The majority of new jobs and increase in productivity are generated by rapidly growing small and medium-sized enterprises. The aim is to create internationally competitive growth enterprises in Finland, and lines of business that generate new enterprises with high added value. Growth enterprise policy is designed to nurture an environment favourable to the creation and growth of new enterprises. According to the OECD and EU definition, growth enterprises initially employ at least 10 people, with annual growth in the number they employ over the next three years averaging more than 20 per cent.
The key objective of the growth enterprise policy is to improve public business services so that they meet the needs of growth enterprises and are easily available to all companies. Another objective is to develop financial incentives and operating models that can harness private top business expertise and private venture capital in support of the early growth of companies. Publicly supported business incubators and enterprise accelerators foster these objectives. Renewal of the structures and procedures, for converting the research results of universities and other higher education institutions into business, is an integral part of growth enterprise policy.
Growth entrepreneurship policy forms part of the European Union’s more extensive entrepreneurship and innovation policy. One of Europe’s key challenges is to increase innovation activity among SMEs. This means the closer integration of innovation and entrepreneurship policy at national and EU level.
In support of this action policy, the Ministry publishes an annual review, based on statistical data and research, on the number, development and characteristics of growth enterprises.