Funding for inventions increased in Finland

Back

May 5, 2008

Foundation for Finnish Inventions funded a record number of inventions

The Foundation for Finnish Inventions funded the development of a total number of 274 inventions in 2007, including 150 new financing projects. The number of funded projects increased by 60 projects over the preceding year. A total of 2.5 million euros of unsecured risk financing were granted for the development of inventions. The amount of direct support increased by 20 % over the preceding year.

Financing of inventions

The Foundation for Finnish Inventions is a private foundation, which receives most of its funds as state aid granted by the Ministry of Employment and the Economy of Finland. The Foundation's tasks include advising inventors, evaluating the possibilities of further development of inventions, and financing private individuals' and small entrepreneurs' inventions and the exploitation of these.

Number of invention proposals has increased

The Foundation for Finnish Inventions received in 2007 almost 2800 invention proposals, resulting in a total of 967 applications for funding. Of these, 771 were first applications and further funding was applied for 196 inventions. Kainuu, Lapland and Northern Ostrobothnia were the most active areas in applying for funding in relation to population. Similarly, in relation to the amount of funding, the top regions were Kainuu, Uusimaa and North Karelia.

By fields of application, the most funding was given to inventions in the field of physics (19 %), mechanical engineering, heating and lighting (15 %), and health care (13 %). Inventions relating to working methods (11 %) and electricity (9 %) also received funding.

Commercialization of inventions

In 2007, 43 projects funded by the Foundation for Finnish Inventions were commercialized. The number of projects increased by 13 % over the preceding year. Through inventors' own business activities, 22 inventions progressed to the commercialization phase and 21 inventions were commercialized by means of licensing. It was also significant that 39 projects funded by the Foundation passed to other public sources of funding.

For more information about this and examples of projects supported by the Foundation for Finnish Inventions, please contact the Foundation for Finnish Inventions.

Protecting an invention

Forssén & Salomaa Oy's patent attorneys, with their expert knowledge and experience, can help you protect your invention. From our web pages you will find more information about the ways of protecting your invention, such as a patent and a utility model. In all matters relating to the protection of industrial rights you can contact our attorneys directly or send an e-mail message to our general e-mail address info@fspat.fi. You will also find from our web pages our contact details.