Perspectives for innovation and growth – a new tool to inspire company strategies

Business Finland’s new Perspectives for Innovation and Growth -series inspires companies to think about their growth strategies in light of long-term global developments. The series includes Snapshots of global trends that can shape or create future market opportunities, driving the need for sustainable renewal and innovation.

Our new Perspectives for Innovation and Growth -series encourages strategic reflection among Finnish companies on potential future growth opportunities and customer needs. We invite companies to think about their international growth strategies as well as renewal and innovation needs in the light of global long-term trends. 

– Finnish companies aiming for international growth should consider global trends that can shape and create future markets and opportunities. Such strategic consideration can help discover growth prospects and customer-based innovation needs early on, notes Kiira Kärkkäinen, who has created the series and leads Developing Markets Platform at Business Finland. 

Kiira Kärkkäinen, Business Finland

Taking a global perspective, Perspectives for Innovation and Growth -series puts an initial focus on emerging and developing markets in Africa, Asia, Latin America and South-East Europe. 

– Emerging and developing markets are a major growth opportunity and ought to be taken into account when companies consider their growth strategies, says Mirja Kaarlela, Senior Director at Business Finland. 

Mirja Kaarlela, Business Finland

The series includes concise Snapshots of selected global issues and provides links to further information. Each Snapshot briefly discusses possible business implications of the issue in question and highlights questions for companies to consider when seeking growth in the changing world. 

First insights on population and economic growth

The first two Snapshots of Perspectives for Innovation and Growth series have been published with insights on population and economic growth. 

Snapshot 1 highlights that emerging and developing markets are expected to account for most of the global population growth in the coming decades. While Asia hosts over half of the world population now and likely in the future, the UN projects the population of Sub-Saharan Africa to nearly double and reach two billion people by the mid-century. Population in many developed markets is expected to stagnate or decline in the coming decades. 

Snapshot 2 highlights that emerging and developing markets also account for much of the global economic growth and continue to grow faster than developed markets. According to the IMF, the real GDP growth rate was 4.3 % for emerging and developing markets in 2024, compared to 1.8% for advanced economies. Over the past three decades the real GDP for developing markets has more than quadrupled, while less than doubling for high income countries based on World Bank data.  

Opportunities and challenges call for innovation

A changing world brings opportunities and challenges for companies, calling for renewal and innovation.  

Demographic and economic growth in developing markets can boost industrialization and demand for better infrastructure, services, and solutions – creating a variety of market opportunities. Demand for goods, services or large-scale projects may differ from what has been typical in developed markets due to cultural, historical, regulatory, or environmental reasons.  

This both calls and provides space for innovation: 

– The emerging opportunities can create space for radical innovation in developing markets that can also become the first adopters of the most innovative technologies and solutions. Such solutions can also help in addressing sustainability challenges, reflects Kärkkäinen. 

At the same time, fostering international co-operation and networks is essential in the context of global competition: 

– Growing developing markets can host potential business partners and future employees for Finnish companies – and, on the other hand, they can provide fertile ground for global competitors to flourish. We cannot overlook emerging and developing markets, continues Kaarlela. 

Business Finland accelerates sustainable growth

In the context of the changing world, Finnish companies need to consider: 

• What are the most promising growth opportunities and target markets in the future?
• Are the current solutions compatible with and competitive for future opportunities in likely growing markets? 
• Are new products, services, production methods or businesses models needed to ensure competitiveness and sustainability in future growth markets? 

Business Finland accelerates sustainable growth of companies and helps them to renew and develop solutions for the future: 

• Developing Markets Platform – We help Finnish companies to develop innovative solutions and competitive business for sustainable growth opportunities in developing markets.  
• Funding for renewal and innovation – Our R&D funding enables companies to develop new products, services, production methods or business models.  
• Advice for global growth  – We help companies to crystallize their growth path towards global markets. 
• My Business Finland – Registering with My Business Finland service helps companies to find out which Business Finland or Team Finland services are best suited to their growth stage.