Espoo wins silver at European Capital of Innovation Awards

Espoo’s placement in the competition is a continuation of the city’s previous success in the innovation capital competition and is still the best Finnish result ever. The result shows that Espoo has an innovation culture for which there is also demand elsewhere in Europe. 

Cities that have best contributed to the creation of new innovations are successful in the iCapital competition. Espoo’s competition application emphasised the creation of a hopeful future for young people. Being in the top three brings EUR 100,000 of prize money to Espoo. The money will be used to promote European innovation operations. 

“I want to thank and congratulate the entire innovation community for our achievement. Espoo has a unique ecosystem where high-level innovation cooperation between different operators is perhaps more straightforward than anywhere else in the world. The role of Espoo and the rest of the Metropolitan Area as a driving force for Finland’s economic growth and a foundation of national well-being is undisputed. It provides good opportunities for endeavours such as the Kasvuriihi project,” says Mayor Jukka Mäkelä. 

"The collaboration between Aalto University and VTT with the City of Espoo has been a significant factor in the development of a successful innovation culture. Our success in the competition is a great recognition of our sustained and unique cooperation. Together, we can create solutions to global challenges and promote sustainable development,” says Antti Vasara, President and CEO of VTT. 

Espoo invests in Finland’s economic growth 

There is new growth and competitiveness in Espoo, which Finland desperately needs. Espoo ranks sixth among all European cities in the number of patent applications, accounting for 60% of all patent applications in Finland. Last year, more than 95% of the funding raised by Espoo-based start-ups went to start-ups that contribute to the UN’s Sustainable Development Goals. Almost half of the Helsinki Stock Exchange's turnover comes from Espoo-based companies.  

“Our cooperation has enabled the emergence and scaling of significant innovations both nationally and internationally. The Aalto University campus is known for its interdisciplinary collaboration, and a hundred companies are established in our innovation ecosystem every year. The value of the companies that have launched themselves out into the world from our ecosystem is over EUR 30 billion,” says Ilkka Niemelä, President of Aalto University. 

More information: 

• Innovative Espoo | City of Espoo 

• More information about the competition on the European Innovation Council website