Startup Sauna, funded by Tekes and other partners, is proven to be a well working concept. The study conducted by Paolo Borela, focused on the 38 Alumni teams graduated from of 3 Startup Sauna sessions completed before December 2011.
The 36 out of 38 alumni companies have raised so far 8.2 million Euros in funding. According to the survey, the teams that participated in the program received an increase in funding of more than 300 percent. The study also reveals that 82 percent of the companies is still in operations.
Artturi Tarjanne, Chairman of the Board at Finnish Venture Capital Association & Co-founder, General Partner at Nexit Ventures affirms the effectiveness of the program.
"The goal of Startup Sauna is to change the culture of entrepreneurship in Finland and the region and to get international talented entrepreneurs excited about the growth of the company. For the first time, this study verifies that we are on the right path and our work is successful also by international standards."
Startup Sauna's success is exemplified by Finnish companies like Blaast and Ovelin, and international company Campalyst.
Watch video (Vimeo): Aalto Venture Garage/Startup Sauna in one minute
Watch video (YouTube): Startup Sauna - If you can't stand the heat, get out!