Indian software company TechnoLabs has decided to set up its global R&D unit in the Helsinki region and plans to hire at least 12 employees already in 2017. The decision was preceded by close contacts between TechnoLabs, Helsinki Business Hub, and Team Finland.
In early September 2016, the people from TechnoLabs software company traveled from Hyderabad, India to Helsinki, Finland. The company had created a cloud solution for retail business that allows retail chains to operate without wires, hardware, and software – and it had received excellent market response for it. Prompted by the success of the Retail Cloud solution, TechnoLabs was next looking to expand into the European and US markets.
Helsinki Business Hub’s Indian partner, business development consultancy PrEver suggested that Finland might be a good location in Europe for TechnoLabs. PrEver has extensive networks and knowledge of the Indian market and works with Helsinki Business Hub to identify Indian companies that could potentially expand to the Helsinki area. Helsinki Business Hub then invited TechnoLabs to visit Helsinki so as to introduce the local business ecosystem to the company and to match the company with Team Finland’s organizations and services.
“We visited Finland altogether three times in the fall of 2016, but we made up our minds about expanding to the Helsinki area already on our first visit. Compared to other European economies, Finland provides a favorable ecosystem for innovation, and we believe that the time from idea to piloting is shorter in Finland than in most other countries. We are also looking forward to the great collaboration opportunities with Finnish universities and with Finnish companies who are working on IoT and 3D modeling,” says Founder and Managing Director Siva Pothuluru from TechnoLabs.
“Furthermore, the availability of capital and skilled professionals, as well as the intellectual property protection and the support we have received from government organizations like Helsinki Business Hub spoke strongly on Finland’s behalf. We also noticed on our visits that even the senior directors of Finnish organizations showed great humility and great attention to details. We have not experienced even an iota of red tape or bureaucracy,” Siva Pothuluru adds.
Gateway to the Nordic and European markets
Once TechnoLabs had chosen the Helsinki region as the location of its new product development unit, things happened very fast. It only took a few weeks for the company to register and open a bank account in Finland, and with the help of Espoo Innovation Garden, TechnoLabs signed a lease agreement for an office in Spektri Business Park in Espoo. The company has also begun recruiting people with Helsinki Business Hub’s partner Juhler Group.
“Helsinki Business Hub and its network led us by the hand through our integration into the Finnish business ecosystem and helped us complete the formalities in just a couple of weeks. Our office space will be ready in January, and we plan to hire at least 12 employees in 2017,” says Siva Pothuluru.
TechnoLab’s target market includes major retail brands in Europe, US, and Asia. The company plans to make the new Finnish unit its global R&D center for developing unmanned outlets, retail analytics, and customer experience.
“Helsinki is going to be our gateway to the Nordic countries and to Europe, and we plan to drive our European business from there. We want to profile ourselves as a local company both culturally and in regard to quality. We are also looking forward to exploring new research areas in collaboration with Finnish universities and companies. I am confident that Helsinki will provide us with the talent and innovation ecosystem we need in order to bring our solutions to a new level,” Pothuluru says.
Why Finland, Managing Director Siva Pothuluru?
- Attention to details and quality consciousness
- Skilled professionals at an affordable cost
- Hospitality and good English language skills
- Excellent innovation ecosystem with very active support from government institutions
- Very good infrastructure