PRESS RELEASE: Sustainable start-up growth - Aalto Startup Center alumni companies show that success goes beyond quick profit

Although the fast growth and short-term success of high-growth companies often attract the greatest attention, research indicates that many start-ups grow steadily year after year. 

A study by Aalto Startup Center research examined companies that emerged from the business accelerator in 1997–2023. Of particular note are the rapid growth companies, the so-called gazelles, whose turnover has at least doubled over four financial years. 

In 2023, a total of 36 gazelles accounted for 12% of all Aalto Startup Center alumni companies. The gazelles generated EUR 45 million in total turnover and employed 319 people. Between 2020 and 2023, the turnover of these gazelles increased by an impressive 270% and the number of employees by 53%.  

“Many gazelle companies have followed the sustainable development path after the incubator stage and demonstrated that stable growth can be sustained after the start-up period. In 2020–2023, the turnover of these continuous growth alumni companies was EUR 190 million and they employed 1,400 people,” says Marika Paakkala, Director of Aalto Startup Center. 

Long-term growth signals that a company is able to adapt, develop and respond to changing challenges – even during the difficult economic conditions in recent years. Aalto Startup Center offers its companies tools for sustainable growth right from the incubation stage.  

“We are not only aiming for quick profit: we offer companies the ability to respond to changing situations, cope in challenging circumstances and continue to grow in the long term,” emphasizes Paakkala. 

The international market calls 

Inclus, which originated in Aalto Startup Center, increased its turnover by 94% between 2020 and 2023. The development of risk management and prediction software has opened the door to international markets. 

“Our continuous growth is based on a management system that supports systematic development, management and customer service. We provide our comprehensive risk management software to the largest companies in Northern Europe. Now we are aiming for the rest of Europe and the United States,” says Mikaeli Langinvainio, CEO of Inclus.  

Kyocera Technologies nearly tripled its turnover in 2020–2023. In 2023, the company’s turnover was EUR 8.1 million and it employed 32 people.  

“We are continuing to develop groundbreaking MEMS technology as part of the Japanese Kyocera Group. The support and resources of a large group have accelerated our growth. We have also succeeded in attracting top experts, both domestic and international, which has been crucial to the success of the company,” says Tapio Sulkava, CEO of Kyocera Technologies. 

Futurice is also growing consistently year after year. In 2023, the company’s turnover was EUR 59 million and it employed 388 people.

”This growth has been driven by a conscious decision to build our own management and operating model based on strong values: trust, transparency, continuous learning and caring. Our objectives for the next few years center on international growth. Artificial intelligence poses both significant opportunities and challenges for us, and we intend to invest decisively in its utilisation,” says Mikko Viikari, a founding member of Futurice.  

Since its establishment, Aalto Startup Center has contributed to the growth of 700 companies with a total turnover of EUR 650 million in 2023. This has also resulted in 3,600 new jobs. While one in every two Finnish companies closes before the age of seven years, these alumni companies have a solid foundation. In total, 85% of Startup Center companies established in and after 2016 were still operational in 2023.

🔗 Check out here the Analysis of Aalto Startup Center’s fast growing alumni companies - gazelles.

Further information: 

Marika Paakkala,Director, Aalto Startup Center / marika.paakkala@aalto.fi / +358 40 8292 286 
Päivi Meros, Marketing & Communications Specialist, Aalto Startup Center / paivi.meros@aalto.fi / +358 50 32 98,554 

Aalto Startup Center plays an important role in building and developing the Finnish startup ecosystem. The business accelerator provides a growth platform for start-ups that are less than three years old, especially in the technology sector. This includes companies originating in Aalto University and elsewhere, and the accelerator also generates new business from research projects. In spring 2023, Aalto Startup Center was selected as one of the top three university-based business incubators in the world.