In recent years, business angels have invested in a few hundred Finnish firms annually. The target firms are mainly young and small: 75% of them employ fewer than 10 workers and are less than 8 years old. These firms are most likely to be found in the ICT and professional service industries and...

There are almost 200,000 enterprises operating in the Finnish service sector, combined. However, not all of the service industries are the same. Some services have become independent of geographical locations, meaning that they can be exported, much like physical products. Other services still...

Microsoft’s acquisition of Nokia’s phone business has considerable implications for Nokia and potentially for Finland as a country, but little immediate effects on Microsoft and related industries. One might ask, couldn’t there have been better remedies for the challenges both Microsoft...

Do workers hired from superstar tech-firms contribute to better firm performance? To address this question, we analyze the effects of tacit knowledge spillovers from Nokia in the context of a quasi-natural experiment in Finland, the closure of Nokia’s mobile device division in 2014 and the...

This study empirically examines the reemployment of employees displaced from a high-tech firm. Since 2008, the plummeting market share of Nokia, the world’s largest mobile phone manufacturer at the time, has resulted in massive layoffs and the downsizing of its workforce. We analyze the labor...

According to a company survey, global value chains are changing. Even though big changes were expected during the Covid period, the actual changes were quite small at the time. Instead, after the early 2022, more obvious change has already been in the sourcing of materials and parts. They are...