Finnish Innovation Index
What does the Finnish Innovation Index (FII) measure?
The Finnish Innovation Index (FII) method is developed by Hanken School of Economics and enables a ranking of the most innovative companies by Finnish consumers. FII is unique in its measurement of perceived innovativeness from the customer point of view rather than relying on general attitudes, expert opinions or R&D investments. The Perceived innovativeness is a subjective measurement of how customers perceive companies' capability to develop and offer novel and useful solutions.
Firms are selected based on the following criteria's:
- Household expenditure: Firms included in the innovation index represent 70% of the Finnish consumers jointly household spending
Market share: The companies have a 70% market share in their respective industries
For the 2022 FFI ranking, approximately 3500 consumers evaluated a 60 companies, resulting in approximately 17.000 responses and an average of 300 responses per company
The Finnish Innovation Index (FII) measures and ranks companies on two indicators: Commercial Innovation Index is the essential overall indicator of innovativeness and the Social Innovation Index focused on societal progress. Additionally, the FII compares companies on the perceived Data Transparency focused on the excellence in customer data.
Commercial Innovation Index:
The Commercial Innovation Index reveals how the consumers see the firm’s innovativeness and attractiveness based on their previous experiences with the firm. A high ranking indicates that a firm is perceived as a pioneer and game changer in their field.
See FII 2022 results here
Social Innovation Index-SII:
Introduced in 2022, the Social Innovation Index ranks the Finnish firms’ societal and environmental innovations from a consumer perspective. A high ranking indicates that the Finnish consumers view the firm as a driver for social and environmental progress.
Data transparency measures the extent to which the firm is utilizing data with integrity n that consumers know what data is being collected, who has access to it, and how they are able to interact with it.
Data Transparency Index reveals how Finnish consumer experiences the firms’ capability to manage and be transparent with their customer data. A high score signals that customers trust the firm to be using their shared information ethically and fairly.
Read more about FII 2021 here.
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Learn more about Innovativeness
Are you interested in gaining deeper insights into the most innovative companies in Finland and how we compare to our neighboring Sweden?
Our research team has utilized the 2023 results of the Finnish Innovation Index (FII) and Swedish Innovation Index (SII) to establish parallels between these two indexes.
This report delves into the realm of firm innovativeness in Finland and Sweden, drawing upon insights obtained from a nationally representative consumer study. The FII and SII are central components of the Innovation Index Coalition (IIC), an international collaboration spearheaded by top business schools. Its mission is to promote a conversation on innovation capabilities and strategies across various industries and enterprises.
By taking a customer-centric approach to innovation, as measured by the FII and SII, this report illuminates the true essence of innovation from the customer's perspective. It clarifies how companies in Finland and Sweden can leverage this conversation to their advantage.
For more details on the differences and similarities, please follow the link.