Helsinki makes it a priority to support innovative business activities that promote health. Health Incubator Helsinki is a unique three-year incubator program for research-based health sector teams and startups. The program was initiated in 2019 by the City of Helsinki and the University of Helsinki to drive the transformation of health innovation, research findings and expertise into international business, and to attract new talent and companies to Helsinki, Finland.
“The biggest benefit of the incubator program is that we connect startups with investors and other experts who can help businesses to grow. We try to bring in companies that complement Helsinki’s broader health ecosystem and that we believe can be commercially successful,” says Incubator Lead Christian Lardot.
Helsinki offers a wide range of public-sector support mechanisms for health & life sciences startups. The ecosystem is designed to help companies all the way from their initial research phase, through finding investment, and ultimately to international growth.
Business Helsinki helps entrepreneurs to get started in the capital region. The organisation provides advisory services on establishing a business, and introduces founders to the right innovation hubs. Business Helsinki can also identify suitable pilot projects that startups can participate in.
Juha Paakkola is the Director of Health Capital Helsinki, another public body supporting the local ecosystem. He says the broad digitisation of Finland’s health data makes the country a compelling location for researchers.
“Finland has an extremely strong database of health records, electronic patient records, as well as an enabling legislation for the secondary use of healthcare data in research. This provides an excellent basis for companies looking to develop advanced solutions for healthcare, including those that use artificial intelligence,” says Paakkola.
Ecosystem leaders like Lardot and Paakkola place a great deal of emphasis on matching investors with potential startups. Monthly meetings are organised where entrepreneurs can pitch their ideas. Some initiatives also bring together startups from across the broader Nordic and Baltic region. Lardot says this wider approach is valued by investors looking to grow their portfolios.
“Health and life sciences investors are typically focused on specific disease areas or treatment protocols. As the startups in the Helsinki ecosystem represent so many different sub-sectors of health and life sciences, there’s a lot for investors to choose from here,” says Lardot.