This document discusses ways to strengthen Finland's innovation ecosystem and create more high-growth companies. It argues that Finland needs to create many €200 million+ growth companies to support its future demographic needs. The author believes Aalto University can help by laying the foundations for these "black swan" companies and outlines several ways the ecosystem and entrepreneurs need to change, including promoting passion, risk-taking, focusing on huge problems, and bringing in global talent. It also summarizes Aalto's efforts to enable this through activities like international networking events and collaborating with the national ecosystem.

1. Outliers, Black Swans, and InternationalizingourEcosystem Will.Cardwell@Aalto.Fi

2. What is ACE Today ? xES Entrepreneurship Education NoteCombo of Academic And Practice! Entrepreneurship Research Innovation Services and Technology Transfer Growth Venturing and Start-Up Services

3. ACE Innovation Services today and tomorrow * * This is ”Practice” part and it is Critical to future of Finland and mustberesourcedaccordingly!!

4. Finland’s (and Europe’s) Challenge 4 Creating Growth In order to makethishappen,wewillneed to dosomethingsdifferently – whatwearedoingis notworkingwellenough…

5. Summary of Finnish high-tech company capital raising activity – Q32010 Finnish high-tech companies announced raising nearly €30 million of risk capital during Q3 of 2010. The quarterly amount was comparable to Q3 2009, when Finnish high-tech companies were able to attract around €29 million euros of financing. The amount of investments remained equivalent to the prior year’s Q3 activity, however, the average investment size in Q3 2008 was significantly smaller TECHNOPOLIS PLC 14 December 2010 5

6. In Israel (1) 6

7. The following is how I viewthat the values of Finland’sinnovationecosystemneed to berecalibrated, and how Aalto will help… 7

8. The Counter-IntuitiveReality of the Black Swan Link 8

10. Makes a MassiveImpact

11. WemakeupExplanationsAfterward

12. Endowedwith an unfairadvantange.

13. Extremepractice and workHaveweeverhadany, and whyaretheysoimportanttoday?

14. Caveats and Disclaimers I AMsaying: Finland/Europeneeds to create MANY €200MM+ growthcompanies to make the demographicmath of the futurework We, as a University community, canlay the foundations for theirbirth and growth, butit is challenging and wemust LEARN how to dothat I AM NOTsaying: Thateverybodyshouldtunetheirstartup to try to be a BlackSwan That the guys at the Black Swanswill (necessarily) be the richest, thoughhopefullyso… ThatwecanevenguaranteeanyBlack Swanswillemerge 10

15. 1. On Passion… Ecosystem: promotes and rewards passion and ambition Entrepreneur: Focus on huge, game-changingproblems …and, letsnotbeat the billion euro ambition out of ourfounders ! Link 11

16. 2. On Risk-taking and Failure… Ecosystem: promotespioneering spirit embracing uncertainty, risk-taking and tolerating failure Entrepreneur: Youmustnotfail! (butits OK ifyoudo, keeptrying!) You just cannothave a Plan B !! Link Link 12

17. 3. On Youth and Energy… Ecosystem: Attract founders, who are ideally young, energetic and possibly migrants, and support them patiently Entrepreneur: Startearly! Universities will probably drive the next Black Swan. And, DON’T BE PATIENT! 13

18. About 34 About 26 14

19. aaltovg.com twitter.com/ aaltogarage

20. 4. On Customers… Ecosystem: Willingcustomersparticipate in trial and errorprocesswithinnovators. Entrepreneur: Get out of the officeall the time – live and breathewithcustomers. And customers: ifyoudon’tpay, youarepart of the productorservice, act likeit! Link 16

21. 5. On Teams… Entrepreneur: Bring in the bestwherevertheycomefrom (and manywillcomefromabroad!) Ecosystem: Freedom offered to talent who should not be snatched from start-ups. Talent (and capital!) MUST be mobile! Link 17

22. Whatarewetrying to do at ACE to enablethis? A Deep International Network Bringworld-classlecturers, practitioners and studentsIN SendourcommunityOUT to globalhotspots. SupportREGULARbootcamps and eventsaroundkeythemes Createwinning IP strategies Raise the overallIMAGE of GrowthEntrepreneurship Collaboratefluentlywithour national and regionalecosystem! Getgreatideas into the marketFAST! 18

23. SelectSpin-offs and Start-UpsfromAalto University SomePast Start-Ups Hybrid Graphics F-Secure Sulake Rovio Solid … manyothers

24. Any Ideas? Invented Something? Contact us directly: Will Cardwell, Head, 040 514 1325 Pauli Laitinen, Innation Services teamleader, 050 338 0509 Or looked at: http://ace.aalto.fi 20