With nearly 17 companies per million inhabitants, Finland has the very best concentration of proptech companies in Europe, consistent with Unissu (a global platform for proptech). How has this small Nordic country with a community of just 5.5 million people advanced into a proptech cluster?
As the birthplace of Nokia and global gaming leader Supercell, Finland may be a hub for innovation and a promised land for engineers and coders. Key institutions like Aalto University and VTT Technical research facility of Finland Ltd drive R&D and have strong programs that encourage commercialization of innovation. Business Finland, a government-funded organization, promotes Finnish businesses abroad, works to draw in investment to Finland, and finances innovation.
In 2016, the Finnish government and key industry stakeholders lofted Kiradigi to stimulate continuous digitalization and modernization within the built environment. This project brought the government agents, municipal leaders, and industry companies together to drive change. During a larger country, involving all key decision-makers won't be possible, thanks to the sheer number of players involved. Between 2016 and 2018, Kiradigi channeled about 16 million Euros of public and personal funding into the world, including 130 different projects to stimulate innovation and make new businesses. Kiradigi will now advance as KiraHub, a non-profit funded by key industry organizations. The Platform of Trust was recently established to function a digital platform for sector companies to assist fulfill legal obligations associated with supplier evaluation and smart identification cards for site workers.
Proptech Finland was launched in 2018 to make a community for proptech. Proptech Finland has forged strong connections within the Nordics and Europe and has been using them to foster links between startups, corporations, and investors in Finland and internationally.
SLUSH, the world-renowned startup event in Helsinki, has carried attention to the startup scene and captivated global investors.
Since 2016, RAKLI (the Finnish Association of Building Owners and Construction Clients), Proptech Finland, and therefore the Nordic Proptech Initiative have organized a proptech-focused side event, RecoTech, building further momentum for the movement.