Towards more impactful research – Business Finland’s new funding instruments and calls encourage company collaboration

At Business Finland Champions Award, we congratulated all the project teams that received Business Finland funding in 2024.

What kind of projects received funding from Business Finland in 2024? Why is it worth applying for BF funding? What opportunities do the renewed BF funding instruments offer to the University of Oulu and our researchers? 

We dived into these topics at Business Finland Champions Award on February 25. At the event, we congratulated all project teams that received funding in 2024 for their outstanding work in bringing top research into practical business applications. It is truly inspiring to see how our research transforms the world! 

This annual event is not only for funded teams but also for all our researchers. It provides an excellent opportunity to learn about Business Finland’s funding instruments, the application process, and the projects that have received funding. This year’s speakers included Rector Arto Maaninen as well as Business Finland’s Jani Jokitalo and Arto Pussinen, who shared valuable insights — along with representatives from funded projects. 

A record amount of research funding for the University of Oulu 

In 2024, the University of Oulu received a record amount of research funding from Business Finland, ranking third among all Finnish research organizations. A total of 21 projects were funded across four funding categories: Co-Innovation, Co-Creation, Co-Research, and Research to Business. Business Finland’s goal is to boost Finland’s exports, tourism, and foreign investments, as well as fund innovations. 

One example is the INTERROB Co-Innovation project, which focuses on developing more energy-efficient and environmentally friendly solutions for electric power transmission in heavy machinery. The project is expected to produce not only significant research findings but also new product and service innovations, with an estimated export growth potential exceeding €300 million between 2030 and 2035. 

Another featured project was the COCOBIN joint initiative, which develops competitive bio-based coatings, binders, and adhesives for packaging and other applications. The aim is to reduce the carbon footprint of dispersion coatings, improve recyclability, and minimize waste. This Business Finland co-funded project involves 15 different organizations. 

Congratulations once again to these and all other funded projects! 

Even more attractive funding opportunities

In spring 2024, Business Finland introduced changes to its funding instruments, making funding even more attractive for universities. Starting in 2025, Business Finland’s funding for public research projects will cover 80 % of the project’s approved costs, up from the previous 70 %. This increase enhances the benefits of collaborating with businesses. 

“Business Finland provides us with highly efficient funding. These projects also allow us to engage in strong industrial collaboration with clear objectives”, says Rector Arto Maaninen. “It is also motivating when someone takes an interest in your work. Often one realizes its value when they participate in a Business Finland project for the first time.” 

Additionally, this year €9 million from Business Finland’s funding budget has been allocated to support research and development in creative industries. This funding is available for joint projects between companies and research organizations that aim to generate new knowledge and innovations for transforming the creative sector. 

Another new funding opportunity arises from the government’s budget decision, allowing Business Finland’s funding to be directed towards R&D activities in university hospitals within Finland’s wellbeing services counties. These projects must be carried out in collaboration with companies and research organizations as part of Co-Innovation projects. 

“Business Finland’s funding now offers even greater potential for universities, as our funding capacity is increasing. Funding is available especially for research-driven projects”, says Business Finland’s customer manager Jani Jokitalo. “To support collaboration between research institutions and businesses, we are introducing many new opportunities, such as the Rise to Challenge funding call, which encourages truly out-of-the-box thinking.” 

The Rise to Challenge funding call seeks to identify the most impactful research initiatives and discover groundbreaking research ideas with the potential to revolutionize future markets. The goal is for research organizations to build entirely new knowledge bases, which companies can later leverage to enhance their capabilities.  

The first pilot call focuses on digital solutions that enhance security, but future calls will likely cover various other themes. Rise to Challenge projects can last up to five years, with funding distributed in two phases. The pilot application closes on March 31, 2025.  

Jokitalo also encourages research institutions to explore funding for Leading companies and ecosystems which provides an excellent opportunity to engage in industrial collaboration with companies. The Leading company challenge invites globally operating companies to become ecosystem leaders, bringing together companies of various sizes and other stakeholders. Business Finland has provided up to €20 million in funding for leading companies and up to €50 million for the ecosystems they establish. 

Driving growth through innovation and collaboration 

Arto Pussinen, responsible for the digitalization of ecosystems at Business Finland, emphasizes the importance of innovation and collaboration in driving Finland’s productivity growth. 

“Finland’s GDP growth has lagged behind competing nations, and innovation is the key to new growth. However, innovation doesn’t happen in isolation — it requires research and collaboration”, Pussinen states. “It would be great to see even more projects involving international university collaborations. We could better utilize our researchers’ extensive global networks, integrating SMEs into these ecosystems. At Business Finland, we want to see growth trajectories where nationally funded projects evolve into EU-funded initiatives.” 

In closing, Pussinen and Jokitalo encourage universities to explore new industries and innovative approaches. 

“How could technology, tourism, and research be combined?” Pussinen challenges. 

Interested in Business Finland’s funding opportunities? 

Get in touch with the Innovation Centre! Our experts have extensive experience in identifying the right funding instruments for various projects and understanding what it takes to secure funding. We’re happy to introduce funding opportunities to project teams and faculties!