Page 54 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 2, 2016, pp. 42-61

are working in accordance with their action plan and to make sure that they can
complete their product on time and introduce it to the market as planned. Two of the
best startups that have graduated from AppLab incubation program are Bethclip and
Xercim.az.

4. Finnish experience of technology transfer from universities to industry
Considering its level of success, Finland can be a role model for many
developing countries in how research generated at universities can be transferred to
industry successfully. There are three types of players in technology transfer system
in Finland – universities, public research centers and private companies. Universities
in Finland like Aaalto University play a significant role in stimulating innovation in
Finland. Aaalto University was created in 2010 when three universities – Helsinki
University of Technology, Helsinki University of Economics and the University of
Art and Design Helsinki merged. The main purpose of the merger was to create a
university that fosters research and innovation. In this direction, Aalto University
has launched projects like Aalto Design Factory, AppCampus, ADD LAB and Aalto
Ventures Program. Aalto Entrepreneurship Society is the largest student run
entrepreneurship community in Europe. It organizes Startup Sauna accelerator
program for startups and has raised more than $36 million in funding since 2010.
Other universities such as University of Oulu and University of Turku are also active
in transferring technology generated at the university to industry.
Aalto University established a startup center in 1997. Aalto Star-Up Center is
part of Aalto University research and innovation team. 800 startups companies have
graduated from Aalto University Start-Up Center. Currently, Aalto University Start-
Up Center has about 50 growth companies in its portfolio. Startups may apply to
Aalto University Start-Up Center through website and submit their business plan.
Startups with high growth potential may be admitted to Aalto University Start-Up
Center for up to 3 years. During the 3 years they go through three programs:
development program, sales program and growth program. During the development
program, startups go through business modelling, where startups develop the
company‟s business model, strategic alternatives, identify their customer value,
competition and their supply chain and get seed funding. In the sales program,
startups define purchasing criteria of customers and receive practical sales training.
At this stage startups also develop sales action plan intended for their target market.
In the final stage (growth program), firms plan growth-driven financing and secure
necessary resources for the startup‟s growth (exhibit 4.1). Nearly 200 of the
companies that have graduated from Aalto University Start-Up Center is active
today. The annual turnover of the alumni companies is around 400 million euros.
Among the most successful alumni of Aalto University Start-Up Center is Rovio, a

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