Workshops: Silver Financing Mechanism
WP5 GA5.1: Developing Silver Financing Mechanism
28th May, 2020
Online workshop in Finland: Silver Financing Mechanism
The workshop organized by Riihimäki Business Development Co. took place on the 28th of May 2020 as an online webinar. There were a total of 16 participants in the event discussing the present and future financing and funding challenges and possibilities. Most of the attendants were representing either financiers or business development organizations but there were also entrepreneurs and representatives of different senior organizations and educational institutions present as well. In his presentation, the keynote speaker CEO Juha Haukka from Hämeen Yrittäjät described the present economic situation of the enterprises in Häme region.
Naturally, there was a lot of concern about existing Covid-19 pandemic and its short-and long-term effects on the development processes of the enterprises and the global economy. In the beginning of the COVID-crisis Business Finland distributed a huge amount of development money to the companies in order to secure them in their acute economic crisis.
Some of the participants were thus concerned whether there will be any money left for the companies that really want to develop their business and innovate new products and services after the acute crisis. The experts assured them that there is money enough for this purpose also in the future. It is important to keep in mind that Business Finland is not the only financer, but there are many other options available as well, such as banks, private investment companies and business angels.
The fact is that many companies will collapse due to the consequences of the present situation with its many restrictions and emergency laws but most of them have not been on a healthy basis even before the pandemic. It is important now to focus on positive matters and believe that the development will continue after the crisis. The seniors were noticed being especially important future customers, and therefore it is surprising that the companies have not much put effort to this segment yet.
The attendants advised the enterprises in their development processes as follows:
- start to make your ideas known to the networks, customers, media, financiers etc. early enough
- have a good story behind your idea
- put an effort on testing and piloting, and analyse the results thoroughly
- take care that the process from the very first ideas till the full-scale production is quick enough