Authors

• Research Institute of the Finnish Economy (ETLA)

Keywords

capital, innovation activities, innovation policy, investment return, networks, organizations

Abstract

The survey is part of the larger INNOEVAL survey evaluating the Finnish National Innovation System from several angles. In this study, the opinions of venture capitalists and business angels on the Finnish National Innovation System were queried.

First, the respondents were not only asked to rate the current Finnish National Innovation System (NIS), but also the NIS as it was five years ago, and the NIS as it is expected to be after five years. Their views were probed on the role of public sector actors in the Finnish NIS from their point of view. In addition, they indicated the importance of various actors (e.g. Tekes (the Finnish Funding Agency for Technology and Innovation), Sitra (the Finnish Innovation Fund), the Academy of Finland) for their organisation. The respondents were also asked to evaluate the orientation of the current Finnish innovation policy on a scale from "strong technology push" to "strong demand pull". Next, they indicated whether universities, polytechnics and public research organisations have successfully taken care of various tasks, such as international top-class research, research for the national needs, and the production of experts for the international business activities as well as for the needs of local business activities.

Views were charted on the innovation system's ability to support growth entrepreneurship. In addition, the respondents were asked whether they experienced that the NIS also promotes regional policy agendas, and whether the national innovation policy is equally effective in all regions of Finland. The respondents were asked about the importance of national and international networks on the activities of their own organisations, and they were presented with a set of attitudinal statements on the impact of the new Universities Act, the centres of strategic excellence (SHOKs), and the potential reform of publicly funded research organisations on the NIS.

The respondents were asked to characterise the innovation system against the backdrop of facilitating private business and innovation activities. Their views were also probed on the efficiency of tax incentives in increasing the number of growth companies, and whether they experienced that public actors provided similar services than their organisations. They were also asked whether they had familiarised themselves with the new national innovation strategy and the respective government communication. The effects of the global financial crisis on the projects of and the amount and quality of incoming funding applications from the companies the respondents were funding were also examined. Finally, they were asked whether governmental funding displaced or complemented their own operations.