Page 55 - Azerbaijan State University of Economics

Odiljon Abdurazzakov: Role of technology transfer catalysts in stimulating
innovation: how to apply finnish experience to emerging economies

company that develops and distributes video games. Annual revenue of Rovio was
142 million euros in 2015 and employs 435 employees (www.rovio.com).

Exhibit 4.1: Aalto University Start-Up Center startup growth process

Source: Aalto Start-Up Center documents

Finland also has unusual education system where they teach entrepreneurship
to business students entirely based on practice called Tiimiakatemia. Tiimiakatemia
means “Team Academy” and originated from the University of Applied Sciences in
Jyvaskyla, Finland. 37% of students who graduate from Tiimiakatemia have their
own businesses within 6 months after graduation. 47% of the students who graduate
from Tiimiakatemia become entrepreneurs 2 years after graduating. Student teams
establish their businesses while they are studying in Tiimiakatemia. Annual turnover
of students of Tiimiakatemia is more than 2 million euros (www.tiimiakatemia.fi).
The second important player in the process of technology transfer is VTT
Technical Research Center. VTT Technical Research Center is a leading R&D
organization in Nordic countries and provides expert services for domestic and
international partners both in private and public sectors. It produces research and
innovation services that increase the international competitiveness of companies and
society. VTT falls under Ministry of Economic Affairs and Employment (Exhibit
4.2). VTT Technical Research Center VTT is responsible for applied research and
therefore fills the gap between basic research, which is conducted at universities and

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