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Sat, 02 Feb, 2013 01:00:25 AM
FTimes Report, February 2


The Vigo Accelerator Programme, designed for quick access in funding and accelerating the internationalisation of high potential start-ups succeeded to activate serial entrepreneurs and in attracting a significant amount of venture capital to new companies.

The programme has developed into a high-profile brand, in addition to achieving the funding targets, according to the interim report published by the Ministry of Employment and the Economy on  Friday, said a  press release.

According to the report, the programme has created a new channel that makes world-class competence and private funding available to growth companies, enabling the start-up of high potential growth companies and their entry into the international markets.

"Our evaluation shows that the Vigo Accelerator Programme has started off very well. It has succeeded in attracting a substantial amount of equity investment in innovative Finnish start-up companies," said Professor Erkko Autto, one of the programme reviewers, adding that as such, they found the Vigo concept very innovative and believed it had a good chance to make a significant contribution towards the creation and growth of new innovative ventures in Finland.

Participating companies felt they received support through the Vigo accelerators in areas such as strategy development, growth orientation and networking with potential customers and investors. The report contains several suggestions regarding the duration of the programme, flexibility and public funding.

Vapaavuori: an encouraging example of an entirely new approach

"The report confirms that the Vigo programme is an encouraging example of a new approach the government can adopt when working with private sector entities, in order to create new companies that are equipped to generate significant international growth," said the Minister of Economic Affairs, Jan Vapaavuori.

"This programme paves the way for a strong growth company ecosystem in Finland," says Pekka Soini, Director General of Tekes.

The Ministry of Employment and the Economy launched the Vigo Accelerator Programme in 2009. The programme now includes nine accelerators that coach 60 selected companies and help them attain international growth. Programme participants include Supercell, Transfluent, Senseg, ZenRobotics, Enersize and Zokem.

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