Turku is strengthening its commitment to fostering the creation and international growth of startup companies. Jussi Pyysalo, an experienced growth entrepreneur, has been appointed to lead Turku Startup Hub – a new initiative designed to accelerate the commercialisation of research. A shared community space is being planned next to the University of Turku.
Business Turku, the Turku region’s development company, is establishing Turku Startup Hub to strengthen the local startup ecosystem and accelerate especially the commercialisation of research for international markets. The hub will bring startups, academic research and investors together under a shared, systematic operating model.
Jussi Pyysalo, who will lead the hub, brings more than 25 years of international experience in founding, commercialising and scaling growth companies. His first company was established in Turku during his university studies in the late 1990s.
– Research conducted in Turku’s higher education institutions is exceptionally strong, but there is still considerable potential in its commercialisation. Our aim is that by 2030 Turku will be known as the city where research is turned into new companies faster than anywhere else in Finland, Pyysalo says.
The goal is to increase the number of startups in the Turku region from the current 110 to 250 by the end of the decade.
– We are building an ecosystem that can genuinely compete with the major growth hubs of Northern Europe. The City of Turku’s €23 million Growth Fund is a key instrument in this work: it enables us to attract international venture capital investors who bring not only funding but also networks and market access, says Vesa Palander, Director of Business and Economic Development at the City of Turku.
This spring, a dedicated community and co‑working space for Turku’s startups is set to be confirmed in the Axelia building near the University of Turku, with the aim of opening later this year.
A Hub Built on Turku’s Strengths
The activities of Turku Startup Hub will focus on the Turku region’s strong fields of expertise with significant growth potential: health and life sciences, the clean transition, the blue economy and maritime industry, security and dual‑use technologies, food and nutrition, as well as creative content and technologies.
Minna Arve, CEO of Business Turku, highlights Turku’s long‑standing collaboration culture between the city, universities and businesses – a strength from which local startups will benefit through the hub. At Business Turku, the hub’s operations are driven by Pyysalo together with Elias Savonlahti and John Holmberg, in close collaboration with key stakeholders.
– We want to ensure that Turku continues to have a robust startup ecosystem that supports the birth, growth and long‑term presence of companies in the region. Jussi has exactly the right background, entrepreneurial mindset and networks to give the hub a strong foundation from day one, Arve says.
Growth and Jobs Are Increasingly Created in Startups
In recent years, the Turku region has lacked a systematic network that supports the growth of startup companies. This has slowed the emergence of new startups and driven some to seek growth elsewhere.
According to Pyysalo, Turku has every opportunity to rise to the top tier of Finland’s growth cities through long‑term, determined collaboration between ecosystem actors.
– If we succeed in activating more research-based ideas, bringing international funding to Turku and supporting companies systematically through the scaling phase, the next unicorn – a growth company valued at over one billion dollars – could be born here during this decade, Pyysalo envisions.
Pyysalo emphasises that the success of startup ecosystems also relies on encouragement, peer support and informal encounters – elements he aims to strengthen within Turku Startup Hub.
– Without enthusiasm and human support, many good ideas never materialise. The best insights often emerge from conversations between entrepreneurs, he notes.
Startups are central to the Turku region’s future growth, as new jobs increasingly emerge in growth companies rather than in traditional industries. Turku Startup Hub will also attract international startups to the region.
– If one hundred startups are created in Turku, each employing an average of twenty people, the impact on employment and the regional economy will already be highly significant.
Building a Hub with the Mindset of an Entrepreneur and an Athlete
Jussi Pyysalo’s personal experience in the startup world gives Turku Startup Hub a foundation that reflects the real needs of companies and embodies an entrepreneurial spirit. Pyysalo has extensive company and investor networks both in Finland and internationally, especially in Sweden and the United Kingdom.
– I am still involved in six startups, which gives me constant first-hand insight into what companies at different stages actually need, Pyysalo says.
Alongside entrepreneurship, Pyysalo has been active in Finnish pesäpallo, serving for five years as CEO of Superpesis. Under his leadership, pesäpallo was also introduced into school sports in India – an experience that taught him much about cross-cultural collaboration in sports. Pyysalo still plays the sport himself.
– I am competitive by nature, and that same drive is needed when building growth stories, he says.