TEKES, Finland’s funding agency for technology and innovation, is keen on joining hands with India and fund projects that would boost economies of both countries.

“We have discussed several options with Indian government. The collaboration would be in technological research and development for companies in both the countries,” said Aila Maijanen, senior technology adviser at Tekes.

Tekes is a non-profit organisation under ministry of employment and economy, Finland. It funds companies for innovative R&D and business opportunities. It also helps companies in networking with global players. Tekes has an annual budget of euro 600 million and has targeted at increasing Finnish renewable energy business through capacity building for international competitiveness by developing new skills and networks. Tekes is looking forward to Indian companies launching projects in Finland and vice-versa for Finnish companies.

“We accept more risks than private financiers,” Maijanen added. Tekes scrutinises commercial viability of the projects before funding and it constantly monitors till the work is completed.

“Co-funding for creation of new know-how and development of products, processes and service or business concepts is our focus,” she added. Tekes officials have been visiting India and held discussions with top government officials in New Delhi.

In 2010, Tekes funded 1,896 projects worth euro 633 million. These include R&D grant to companies for euro 186 million; funding for research programmes for euro 99 million; R&D loan to companies for euro 155 million and funding to universities and research universities worth euro 193 million.

Maijanen said that Tekes funds ventures of both private and stateowned companies; big, small or mid-sized organi sations and also start-ups. The concept should be innovative and project must be economically viable, she added.

Talking on success rate of projects funded by Tekes, Maijanen said that about 1/3rd of funded projects fail and about 0.5 to 1 per cent of funded companies end up in bankruptcy annually.