Business Turku’s Maritime Venture Program brought together investors, startup and scaleup companies, and major players in the maritime industry to spark new innovations. The event was praised for its hands-on approach and cosy atmosphere.
Finland’s maritime industry is buzzing, which is evident in Southwest Finland. The order books at Meyer Turku shipyard, known for its luxury cruise liners, are full for several years ahead. Rauma shipyard is building two of the four icebreakers ordered from Finland by the United States Coast Guard.
To ensure that Southwest Finland’s maritime industry ecosystem remains at the global forefront also in the future, new innovations and an even stronger network of maritime companies are needed.
Therefore, Business Turku and HöpöHöpö Oy brought the maritime industry’s innovators under one roof for a two-day Maritime Venture Program at the end of October. The event brought together investors, startups, scaleups, and – from among the network’s major companies – Meyer Turku, Wärtsilä, ABB, RCCL, and Alfa Laval.
– A gathering like this wouldn’t be possible in many places around the world. In the Turku region, we have representation from all these major players – the customer, the shipyard and technology providers, says Tapio Karvonen, Maritime Industry Expert at Business Turku.
A Response to the Maritime Industry’s Needs
Karvonen notes that the initiative for the event came from the maritime industry, specifically from Ilkka Rytkölä, Head of Ecosystem at Meyer Turku. Within Meyer Turku’s network alone, there are 1,300 supplier companies, 900 of which are based in Finland. Karvonen emphasises that the maritime industry thrives on its networks.
– Roughly 80 percent of the total value of the cruise ships built at Turku shipyard comes from the work carried out by the network companies, he says.
Karvonen is glad to see how much the dialogue within the region’s maritime industry network has strengthened in recent years. This close cooperation is vital for Meyer Turku and its entire subcontractor network. Meyer Turku’s discussion forum NecoCoffee brings industry professionals together on Fridays, while Business Turku coordinates the Smart Maritime Industry and Transport Network.
– The idea behind the Maritime Venture Program was to strengthen the Turku region’s shipbuilding value chain, make it easier for new players to enter the maritime industry, and attract new companies to establish operations in the area, Karvonen says.
Long-term Technology Partnerships
According to Anssi Lappalainen, Manager of Technology Partnerships at Royal Caribbean Group, the Maritime Venture Program was well organised and provided a valuable opportunity to explore new companies and innovations that could benefit the business.
Meyer Turku is now building Royal Caribbean’s fourth Icon-class vessel. According to Lappalainen, maritime regulations are driving the cruise line to reduce carbon emissions, which is also a key consideration when seeking technology partnerships.
– We must find, for example, new carbon-free or low-carbon fuels and engines with lower emissions. This is an ongoing development process, he says.
The event highlighted the networked nature of the maritime industry. A startup introducing new technology to the sector often needs to convince not only the cruise line but also the shipyard and the technology provider. Lappalainen notes that introducing new technologies to ships is a long-term effort, and partnerships are built to last.
– We also need to understand the startup’s vision for the future and how technological improvements along the way can be integrated into existing ships.
Gaining a Foothold in the Maritime Industry
Relimetrics, a German technology scaleup, attended the event to connect with potential partners in the maritime industry. The company’s AI-powered Relivision platform helps industrial companies digitalise visual inspection, testing, and maintenance processes.
– Relivision can play a major role in corrosion detection. We can also do structural integrity checks using visual data, CEO Kemal Levi gives examples of potential applications in the maritime industry.
He praises Höpöhöpö, the company behind the event program, for its hands-on approach and the warm atmosphere that enabled meaningful conversations. It’s still too early to say whether the meetings will lead to revenue for Relimetrics.
– The event helped me to understand the needs and challenges of the maritime ecosystem better. We interacted with qualified leads, which is a good result for such an event.
Levi thinks maritime companies should be educated about how digital transformation can create value for them. He also stresses that those providing the training should have a deep understanding of the technological pain points in the maritime industry.
Concrete Advice and New Contacts
Ossi Heiskala and Johannes Peace, founders of the Finnish startup Reverlast, praised the concrete advice and insights into startup financing they received from Höpöhöpö’s Tuomas Pahlman.
– In addition, investors and customers shared some hard truths about the market. It was good that there was no time for generalisations or daydreaming – we actually made progress, says Heiskala.
Reverlast gives retired wind turbine blades a new life by turning them into floating structures. The company began by producing small piers for cottages and is now designing larger solutions such as floating solar power plants.
Heiskala and Peace also came to the event to meet investors. The newly established Redstone BLUE fund, which focuses on blue economy solutions, is of particular interest to them.
They value the flat hierarchy of Southwest Finland’s maritime industry and how easily one can connect with even the biggest players. Although their company isn’t directly linked to shipbuilding, the event helped them build valuable connections.
Text and pictures: Heidi Pelander. Last picture: Reverlast.
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