Start-ups receive EUR 100 million in funding through Vigo accelerator program

Designed to provide quick access to funding and to accelerate the internationalisation of high potential start-ups, Vigo has succeeded in activating experienced serial entrepreneurs and in attracting a significant amount of venture capital to new companies.

In addition to achieving the funding targets, the Vigo program has developed into a high-profile brand. According to the report by the Ministry of Employment and the Economy, Vigo 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 program has started off very well. It has succeeded in attracting a substantial amount of equity investment in innovative Finnish start-up companies. As such, we find the Vigo concept very innovative, and we believe it has a good chance to make a significant contribution towards the creation and growth of new innovative ventures in Finland," says Professor Erkko Autto, one of the program reviewers.

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.

"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," says 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. Vigo is funded by Tekes and Finnvera.

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