The Scotsman

Follow the Finns: embrace risk, failure and ‘Sisu’

- Nick Murray Nick Murray, Co-director, Startup Grind Scotland

Just as travel expands our personal horizons, so too must we explore new frameworks from business ecosystems overseas. This was the intention of a recent Startup Grind Scotland programme, delivered in partnershi­p with the Scottish Government, to experience the vibrant city of Helsinki and its world-famous Slush conference.

With an ecosystem valued at €37 billion, boasting 1,822 startups, 500 plus investors and the yearly Slush conference attracting 12-25,000 people, Helsinki marries entreprene­urial excellence with an enviable quality of life. Finland’s eight unicorns happily pay up to 49.2 per cent tax, viewing it as a civic badge of honour to support the country’s high-functionin­g social infrastruc­ture. This is what I learned and what Scotland could adopt from Finland.

Embrace risk, failure and "Sisu”

Helsinki’s ecosystem was built on failure. Nokia’s 2008 crash released hundreds of developers into the job market. Many started businesses, and failed. They started again, and with the combined support of the universiti­es and some light state interventi­on, the scene blossomed.

Slush was, and still is, run by students. The conference now attracts thousands, including internatio­nal investors looking for the next big thing. This success didn’t just happen. Early on, the organisers chartered a plane of Silicon Valley VCS to showcase their offering. That gamble paid off. Investment­s in Finnish startups reached over €1bn in 2021 alone.

The Finns call this spirit of perseveran­ce “Sisu”, a stoic determinat­ion to push through hard times like chipping through a block of ice. This mindset has parallels with entreprene­urial resilience, a level of mental toughness built through embracing failure and risk.

Egoless collaborat­ion

The lack of ego in Helsinki was striking. The universiti­es, accelerato­rs and public sector work seamlessly to streamline support activity. Maria01, a massive enterprise hub based in an old hospital, houses startups, incubators and investors, all mingled under one roof.

In contrast, Scotland’s distribute­d and competitiv­e ecosystem is marred by a sense of tribalism of brands and geography, with

siloed and disconnect­ed services across regions, where similar and competing players confuse the entrance point or support roadmap for founders.

Our opportunit­y

The Finnish message is clear; If you’re fighting for your piece of the pie, you’re not fighting for the big picture. To attract internatio­nal investment we must discard tribalism and adopt a “Team Scotland” approach to illuminate what we have to a global audience.

There are rumblings of a refreshing approach to state support. The Tech Ecosystem Fund, the appointmen­t of Chief Entreprene­ur Mark Logan and the Tech Scalers going to community-builders Codebase, all mark a vote of confidence in those on the ground to deliver impact with light state support.

As they say, “If you want to go fast, go alone, if you want to go far, go together”. I believe that, together, we can move Scotland closer to the Finnish line.

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 ?? ?? Startup Grind Scotland team with tech entreprene­urs at the Sibelius Monument, Helsinki
Startup Grind Scotland team with tech entreprene­urs at the Sibelius Monument, Helsinki

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