BOSTON The Finnish Funding Agency for Technology and Innovation (Tekes) invested a total of 516M euros ($677M) in research, development and innovation projects last year.
Nearly 2,000 projects funded by Tekes were completed in 2008, generating close to 500 products, approximately 450 services and over 270 production processes, the Agency said in a statement.
Additionally, the projects spawned almost 800 patent applications and over 1,000 theses,
“During a recession, there is a risk that companies and public-sector organizations cut back on R&D and innovation, said Veli-Pekka Saarnivaara, director of Tekes, in a statement. "This will undermine their competitiveness when the economy picks up again."
"Government incentives help ensure that companies are in full swing when the economy recovers."
Finland is considered an innovation leader in the EU, according to the European Innovation Scoreboard 2008.
Finland ranked second after Sweden on the innovation index, which is a composite of 29 indicators.
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