Hanken Business Lab celebrates 10 years of ideas, innovation and international growth
“It was a step into the unknown,” says Director Markus Wartiovaara, who began building Hanken Business Lab in collaboration with the Student Union in 2016.
The original idea was to create a community for entrepreneurs connected to Hanken while actively seeking out new start-ups.
“The aim was for them to support and strengthen one another throughout their entrepreneurial journeys. When we launched in the autumn, our goal was to have at least ten companies involved by Christmas, and we exceeded that target,” Wartiovaara recalls.
One feature that has distinguished the Lab from the very beginning is its commitment to supporting both businesses and non-profit organisations. Today, Hanken Business Lab works across pre-incubation, incubation and acceleration, supporting entrepreneurs from their first business idea through to growth and internationalisation. Since 2017, the Lab has operated in both Helsinki and Vaasa.
“Among our member companies are many success stories spanning fintech, tourism, digital marketing, consumer products and sustainable solutions. Several have grown significantly, expanded internationally or received recognition as award-winning entrepreneurs,” says Wartiovaara, mentioning companies such as Enfuce, Veloide, Mobal, Reveel, Reload and Pongfinity.
Milestones along the way
Wartiovaara describes the past decade as an overwhelmingly positive journey and says the Lab’s development has surpassed even his most ambitious expectations.
Among the most significant milestones, he highlights funding from the City of Helsinki, which enabled the launch of a pre-incubation programme and the expansion of the Lab’s premises. He also points to funding from the Louise and Göran Ehrnrooth Foundation, which helped secure the Lab’s long-term operations, and support from the Interreg Central Baltic Programme for the Time 2 Scale project, aimed at creating more scalable companies in the Central Baltic region.
“Through the Time 2 Scale project, we work together with Estonian Business School and Riga Technical University to help 24 companies each year scale their businesses.”
A growing focus on wellbeing
Another important development in the Lab’s history was the recognition that wellbeing should be an active part of its work.
“We realised that growth is not only about financial performance but also about the people behind the companies. We want to contribute to building businesses in ways that promote wellbeing for entrepreneurs themselves, their teams and society as a whole.”
This led to the creation of the Nordic Happiness Summit, which brings together business leaders, students, policymakers, researchers and others interested in exploring the concept of happiness and what it means that the Nordic countries have consistently ranked among the highest in the World Happiness Report. The event was held for the first time last year and alternates between Finland and Sweden every other year. The next Nordic Happiness Summit will take place on 23–24 March 2027 at Hanasaari in Espoo.
Entrepreneurship attracting more students
According to Wartiovaara, student interest in entrepreneurship has increased considerably over the past ten years, largely because today’s opportunities are very different from those available a decade ago.
“The amount of venture capital has increased many times over, successful entrepreneurs are investing more in new companies, and there are more investment funds than ever before.”
He also highlights the importance of student-led entrepreneurship societies, which raise awareness of entrepreneurship and demonstrate that it is a viable career path.
Unsurprisingly, artificial intelligence is currently having the greatest impact on entrepreneurship and will continue to do so in the future.
“That is why we have supported initiatives such as HankAI, a student-led organisation focused on AI, business and economics. We want to help students understand and make the most of the opportunities that AI offers.”
The importance of curiosity
Wartiovaara encourages all students considering entrepreneurship to be proactive.
“Take entrepreneurship courses, attend events and meet new people. During your studies, the most important things are not only what you learn in the classroom, but also the people you meet and the experiences you gain. The world is constantly changing, which is why it is important to remain curious and open to new opportunities.”
Asked where he sees Hanken Business Lab in another ten years, Wartiovaara says that because he could never have imagined where the Lab would be today, he does not want to place limits on its future.
“I hope we will continue to create meaningful societal impact by promoting entrepreneurship while also developing new models for wellbeing. We want to build platforms where people grow from students into engaged students, entrepreneurs and investors who then give back to the next generation.”
Read more about Hanken Business Lab here:
Hanken Business Lab
Text: Jessica Gustafsson
Photos: Fredrik Nordström/Auno Media