Innovation Mill

1 program, 120+ companies and 1 000+ jobs created

We’re turning ideas into results for corporations and start-ups alike.

Since 2009, through our Innovation Mill entrepreneurship development program, Spinverse and Tekes, the Finnish Funding Agency for Innovation, have helped dozens of start-ups to grow, fund 100+ innovations and create 1,000+ jobs.

Results of the Innovation Mill include:

  • 112 innovations funded
  • 83 innovations in new start-up companies
  • 29 innovations in existing companies
  • €84 million in funding raised
  • 1,000+ new jobs created

Continue below for success stories of some of the dozens of corporations and start-ups who are profiting from their involvement.

Corporate partners

Nokia is the founding corporate partner of the Innovation Mill program. Many of Innovation Mill’s technology transfer projects stem from Nokia, including technology licensing and business spin-off cases. Today, our Innovation Mill corporate partner network includes a growing number of other major industrial corporations like Fortum, Kemira, Metso, Ruukki and Wärtsilä. On top of identifying and launching new commercialisation projects, Spinverse promotes active networking between our corporate partners to share best innovation management practices and gain easy access to the solutions developed by Innovation Mill start-ups.

Innovation Mill

Sports Tracking Technologies

Sports Tracking Technologies Ltd began as a R&D project spin-off from Nokia when the results of the project’s development were released its team by their former employer. Today, the award-winning Sports Tracker app continues its development with a passionate team of mobile experts and a worldwide base of millions of users in over 200 countries.


Luxmet develops and sells advanced control systems for the steel and metal industries. Luxmet began as an industry-funded research project in Oulu University’s Laboratory of Process Metallurgy delivering an innovative method to directly monitor the steel production process. Further development of process control systems was then transferred to an independent company, securing the project’s industrial supporters priority access to the new technology. After the university research phase, Luxmet received Innovation Mill funding for commercializing its technology and signed agreements with two steel manufacturers.


Indicatorium Ltd is a nanotechnology company that develops and provides smart packaging solutions for the food industry, with plans to extend into other industries in the future. The VTT Technical Research Centre of Finland is in charge of technical product development at the company, including the extension of the company’s product portfolio. Indicatorium’s commercialisation began when Spinverse matched a freshness tag technology developed by bio-industry leader UPM with an entrepreneur exhibiting the right industry experience and international background for the project.

A Few More Milled Companies


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