NORTH-SAVO
STARTUP ECOSYSTEM
NORTH
SAVO
STARTUP ECOSYSTEM
Overview of the startup ecosystem in North-Savo
Startups
Examples:
AliceAI Learning Oy, Rowly Oy, Marginum Oy
45-62
Number of startups
(founded 2020–2025)
15+
Curated startup business ideas per year
100
Jobs created in startups
(source: North Savo Startup Fund)
Scaleups
Examples:
CapaloAI, PalkkaOnline Group Oy, Kiho Oy
15+
Globally growing companies
Investments
Sources:
Business Finland, ELY, private equity, angels, VCs, global investors, loans
13,8M€
Confirmed investment amount (published rounds, 2021-2025)
10
Number of exits
(past 7 years)
68M€
Estimated total investment volume (2021–2025)
11
Initial investments to companies
Startup ecosystem key players
Programs and events
• Business Center Draft Program
• Hub Panostamo Kipinä Program
• Startup Summit Eastern Finland
• Falling Walls Lab Eastern Finland
• NSES ELEVATE
• Startup Day
+ Various project & program related events
Top RDI sectors
• Welfare Technology & Health
• ICT & Smart Technology
• Technology Industry
• Water Technology
• Circular Economy & Bioeconomy
• Energy Technology & Clean Energy
Number of research institutes: 10
(E.g. UEF, VTT, THL, GTK)
Ecosystem
Startup news
Northern Savo Draft program
The year 2025 was an active and diverse one for the Northern Savo Draft program. Three application rounds were implemented during the year (January, May and September), in which technology, service and impactbased business ideas in particular emerged. The quality and diversity of the applications strengthened Draft’s role as an identifier and developer of earlystage entrepreneurship in Northern Savo.
Opportunities & challenges
North Savo has strong talent, research, and startup potential, but these challenges limit how fast ideas can grow into sustainable businesses.
Early-stage funding
Many promising startup ideas fail to progress due to limited early investment opportunities and a lack of private capital at the regional level.
Continuity
Most support programs are project-based and temporary. When funding ends, startups risk losing guidance and momentum before reaching market readiness.
Growth bottlenecks
Even successful startups face
limited regional investment
options, making it difficult to scale
operations and attract larger follow –
on funding.
Slow funding process
Public funding decisions take
time, creating uncertainty that
can force startups to delay
development or relocate to faster
ecosystems.
Benefits of a regional fund (North-Savo)
Leverage funding effect
For every €1 invested by the fund, the
portfolio companies have raised €3
additional funding
→ Expands early -stage capital and
boosts private investor confidence
Strengthen the ecosystem
Drives job creation and regional
economic growth and builds long –
term RDI capacity through
collaboration between research
and industry.
Self-sustaining growth
Profits from exits return to the
regional fund, enabling continuous
reinvestment into new startups and
scaleups.