In comparison to most countries, Sweden invests heavily in research and ranks among the world leaders in patent registrations. However, we are not as successful in translating research into products that benefit society and companies that contribute to boosting Sweden’s stagnant growth. Sweden needs more innovative small and medium-sized companies, “startups and scaleups,” with exponential growth potential. These companies are critical for Sweden’s future economy, and we must ensure they can thrive, says Lotta Wessfeldt, Deputy CEO, Ideon Science Park.
When the government’s autumn budget was presented, it was revealed that Vinnova’s funding for VTFT support (verification of research and new technology) would be cut in half, and funding for the national incubator program would be significantly reduced.
To avoid being left behind by the rest of the world, Sweden must continue to fund research but also work to ensure that high-tech research translates into value in the market. Sweden’s support system for new companies includes established research parks and incubators, which today form the platform of the Swedish innovation system and generate new companies with growth potential.
SISP, the industry organization for Sweden’s incubators and research parks, has conducted a survey and a consequence analysis to highlight what reductions in the support system could mean for Sweden’s future. Skåne’s research parks and incubators – represented by SmiLe, Minc, Medeon, Krinova, HETCH, Medicon Village Innovation, and Ideon Science Park – are now joining forces at the regional level to take the work forward. Therefore, the organizations invited members of parliament and local as well as regional politicians with a focus on business to a dialogue meeting. The purpose was to discuss the challenges arising from the reduced support and find common ways to drive the issue forward.
“Innovation support systems play a crucial role in Sweden’s growth. Research today is not commercialized to a high enough degree to benefit citizens, in our case patients,” says Ebba Fåhraeus, CEO of the life science incubator SmiLe.
The dialogue meeting, which took place at Ideon Science Park last week, laid the foundation for consensus and continued dialogue focusing on finding concrete solutions:
“We need to meet to discuss the actions we must take and what we need to achieve to maintain our innovation height,” says Lotta Wessfeldt, Deputy CEO of Ideon Science Park and one of the initiators. “It’s about helping to transform innovations into strong growth companies. As facilitators of innovation, we want to show that we, Sweden’s established and solid infrastructure for innovation, support our politicians in their efforts to secure Sweden’s development and growth by supporting companies.”
With this initiative, research parks and incubators aim to work towards securing the emergence of new companies to ensure Sweden’s prosperity.
“We would like to see what we see in Silicon Valley, an infrastructure built on public investments around the companies that have grown there,” says Anders G. Nilsson, CEO of Ideon Science Park. “It requires public contribution. We have a partially publicly funded innovation system in Sweden, but we still rely too much on private capital.”
Joining forces:
SmiLe Incubator, Minc, Medeon Science Park & Incubator, Krinova Incubator & Science Park, Hetch, Medicon Village Innovation, and Ideon Science Park.
