The cuts will affect grant-based funding. In the first instance, they will be directed at Strategic Centre for Science, Technology and Innovation or SHOK programmes, the Innovative Cities or INKA programme, and the funding of large companies and public research organisations.
Tekes funding for SMEs and startups will remain as before, as will Tekes' loan-based funding.
"The cuts will lead to concrete changes in the public funding of innovation activities and in Tekes operations. The greatest impact will be felt in networking and collaboration between universities, research institutes and the private sector," says Pekka Soini, Director General of Tekes.
"We will need to completely rethink our programme activities and how Tekes can best move the business ecosystem forward," he adds.
"We will plan the changes in such a way that Tekes can continue to fund growth among startups and SMEs, as well as bold projects among game changers in the private sector," Soini states.
The Government Programme includes 26 key projects in which the Government intends to invest over a billion euros. Many of these growth-pursuing projects are in Tekes focus areas.
"We have already made proposals on the content and implementation of the key projects, for example with regard to the bioeconomy, digitalisation and wellbeing and health. We are also tightening up cooperation between Team Finland players in order to make the most efficient possible use of our mutual resources so as to promote the competitiveness and growth of companies," says Pekka Soini.