Polar Bear pitch draws investors to the mecca of high technology
Start-ups make their elevator pitch in an ice hole cut through the Oulujoki river during Oulu's annual Polar Bear Pitching event in February. Despite the freezing temperature, investors flock to the event because Oulu is at the front end of hi-tech with robust developments on the "internet of things" (IoT) and the fifth generation of wireless communications (5G).
Start-ups make their elevator pitch in an ice hole cut through the Oulujoki river during Oulu's annual Polar Bear Pitching event in February. Despite the freezing temperature, investors flock to the event because Oulu is at the front end of hi-tech with robust developments on the "internet of things" (IoT) and the fifth generation of wireless communications (5G).
"Every day, some 2.6 billion people worldwide are utilising the communications products and services that have been developed in Oulu," says Juha Ala-Mursula, executive director of BusinessOulu, the city's investment promotion agency.
Aside from providing market-specific information on the opportunities and advantages in Finland, BusinessOulu assists in practical relocation arrangements and links foreign investors to local talent and service providers.
Some Euro100 billion (HK$884 billion) worth of investments is expected to come into north Scandinavia by 2020, especially in the information and communications technology (ICT), life sciences, clean technology, mining and creative industries. More than 800 hi-tech businesses have joined Oulu's distinguished research and development (R&D) ecosystem, including Nokia, Ericsson, MediaTek, ARM, Polar, EB Automotive, Yota Devices and Neusoft.
In addition to IoT and 5G, cutting-edge technologies such as printed intelligence for solar cells and electronics appliances, 3-D internet and virtual worlds are incubated in Oulu. About 15,000 are employed in hi-tech industries, with 8,000 focused on wireless internet - a talent base that, for instance, makes it possible for the city to have a Wi-fi network with 2,000 access points and 30,000 daily users.
With its multifaceted industrial base, Oulu has advanced know-how in structural engineering, architecture and urban planning, among many specialised fields. It also hosts a global R&D centre for mining and centres of excellence in wireless communications, internet excellence, and health and technology.
"Innovation is all about communicating actively on new ideas and viewpoints," Ala-Mursula says. "As a result of the emphasis placed on future-oriented sciences, a substantial number of hi-tech start-ups have emerged in the Oulu region and hi-tech corporations have experienced rapid growth and reached notable success in global markets."
Chinese investors have joined this fray. Baidu has invested Euro10 million (HK$88 million) in IndoorAtlas, which owns a portfolio of indoor mapping technology, in order to boost location-based services globally. Within the ICT sector, Chinese ownership has extended to Neusoft, Symbio and Optomed.
"Asian companies wanting to expand their operations to the West face challenges with different regulations and permits, and the business culture," Ala-Mursula says. "In relation to these issues, Finland and Oulu make it easy to start operations in the European Union because of their stable and transparent political, legal and regulatory environments and low corporate taxation."
BusinessOulu aims to accelerate the influx of Asian investment by ensuring that the business environment remains efficient and welcoming. Partnerships, such as a sister city agreement with Hangzhou, keep ties fresh.
The agency also assists foreign investors in availing of incentives such as subsidies for ICT infrastructure. The city government rewards major investments that are economically feasible and raise employment prospects for Oulu's dynamic workforce.
http://www.businessoulu.com