HELSINKI, Finland - In a high-tech flurry of lasers and dry ice, Finnish Prime Minister Alexander Stubb raised the curtain on Europe’s largest conference on the startup industry on Tuesday, with Skolkovo’s biggest ever delegation of 53 companies primed to steal the show at Slush 2014.
Finnish Prime Minister Alexander Stubb welcoming guests to Slush 2014. Photo: sk.ru.
The two-day event in Helsinki brings together 14,000 investors, company executives, fledgling entrepreneurs, media, and other stakeholders from 79 countries.
“This started as an event of 300 people in 2008. There was a dream to make this the biggest startup event in the world and I think we’re approaching that,” Stubb said once the throbbing techno music had subsided and dry ice cleared.
Using the stage to promote his country as an investment destination, Stubb said Finland’s geographical location - bridging the West with Asia - combined with a well-educated workforce, makes it ideal.
“The third reason you should invest in Finland is Slush,” he added. “It’s a great opportunity for all of you to get new ideas, new investment and new business.”
The conference culminates in the Slush 100 pitch contest, in which the winner gets 250,000 euros in investment from the Finnish Business Angels Network and Evli Bank.
This year, Slush plays a particularly important dual role for Russia. In the face of fraying economic and political ties, the conference is a stepping stone for Western investors who want a taste of the Russian startup scene without having to travel there.
Russian Deputy Prime Minister Arkady Dvorkovich (center) at Slush 2014. Photo: sk.ru
It is also a chance for Russian innovators to showcase their talents to the world and get a sense of the competition in international markets.
With that in mind, 53 Skolkovo resident companies are traveling to Helsinki, a delegation three times greater than ever before.
Of those startups, eight will compete in the Slush 100 pitch competition, where they will try to woo investors and impress a panel of judges for a shot at the generous prize.
The startups went through training on Monday and will hope to make the cut to 20 for Tuesday’s semifinals, with just four spots up for grabs in Wednesday’s final.
Last year, Skolkovo residents were praised for their obvious engineering and programming talent but urged to improve the communication of their ideas.
The conference has the potential to be a make-or-break for cash-starved startups: Slush organizers claim to have tracked upwards of $200 million in investment made as a result of last year’s event, which was attended by people from 68 countries.
The Slush100 startup contest puts budding CEOs in the spotlight. Photo: sk.ru
One of the original founding partners of Slush, Pekka Viljakainen, an advisor to Skolkovo president Viktor Vekselberg, told sk.ru last month that many foreign companies are looking for ways to enter the Russian market.
“All our support is available for foreign companies, and we warmly welcome them to come to Russia and to Skolkovo to start their R&D activities and become full members here,” he said.
The Skolkovo Technopark has a Soft Landing program available for such instances, which considerably eases entry to the Russian market for international firms.
Skolkovo plans to use Slush as a platform to announce the 2015 Startup Tour, the annual precursor to the Startup Village, Slush’s sister event in Moscow.