International experts are looking to start businesses in Helsinki. As many as 43% of all customers of NewCo Helsinki’s free business advisory services have an immigrant background. In 2021, NewCo Helsinki helped set up 1,200 new companies, an increasing number of which were established by immigrant women.
The coronavirus pandemic took its toll on the labour market in the Helsinki Metropolitan Area, but failed to wipe out the enthusiasm of new entrepreneurs.
“Whereas in 2020, the majority of our resources were spent on supporting entrepreneurs who had been hard-hit by the pandemic and processing support applications from solo entrepreneurs, now most of our customer contacts are made in matters related to starting a business,” says Service Manager Hannele Kostiainen.
NewCo Helsinki is approached both by customers who are only dreaming of starting their own business and by entrepreneurs who are looking to develop their existing business. NewCo Helsinki’s growth services team focuses particularly on start-up companies, who are helped in matters related to internationalisation and finding investors.
Entrepreneurs can use the services of NewCo Helsinki free of charge for five years. Service is available in seven languages: Finnish, Swedish, English, Russian, Estonian, Arabic and Spanish.
“We host training sessions and networking events, and we also have international programmes that include world-class business mentors,” Kostiainen adds.
NewCo Helsinki also works in close cooperation with the Finnish Enterprise Agency in Helsinki, educational institutes and experts networks in various fields.
Companies established by immigrants have diversified
NewCo Helsinki’s goal for 2022 is to support female entrepreneurs in particular, and among them, there are delightfully many immigrants. Of all companies established by people with Finnish background, 60% were founded by women, and as many as 42% of all immigrant entrepreneurs are female.
The majority of companies established by immigrant women are still focused on providing beauty and health care services, but specialist companies and management consulting are also on the rise. Creative industries, such as artistic design and culture, are also currently emerging.
These days, many of the immigrant women looking to become entrepreneurs hold a university degree.
“This is a new trend that is breaking the traditional image of companies established by immigrants. Many international experts have relocated to Helsinki, and it is important that we hold on to them,” says Hannele Kostiainen.
Young people are also interested in entrepreneurship: currently, one third of NewCo Helsinki’s customers are under the age of 30.
“Many people start out as light entrepreneurs while they study, and that actually is a great way to see whether or not entrepreneurship works for you. Even if entrepreneurship only ends up being one step along your way to other things, the experience will surely come useful when seeking paid employment.”
Business advisory services provide a solid basis for profitable business
Pia
Partanen, who works as a business advisor at NewCo Helsinki, meets in her daily work customers whose business plans, financial profitability calculations and marketing plans she reviews together with them.
“My goal is to help entrepreneurs understand that a business plan is not just made for your start-up grant application; it is actually a very useful tool for developing your business,” Partanen says.
NewCo Helsinki’s investment in business advisory services has paid off. After five years, 80 % of all companies established by its customers are still going.
“Good groundwork bears fruit. Often, it already helps that an aspiring entrepreneur gets to bounce his or her business ideas with an outsider”.
It is Partanen’s job to help would-be entrepreneurs capitalise their full potential and bravely market their skills and expertise.
“Especially my female customers often tend to overlook some of their essential abilities, such as extensive language skills, that may be a decisive factor in their success and a considerable attribute in the eyes of financiers,” the business advisor says.
Networking help for entrepreneurs
In recent months, Partanen has encountered several female entrepreneurs with immigrant backgrounds whose business ideas have potential for the global market. These entrepreneurs also examine their company from a brand perspective at an early stage.
“The most rewarding thing for us as business advisors is to see a company take off and succeed,” Partanen says.
She has noticed that one of the greatest challenges for immigrant entrepreneurs is often the lack of networks. Many immigrants also lack knowledge of Finnish business culture or which search terms to use to search for related information.
“Many immigrants ask us about things such as the value added tax, company forms or advance tax. I always stress to them that Finnish authorities are happy to help and that, for example, to the tax authorities, all customers are equal.”
This year, NewCo Helsinki will pay particular attention to developing entrepreneurs’ networking services and tools.
“The importance of networking cannot be emphasised enough. I encourage all my customers to join as many organisations, social media groups and events as they can,” Partanen says.
From Poland to a Helsinki-based entrepreneur
Justyna
Puchalska,35, originally from Warsaw, Poland, moved to Finland for the first time in 2011 when she started her design and architecture studies at Aalto University.
“I fell in love with the Finnish education system and working culture, where the importance of leisure time is also understood,” Puchalska says.
Last year, she returned to Helsinki and noticed that the city had changed.
“Helsinki has become an international city, and the atmosphere here is so encouraging for start-up companies. Also, there is no language barrier: Finns speak excellent English.”
Puchalska specialises in spatial planning and neuroarchitecture, which explores how environmental solutions affect the health and well-being of the human body and mind. Locations for neuroarchitecture include public spaces, such as schools and shops, and Puchalska would like to make these more comfortable.
She decided to seek support for her business idea from NewCo Helsinki’s business advisory services and attended a course that taught her how to prepare a business plan and profitability calculations.
“The business advisory services have been very important to me, because it has given me excellent contacts and, at the same time, helped me complete the paperwork related to starting a business. At the moment, I am waiting for my start-up grant decision and surveying potential customers.”
Although Puchalska has on her side the social networks she acquired during her studies and a Finnish social security number, she is well aware that much remains to be done for her to achieve her goal.
“I want to get to know the Finnish culture thoroughly so that I can understand what my customers want and how the society here works. I know that trust is something you have to earn,” she says.
Caption:
Justyna Puchalska from Poland wanted to start her own business in Helsinki. She
has received help and support from the NewCo Helsinki business advisory
services. Photo: Patrycja Tatalaj.
NewCo Helsinki offers personal
counselling, training sessions and events for starting a business, developing
an existing business and going global. All services are free of charge and
available in many different languages. newcohelsinki.fi(Link leads to external service)
News photo: Pia Partanen and Hannele Kostiainen help both people who are only dreaming of starting their own business and those who want to develop their existing business. Photo: Sanna Wallenius.(Link leads to external service)