The document discusses Finland's success in building a venture capital and angel investor ecosystem. It notes that venture capital and private equity investing has accelerated company growth, internationalization, and strengthened boards in Finland. The Finnish Business Angels Network (FiBAN) is one of the largest in Europe with over 500 members and 100 events annually. Two key government actors, Sitra and Tekes, have supported the ecosystem through research funding and innovation programs. The document highlights some successful Finnish startups and concludes with lessons Belarus can learn around long-term vision, capacity building for entrepreneurs and investors, embracing failure, and supporting all stages of companies.

1. The Finnish Venture Capital
Ecosystem
Will Cardwell
Partner, Courage Ventures
Adjunct Professor, Kenan-Flagler Business School

2. Based in Espoo, Finland, Will has been
part of the Finnish startup community for
over 20 years. As a venture capitalist
and angel, he has been part of 41
investments including 26 exits. He also
shares his knowledge as an adjunct
professor at Kenan-Flagler Business
School at University of North Carolina.will@courageventures.com

3. My Career

4. Agenda
• Is Finland a Success Story in Building a Venture
Capital and Angel Ecosystem?
• If so, how did we do it?
• What are some success stories?
• What is the current status and outlook for the
future?
• What can Belarus learn?

7. Is Finland a Success Story in Building
a Venture Capital and Angel
Ecosystem?

12. Impact of Venture Capital in Finland
• VC/PE investing accelerates growth:
– Sales growth 9 percentage points (PPT) faster on average
– Employment growth double as fast, i.e. 6 PPT faster on average
– Added value growth 6 PPT faster on average
• VC/PE investing accelerates internationalization and
strengthens company’s board:
– VC/PE investment increases portfolio companies’ export
intensity and the number of foreign board members
– The board members are more experienced, on average, when
measured by age and number of outside directorships.
Tomi Alén: The Impact of Venture Capital and Buyout
Investments in Finland – 2012

13. How about Business Angels?

14. Finnish Business Angels Network (FiBAN)
• FiBAN is a Finnish, national, non-profit association of private
investors that aims to improve the possibilities for private persons to
invest in unlisted potential growth companies.
• The association’s work is based on the activity by private investors
and cooperates with networks supporting high-growth goals. The
FiBAN network is today one of the largest and most active business
angel networks in Europe with over over 500 approved members
and 100 events annually.
• The three main activities consists of 1. Matchmaking of startup and
investors, 2. Sharing of best practices and 3. Representation of the
private investors' interest.
• FiBAN is a member of the European Business Angels Network
(EBAN) and was chosen as the "Business angel network of the year
2012 and 2014".

19. The Keys to Success. Invest in…
Local Organization Global Reach

20. Two Key Government Actors
• Sitra is a future fund that
collaborates with partners
from different sectors to
research, trial and implement
bold new ideas that shape the
future. Our aim is a Finland
that succeeds as a pioneer in
sustainable well-being.
• Tekes is the publicly funded
expert organisation for
financing research,
development and innovation
in Finland. We boost wide-
ranging innovation activities in
research communities,
industry and service sectors.

23. Some Inspiration and Success Stories

27. ”the world’s least
powerful CEO…”

28. Current status and outlook for the
future?

29. Finnish Early Stage Investors

30. What can Belarus learn from
Finland?

31. What can Belarus learn from Finland?
• Long term vision in building ecosystem, but
take fast, measurable actions.
• Back (very) young people, but old too…
• Support capacity building both in
entrepreneurial talent and capital investing
• Embrace failure on the way to success

32. Thanks!
• Questions?

33. Sample of Finnish Startup Path

34. Sample of Israeli Startup Path