As a result of the first part of the empirical research, it can be concluded that, in general, Russian entrepreneurs have highly positive attitudes towards Finnish institutional environment and innovation support policies provided to foreign start-up firms in the country. All of the entrepreneurs are raising the consultancy, mentoring and informative services as the most valuable support provided to them by the program in which they participated in Finland. In addition, the respondents also stated that one of the advantageous outcomes of the support program is the presented opportunity to network with professionals and to gain basic contacts for further development of business operations of their companies. When comparing their companies’ home country to Finland, the entrepreneurs state that in terms of effective support policies and valuable networking opportunities, Finland is viewed to be more preferable country to establish a company or to internationalize into than Russia. In general, the research demonstrated that institutional environments of countries have rather crucial effects on the emergence and further growth of new innovative start-up firms in the world.
However, the findings show that most of the Russian entrepreneurs are planning to internationalize their start-up firms firstly into the United States of America rather than to Finland. Here, the main aspect is turned to the size of targeted markets and the fundamental goals of the entrepreneurs.
Thus, Finland is viewed as a channel to enter and build a presence in the
European markets, while USA provides an opportunity to expand the business to cover global markets. In addition, as the global business language in the world is English, it can be added as a one more advantage in favor of the markets of USA. As a result of the research findings, it can be concluded that Russian entrepreneurs seem to be rather active, highly knowledgeable and ambitious to create the presence on a global level. In addition, they are not afraid of taking risks and making risky decisions in order to reach their goals. These particular factors are highly essential in order to promote entrepreneurial activities all around the world, and to develop the economical position of the country itself.
As an outcome of the second part of the empirical research, it can be concluded that Russian entrepreneurs are able to establish their companies in Finland mainly through the same process as the Finnish or European entrepreneurs do. However, the entrepreneur who has a permanent residence outside the European Economic Area (EEA) is required to apply for a permission to perform business activities in Finland.
There are many organizations in Finland which provide their support in terms of consultancy, informative, language translation as well as legal and financial services to the entrepreneurs who are in the process of establishing their companies in the country. In order to receive support from Finnish institutions, the requirements for any company include the facts that the company should be established in Finland and show its active commitment in improving the economical stand of the country.
Thus, the established company is expected to create new work places, raise tax revenues, develop technology bases and generate innovations in the economy, among other things.
Based on the research findings of the case study, the process of establishing a company in Finland is initiated by the intention of the Russian entrepreneurs themselves. At the beginning of the process, the activity as well as existing networks of entrepreneurs play crucial role.
Thus, the entrepreneur should search for possibilities and opportunities
and create contacts with the necessary parties in one’s home and targeted foreign countries. In Finland, there are many organizations which provide their help to entrepreneurs in the process of establishing the company as well as in starting and developing its business operations in the country.
As with the case study, the company’s establishment process begins with a contract made between the entrepreneurs and one of the organizations providing its services according to the conditions of the mutual agreement.
On the one hand, it should be mentioned that entrepreneurs are also able to manage the process of establishing a company in the country on their own, without any contracts involving external organizations. However, on the other hand, operating on their own the entrepreneurs are required to obtain rather extensive knowledge about the process itself and about the fundamental requirements taking into account legal, practical, cultural and other aspects. In addition to knowledge and experience, the entrepreneurs will also benefit if they have personal contacts and networks to provide help and support in the situation. In the end, the establishment of a company in Finland involves approximately ten steps which are required to be completed before the company is able to begin its business operations in the country.
According to the findings of the case study, the problems faced by Russian entrepreneurs in Finland during the process of establishing the company and starting business operations in the country, are mainly related to the legal, practical, cultural and general situation of the SMEs.
Thus, lack of entrepreneurs’ knowledge related to the institutional factors of the targeted country raise the main problems. In addition, cultural and language based complications are faced by Russian entrepreneurs when dealing with legal and documentary issues in Finland. In general, inexperience of the company hinders on some level the processes of getting financial support from the Finnish organizations. However, all of these particular problems are avoidable to some extent, and as it is also demonstrated by the case company of the research, all of the faced
problems should be viewed as factors for improving organizational learning of the company and the entrepreneurs.