Bloomberg News

Finnish Lawmakers Plan to Enlist Large Funds in Startup Push

December 13, 2011

Dec. 13 (Bloomberg) -- Finnish lawmakers are approaching pension funds and other institutional investors to finance growth companies, according to Mikael Jungner, the leader of a parliamentary working group on startups.

“We will get together these startup people and institutions with huge amounts of money to invest, which haven’t invested in startup funds before,” Jungner, a lawmaker from the Social Democratic Party, said in an interview in Helsinki. “We will arrange a meeting in early spring.”

Finland, one of six AAA rated euro countries, is trying to incubate fast-growing technology companies to create jobs, compensating for positions lost in industries like forestry and mobile phones. The country is looking to entrepreneurs like Rovio Entertainment Ltd., creators of the Angry Birds game, to boost exports and put it on a firmer footing to take care of Europe’s fastest-aging population. Rovio is closely held.

The group is also drawing up a proposal for concrete measures the government can take to encourage startups, which it will present in January, Jungner said.

--Editors: Kati Pohjanpalo, Christian Wienberg

To contact the reporter on this story: Diana ben-Aaron in Helsinki at dbenaaron1@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net -0- Dec/13/2011 14:51 GMT


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