The provisions related to immigration policy in the new government programme and the recent negative discourse surrounding immigration raise concerns in the venture capital and private equity industry. It is important for Finnish companies and the overall competitiveness of Finland that the country remains an attractive place to live for everyone. Additionally, discrimination against different groups of people goes against the values of the Finnish Venture Capital Association. Instead, we firmly believe that diversity makes companies and societies stronger.
The new government programme, “Strong and Committed Finland,” was published two months ago. While the programme has several positive aspects, it falls short in supporting the promotion of work-related immigration, despite the strong calls from the business sector. In fact, the government programme presents more barriers than support in this regard.
The programme includes the intention to create conditions for the development of the world’s best startup and growth company ecosystem in Finland. However, simultaneously, the section on immigration in the programme proposes measures that do not facilitate attracting the skilled professionals that companies in Finland urgently require. Even those already here understandably express concerns.
The situation has been made even worse by the discussions surrounding immigration during the summer months. The increasingly hostile commentary has led to more international professionals already in Finland questioning the country’s ability to remain a place where they want to work. There are alternative options available to them, and the current situation does not facilitate the attraction of new talent either.
This issue presents a significant challenge for the entire growth company ecosystem. Without skilled professionals, companies cannot thrive, leading to a negative impact on Finland’s economic growth prospects and competitiveness. A nation grappling with a labour shortage should exert all efforts to make working and studying here appealing, focusing on increasing attractiveness and retention rather than erecting barriers.
The venture capital and private equity industry plays a crucial role in building and developing the Finnish business landscape. We strongly believe that diverse thinking, education, and backgrounds lead to better decisions and make companies and societies stronger. Therefore, we should ensure that those seeking to work and study in Finland can easily come here and that they, along with their families, feel welcome.
The Finnish Venture Capital Association condemns all hate speech and discrimination. The need for work-related immigration is just one reason among many; equal treatment of all should be a given in an increasingly globalised world.
Signed by,
Finnish Venture Capital Association’s Board of Directors
Anne Horttanainen, Managing Director, Pääomasijoittajat ry
Juhana Kallio, Managing Partner, Intera Partners
Marika af Enehjelm, Partner, Norvestor
Riku Asikainen, Managing Partner, Evli Growth Partners
Juho Frilander, Managing Director, EQT
Pirkka Palomäki, Founding Partner, Maki.vc
Juha Peltola, Managing Partner, Vaaka Partners
Jussi Sainiemi, Partner, Voima Ventures
Mia Sirkiä, Managing Partner, Saari Partners
The Finnish Venture Capital Association’s commitment to anti-discrimination is evident through its concrete actions, as we actively work to enhance diversity within the venture capital and private equity industry. We continually monitor the progress of diversity in Finnish VC & PE teams and their portfolio companies’ leadership. Our latest initiative, a collaboration with the diversity consultant Inklusiiv, led to the publication of the guidance document “Diversity, Equity, and Inclusion in Private Equity and Venture Capital” in the spring of 2023. This guidance is designed to offer VC & PE investors practical examples and tools to promote diversity and identify harmful biases.
Additional information:
Anne Horttanainen, Managing Director, FVCA
+358 40 510 4907, anne.horttanainen@fvca.fi
FVCA is the industry body and public policy advocate for the venture capital and private equity industry in Finland. As the voice of the Finnish VC and PE community and the entrepreneurs they fund, it is our role to demonstrate the positive impact of the industry on the Finnish economy. FVCA – Building growth.
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