Global Entrepreneurship Monitor 2021–2022 Finnish report

Foreword

The Global Entrepreneurship Monitor (GEM) is one of the most influential global research projects into entrepreneurial activity and trends. On behalf of the Federation of Finnish Enterprises it is a privilege to be part of this project. Especially, because this publication is the first since 2015/2016 publication.

GEM provides data-based evidence on cross-national entrepreneurship dynamics. The project surveys entrepreneurs directly and thus gives important information how attitudes, perceptions, motivation etc. of entrepreneurs have developed in different countries. GEM provides academics, policymakers, and research institutions a valuable toolbox to analyse entrepreneurship from many different angles.

World economy is in the middle of turbulent times. Due to the brutal war in Ukraine, the uncertainty is tangible, and the cost-of-living crises continues to affect Finnish consumers, business, and the economy as whole. In these times it is utmost important that the entrepreneurs receive all the needed support to survive the challenges. This does not mean financial business support but rather stable and time consistent business environment. Firms and especially SMEs are the source of economic growth and prosperity.

After the year 2016, many parts of the entrepreneurship framework have developed positively. National experts see Finland’s strongest points as availability of financing, entrepreneurship education, R&D transfer, access to infrastructure and women entrepreneurship.

Despite the relatively good results there are still many things where Finland should improve. As an example, Finnish respondents see fewer good opportunities compared to Sweden, Norway and the Netherlands and the percentage of adults expecting to start a firm in coming years has decreased after 2015, while it has doubled in the Netherlands and increased also in Sweden.

One of the major challenge Finland will face in the coming years is related to companies’ willingness to grow. According to GEM results, the growth expectations have decreased in Finland since 2015. This result is in line with other studies. In Finland the number of employer companies has significantly decreased during the last ten years. This trend must be reversed, and the results presented here give some indication of how it could be done.

Mika Kuismanen, PhD

Chief economist, the Federation of Finnish Enterprises