funding/support later on in this text about how a company can get supported while going international.
Even though great supportive elements exist they are often left unused. This is due to few facts. A startup has limited know-how and expertise on how to utilise these funding tools or in which stage of their internationalization path particular elements are available.
A young company is in trouble because concrete help is hard to find. Multichannel information, various instructions, different advisors and word of mouth all can be misleading. This is also a reason for not applying for funding or why it is considered very difficult.
Leaving the chance unused is not clever and a Startup should be aware of the procedures and elements at a very early stage. This is because some of the support is unavailable if the company has proceeded far enough in the process of going international.
An example of a company X with a solid international idea that needs productization:
First the company should apply for Innovation vouchér (5000 EUR). This vouchér can be used to enhance the idea by the use of outside expertise help. In other words Business Finland supports the company so that they can buy outside help for EUR 5000.
In the next stage the company could apply for TEMPO funding (50 000 EUR). This support is granted for concrete first steps on the way to internationalization. These actions are f.ex. market research, piloting, searching co-operation companies or have needed language translations done for the idea/product/service. TEMPO can also be used for covering own expenses like salaries related to the internationalization project.
In the above example the amount of support for internationalization is all together only
55 000 EUR but for a Startup aiming at international markets this support is relevant and might even act as a game changer.
I strongly recommend contacting Evium in case you need support in your business plan and funding plan. We will help you.
I also recommend looking at Evium Startup Playmaker program where young Startup companies go international with the support Evium provides them.
Maybe you could/should join?