The Finnish Research Impact Foundation’s Annual Report 2023
FRIF works to enhance the impact of cutting-edge academic research by promoting cooperation with industry.
The innovation system needs contributions from all scientific disciplines
The theme for the Finnish Research Impact Foundation’s fifth operational year was to promote collaboration between research in the social sciences, humanities, and the arts and businesses. The Foundation investigated the current state of industry collaboration within SHAPE disciplines and initiated discussions on their role within the innovation system.
Our Funding Operations
In the fourth round of calls for Tandem Industry Academia Postdoc funding in spring 2023, the Finnish Research Impact Foundation granted a total of 2.1 million euros to support ten new joint projects between research organizations and industry partners.
In autumn 2023, the Foundation organized the Tandem Industry Academia Professor funding call for the second time. Following a two-stage application process, grants worth a total of approximately half a million euros were awarded to support three professors’ one-year projects.
Precompetitive TIA funding is available for basic or applied research before commercialization. It aims to support projects whose impact extends beyond a single company or research team, thereby contributing to the development of the wider field of study. The goal is to conduct research whose results can be scaled to the entire branch and that will advance both science and business.
“The Foundation has proven to be a significant player beyond its size, and its project funding has successfully attracted top talents to potentially highly impactful collaboration between the academic world and businesses.”
Keijo Hämäläinen
FRIF BOARD MEMBER
FRIF’s funding takes professors to companies
The FRIF’s TIA Professor funding places professors in companies for a year to conduct their own research in collaboration with a business partner. In 2023, the Foundation awarded TIA Professor funding to three new professors.
What is the state of industry-academia collaboration in the social sciences, humanities and arts? Perspectives from the Nordics and beyond
The social sciences, humanities and arts have largely been absent from the landscape of industry-academia collaboration. Our 2023 whitepaper explores the relationship between these disciplines and industry collaboration and looks for ways of removing barriers to collaboration.
Highlights of 2023
1.3.2023
The Foundation’s TIA Postdoc funding call was opened. →
The Foundation’s TIA Postdoc funding call was opened. In addition to hosting its own information session, the Foundation organized a total of seven tailored info sessions for different applicant organizations and offered one-on-one sparring sessions for applicants.
4.5.2023
The Foundation convened a round table discussion on “Accelerating Collaboration between Humanities and Industry.” →
The Foundation convened a round table discussion on “Accelerating Collaboration between Humanities and Industry.” The discussion included a wide range of experts from Finnish universities and the higher education sector. Following the discussion, an online survey was created for researchers and companies.
20.9.2023
A celebration for the recipients of TIA funding was held at Little Finlandia. The keynote speaker was Professor Ulla Lassi from the University of Oulu.
30.11.2023
A webinar on “The State of Research and Industry Collaboration in the Humanities” was held. →
A webinar on “The State of Research and Industry Collaboration in the Humanities” was held. About 100 people attended, and the event featured international experts from the British Academy, the University of Southern Denmark, and the Finnish Textile and Fashion Association.
Asset Management
The Finnish Research Impact Foundation’s assets are invested profitably, securely, and responsibly. The Foundation has a long-term investment horizon aimed at building a steady revenue stream to ensure the continuity of its operations. The Foundation’s investment activities are guided by its investment plan and principles of responsible investment.
Despite economic challenges, 2023 was a positive year for investment activities, with significant increases in major developed country equity and bond indices, particularly towards the end of the year. This improvement was driven by the easing of inflation in both the United States and Europe and the cessation of interest rate hikes. The equity market gains were notably led by U.S. technology companies. However, the onset of the Gaza conflict in October introduced market uncertainties, particularly in oil and transportation costs.
At the end of 2023, the market value of the Foundation’s investment portfolio was approximately 70.4 million euros. The overall portfolio yield for 2023 was 7.6%. Since the Foundation’s inception, the annual portfolio yield has averaged 9.8%.
The Foundation’s equity at the end of the financial year 2023 was 60,928,329 euros. The balance sheet total stood at 64,159,432 euros. During 2023, the Foundation awarded a total of 2,630,134 euros in grants.
