Case | HBS Case Collection | September 2012 (Revised March 2013)

Entrepreneurial Finance in Finland?

by William R. Kerr, Ramana Nanda and Alexis Brownell


This case describes a new venture attempting to bring early-stage entrepreneurial financing to Finland and other Nordic countries. Entrepreneurship is taking off in Finland, an area that historically has had little venture capital or high-growth start-up activity, but a gap remains for seed-stage financing. The founders are evaluating the best way to structure their private equity fund to reflect their own assets and abilities and the needs and resources of the entrepreneurial scene in the Nordics. The case evaluates whether to organize as an accelerator, a micro-VC fund, an incubator, a normal VC fund, or as a hybrid.

Keywords: angels; angel investors; VC; micro-VC; accelerator; incubator; entrepreneurship; entrepreneurial finance; venture capital; Entrepreneurship; Venture Capital; Private Equity; Business Startups; Financial Services Industry; Finland; Scandinavia; Europe;


Kerr, William R., Ramana Nanda, and Alexis Brownell. "Entrepreneurial Finance in Finland?" Harvard Business School Case 813-068, September 2012. (Revised March 2013.)