Public-private partnerships in the sphere of innovation: the experience of Finland

Today, the ability to create and utilize innovations is becoming a prerequisite for ensuring high-quality economic growth. Effective policy in the innovation sphere depends on the interaction between the state, science and business. Public-private partnerships (PPPs) are one of the key instruments of cooperation. The participation of the state, science and business in the implementation of joint, mutually beneficial projects allows for the pooling of resources, distribution of risks, and responsibility to achieve economic growth, infrastructure development and the implementation of innovative solutions. The task of science is to provide expertise and create innovative products or services, the state is responsible for a favorable legal and institutional environment, and business is responsible for capital and management resources. The article is devoted to the study and analysis of Finland’s experience in implementing PPP projects in the innovation sector. The concept of PPP and the types of PPP models used, depending on the purpose of the project, were considered. The main prerequisites that contribute to the implementation of successful PPP projects in the innovation sector in Finland were investigated. The existing mechanisms for financing and risk sharing of innovative PPPs were analyzed. In particular, the activities of the Finnish agency Business Finland were reviewed, since it is one of the key organizations through which public funds are distributed to support large or high-risk innovation projects. The methods of analysis and generalization were used in the study. The study resulted in conclusions on the key basic conditions that facilitate the development of PPP projects in the innovation sector.