A Finnish delegation led by the city of Espoo visited Korea in mid-January to enhance business collaboration with Korean companies and welcome their investment. The Tapiola Sinfonietta orchestra performed the same week in Seoul, representing the city’s vibrant cultural scene.

“Our city is a seedbed of creating innovative new jobs as well as a cultural capital for the citizens, communities and companies,” said Tuula Antola, the municipal director of economic and business development. “The public sector plays an important role in facilitating entrepreneurship and start-ups’ entry into the international market in Espoo.”

Espoo is Finland’s second-largest city, with a population of 260,000. It was listed as one of six European Capitals of Innovation by the European Commission last year. 

“Innovation starts by combining business and culture, by using the opportunities in culture to open the doors for business and vice versa,” Antola said. The city has a thriving cultural scene, she noted, with state-of-the-art libraries, museums, art centers, exhibition and music halls.

The information and communication technology, energy, and gaming industries make up the largest segment of the city’s economy, and it has high growth potential in health care and pharmaceuticals, she said.

The Espoo Innovation Garden, an urban ecosystem of innovation and entrepreneurship, hosts over 800 companies (including 200 foreign firms), workers from 100 nations, 5,000 researchers, and 25 research and development centers.

Global companies, including Nokia, Intel, Microsoft, Samsung, Tekes and Dassault, have set up headquarters in Espoo.

“Our universities’ multidisciplinary education and research has been one of the key elements driving the Finnish economy’s success in innovation,” Antola said.

The Aalto University in Espoo and Helsinki ― created by merging the Helsinki University of Technology, the Helsinki School of Economics, and the University of Art and Design Helsinki ― fosters university-industry collaboration in science, business and the arts.

The Startup Sauna, a nonprofit organization based in the city, funds and guides start-ups from Scandinavia, Eastern Europe and Russia; it has created more than 145 companies since 2010, raising over $37 million in funding.

Antola said that Korea’s strength in consumer product marketing and Finland’s strength in innovation and engineering can combine for a win-win partnership. The city welcomes Korean entrepreneurs and companies in innovative industries, she said.

The Finnish delegation met officials from Korea’s venture capital funding agencies, art institutions and art schools, science parks, public libraries and business incubators during the visit.

The Finnish Embassy and the Finnpro agency in Seoul and Otaniemi Marketing in Finland helped arrange the visit.

By Joel Lee (joel@heraldcorp.com)