Finland expands interests in space industry

Business Finland, a public funding agency for research in Finland has coordinated a New Space Economy program -- a funding program for developing international and space-related business. 

Valerie Vlasenko
Valerie Vlasenko NewsMavens, Finland
Finland expands interests in space industry - NewsMavens
Astronaut, Pixabay

Why this story matters:

If we look at the global map, Finland is not exactly the leading player in space exploration. The country does not launch rockets, and does not have a manned spaceflight program, there is no local Elon Musk.

Yet there are already 380 millions  euros in space industry sales in Finland, and the goal is to double that. By offering funding, networks and export services, the New Space Economy program aims to double the exports of participating companies by 2020 and to reach an annual turnover of €600 million in the services provided by the sector.

The number of space applications in business is growing every year.

Companies establishing themselves in space today are likely to become industry leaders in the future, disrupting industries with new data and developments.

It is all starting to fall into place and the Finnish initiative is already attracting attention from international investors and media. The European Space Agency, the largest space investor in Europe, will also support the initiative. The new space future for Finland looks bright and is likely to awaken new space entrepreneurs.

Details from the story:

  • Finland has 380 million euros in estimated total sales for space systems and applications industry. 
  • The Finnish public funding agency Business Finland offers funding, networks and export services for developing international space-related business.
  • ESA BIC Finland fosters innovation for the non-space sector by empowering startups to develop new products and services using space data.
  • The Finnish commercial space race has begun with the Earth observation company Iceye, who launched the first of its satellites in space in the beginning of the year.
  • The new Finnish startup ecosystem is already represented in regional startup events.
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