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A new generation enters entrepreneurship

This week, Jari Jokilampi from Finnish Enterprise Agencies talks about what’s changed in the world of young entrepreneurs in the past decade.

Finland’s economy has shown cheerful signs recently, which has affected the birth rates of new companies. With the help of Finnish Enterprise Agencies, eight per cent more companies saw daylight in 2016, in comparison to the year before. Young and highly educated people in particular are now keen to enter the world of entrepreneurship.

Last year, more than 7 300 companies were founded with the support of Finnish Enterprise Agencies. Almost half of all the newborn companies are owned by 15- to 35-year-olds. It seems that today’s young people believe in themselves and their chances more than the previous generations.

The change in the youth’s attitudes in the past decade or so has been drastic. Now, every one in five young person between the ages of 18 and 24 consider entrepreneurship as an option in the next three years. According to the GEM Global Entrepreneurship monitor, in the early 2000s, the number was only one or two per cent.

Young people are keen to start companies together. Whereas earlier it was common to do all the hard work and pave the way alone, now the company teams consist of people with different fields of expertise. Both highly educated and young people ooze the urge to grow and go international. It’s no longer necessary to first conquer one’s home village, county and country before heading out into the world.

Some of the business ideas young people have can be directed to very niche sectors, so from the word go it’s evident that staying home isn’t going to be enough. Modern technology, digitalisation and networks enable hitting the international markets. This new excitement and enthusiasm is fascinating to watch.

Published on 13.04.2017