Building the future together: How businesses and universities can drive innovation and growth

Our InnoVisitor event welcomed a highly anticipated guest: Mikael Pentikäinen, CEO of Entrepreneurs of Finland, joined us to discuss how universities and businesses can combine forces to discover even more avenues for collaboration. Here are the highlights from the event! 

Finland needs university-business collaboration 

Pentikäinen emphasized the importance of partnerships between academia and the business world, which are also key to addressing Finland’s economic challenges. As he pointed out, Finland’s economy is heavily reliant on small enterprises — 95.5% of Finnish companies are micro-businesses with fewer than 10 employees. These companies form a significant portion of the workforce but often struggle to find skilled employees, particularly in Northern Finland. 

According to Pentikäinen, closer collaboration between universities and businesses is essential for fostering growth and ensuring that small and medium-sized enterprises (SMEs) can access the talent they need.

Five steps forward 

Pentikäinen shared several practical approaches to strengthen university-business collaboration. Here are five standout ideas from the event: 

1. Entrepreneurship education across all disciplines 

Entrepreneurship education belongs to everyone — not just business students! Teaching the basics of entrepreneurship to students and faculty can help future generations adopt a more open mindset towards entrepreneurship. It also nurtures innovative, problem-solving skills that benefit all fields of study. 

 Pentikäinen encouraged universities to host entrepreneurship events that bring together students, business leaders, and researchers. Such events can build crucial networks and foster a culture of innovation. 

2. Supporting entrepreneurship on campus 

Campuses should provide more opportunities for students to develop and test their business ideas. University-supported incubators, idea competitions, and entrepreneurship clubs are excellent ways to encourage student innovation. See the University of Oulu’s upcoming events here. 

Moreover, universities can assist entrepreneurs by offering advisory services, for example, on intellectual property rights. At the University of Oulu, expert guidance is provided by the Innovation Centre — find our contact details here! 

3. Involving entrepreneurs in university governance 

Bringing entrepreneurs into university boards and networks bridges the gap between academia and business. Pentikäinen proposed inviting entrepreneurs to alumni networks or even recruiting them as "practical professors" who combine academic teaching with real-world business expertise. 

4. Expanding research and internship collaborations 

Internships and research partnerships create sustainable connections between universities and businesses. To facilitate this, tools like job and thesis marketplaces can help students, researchers, and companies find each other easily. The University of Oulu’s JobTeaser platform, for example, allows companies to post job, internship, or thesis opportunities free of charge, connecting them with emerging talent. 

5. Supporting international students and promoting diversity 

International students are a vital resource for Finnish universities and businesses. Offering multilingual education and increasing international internship opportunities can help foreign students enter the Finnish job market. This not only addresses the skills shortage but also brings diversity and fresh perspectives to workplaces. 

Embedding entrepreneurship in university culture 

During the discussion that followed Pentikäinen’s presentation, attendees shared diverse viewpoints on fostering a more entrepreneurship-friendly university culture. For example, flexible opportunities to combine academic and entrepreneurial careers were highlighted as essential — particularly for women, who often feel less confident in their entrepreneurial abilities compared to men, according to research. 

The core takeaway? Building a culture that embraces entrepreneurship, coupled with enhanced educational offerings, is key. By supporting students' and researchers' innovations and strengthening partnerships with businesses, we can tackle workforce challenges and accelerate innovation in Finland. 

Check out the Innovation Centre’s upcoming events to learn more! 

Want to discuss this or other topics with us? On December 17th we will host Innoglögi gathering — a festive event that invites students, faculty, and local businesses to connect and share ideas.