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Front Page > About Sitra > History
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Sitra's history |
Sitra was set up in conjunction with the Bank of Finland in 1967 in honour of the 50th anniversary of Finnish independence. According to the constitution of the Fund, ratified by the Parliament in December 1967, “the returns of the fund must be used for financing measures which promote the stabilisation of the value of the Finnish markka, the acceleration of the economic growth of our country and the improvement of our international competitiveness.”
From the beginning, Sitra has been a pioneer, open-mindedly seeking new policies to promote the development of Finland.
1960sIn its anniversary session on 5 December 1967, the Parliament founded Sitra, the Finnish Innovation Fund, which was to be under the supervision of the Bank of Finland and had an endowment capital of FIM 100 million.
Sitra soon established its place as the country’s foremost public financier of technological research and development. Studies and experiments on various aspects of society and business comprised another sphere of Sitra’s operations.
The first President of Sitra was Chancellor Klaus Waris, who commenced his term in 1968.
1970s From the beginning, Sitra operated and provided funding in fields that had far-reaching effects and which, in the long run, would turn out to be crucial to the success of Finland. Topical themes were to the fore and in the 1970s a great deal of funding went to, for example, research challenges posed by the energy crisis. Topical projects of the time were also related to research and funding of electronics and technological innovations. 1977 saw also the beginning of management training in economic policy.
Two presidents headed Sitra in the 1970s: Kaarlo Larna, Ph.D. (Pol.Sc.) began his term in 1972, and Professor C. E. Carlson in 1974.
1980sTransferring technological innovations to the markets was again one of the most significant emphases of Sitra’s operations in the 1980s. These activities spawned Tekes, the Finnish Funding Agency for Technology and Innovation, which commenced its operations on the basis of models developed by Sitra. Sitra’s research projects also played a significant role in the founding of the Ministry of the Environment.
In the latter part of the 1980s, the operations focused on business development and venture-capital investments in technology enterprises. At the same time, Sitra started investing in international equity funding enterprises and funds. This was done to open doors to international markets for Finnish enterprises. Sitra can with good reason be considered the pioneer of Finnish venture-capital investment.
In 1986, Professor Jorma Routti started his term as the President of Sitra.
1990sMany changes took place in Sitra’s operations in the 1990s. Sitra was transferred from under the supervision of the Bank of Finland to an independent public foundation under the auspices of the Finnish Parliament. A new Act on Sitra was passed, in which the responsibilities were updated but the flexibility and diversity were retained. In the mid-1990s, a new strategy was drawn up for Sitra, according to which the operations were focused on venture-capital investments in early-stage enterprises and research and education on the future of Finland.
From 1997 onwards, the President of Sitra was Aatto Prihti, D.Sc. (Econ. & Bus. Adm.).
2000sSince the turn of the millennium, Sitra has invested in providing funding for high technology enterprises and developing social innovations. In 2004 Sitra’s operations were focused around six programme areas: Innovation, Health Care, Food and Nutrition, Environment, Russia, and India.
Esko Aho, M.Sc. (Pol.Sc.) acted as the President of Sitra in 2004-2008. The current President is Mikko Kosonen (Dr. Econ.) , who was appointed in November 2008.
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