Focus on small and medium Enterprises: Business Finland grants over 740,000 euros in funding to tourism companies in 2024
The financing focused on small and medium-sized enterprises with innovative projects and international expansion aspirations, benefiting approximately 80 companies, mainly in the sectors of accommodation, restaurants, tour operators, and activity providers.
In 2024, Business Finland allocated 742,921 euros to support tourism sector companies in Finland. This amount, although significant, represents a fraction of the total of 611 million euros allocated by the entity in the same year, as was recently reported by VisitFinland, which suggests that the tourism industry has a lot of untapped innovation potential.
The funding focused on small and medium-sized enterprises with innovative projects and aspirations for international expansion, benefiting approximately 80 companies, primarily in the accommodation, restaurant, tour operators, and activity providers sectors.
The highest grants were awarded to startups with proposals for products or services aimed at the global market. For example, Fennoscandic Simulation Systems, developer of urban adventures, Cityspotting, and AHoP Management Oy, specialized in the automation of hotel operations, each received 60,000 euros. AHoP Management Oy plans to use these funds to introduce its service concept and technology to the Swedish market during 2025.
According to the financing expert from Business Finland, Eeva-Liisa Tepsa, "In most cases, financing was granted for the development of small-scale products or internationalization through trade fairs. However, the support amounts in these forms of financing are quite low".
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He added that, "Higher funding from Business Finland can be granted, among other things, for new business concepts, business models and data management that have potential for international growth".
A SECTOR THAT CAN STILL GROW MUCH MORE
Despite this support, funding for the tourism sector is modest compared to industries such as manufacturing or technology. This is partly because tourism businesses tend to undertake smaller and shorter-term development projects.
However, Kristiina Hietasaari, director of Visit Finland, emphasizes the potential for growth and innovation in the sector, encouraging companies to develop innovative tourist services that can open doors to new international markets.
"We hope that in the future we will see more ideas for new and bold products aimed at international growth," said the director of Visit Finland.
SUCCESS STORIES
One of the companies benefiting from financing is AHoP Management Oy, which focuses on hotel automation, targeting foreign markets with a service and technology concept aimed at hotels and lodging companies.
"Our goal is for hotel owners and staff to be able to use AHoP to "let the hotel rest" every once in a while. The comprehensive concept of service and technology provides hoteliers the opportunity to grow in a different way, as AHoP saves time and money in daily tasks"," explains Tuomas Valorinta, CEO of AHoP Management.
"The funding granted by Business Finland supports internationalization efforts by allowing larger investments in the Swedish market this year," added the CEO of AHoP Management.
Source: With information from https://www.visitfinland.fi/