Finnish Research Impact Foundation – Annual Report 2024
The FRIF promotes the impact of top-level research by strengthening collaboration with the business sector.
The effectiveness of the funding system ultimately depends on people
In Finland, increased public investment in research and development has been introduced to accelerate the innovation funding system. The allocation of these investments is widely debated – and for good reason – but it’s increasingly clear that funding alone is not enough. We need people.
Our funding activities
In the fifth round of the Tandem Industry Academia Postdoc programme in spring 2024, the Foundation awarded €1.6 million in funding to 7 new research and business collaboration projects.
In autumn 2024, we organised the third Tandem Industry Academia Professor call. As a result of the two-stage call, two professors were funded for one-year projects with a total budget of around €300,000. The Foundation also piloted a new TIA Seed funding instrument, targeted at top researchers who have recently arrived in Finland. Two researchers were awarded funding for projects with a total value of approximately €400,000.
TIA funding supports basic or applied research in the pre-commercial phase. Its aim is to support projects whose impact extends beyond a single company or research group, thereby advancing the research field as a whole. The goal is to produce research outcomes that can be scaled across the sector, contributing to both science and business.
“In 2024, we succeeded in further broadening the range of topics and disciplines in the applications – as we had aimed. We also launched the timely TIA Seed funding instrument to enhance Finland’s attractiveness in the eyes of top experts.”
Petri Kalliokoski
Petri Kalliokoski Chair of the Foundation’s Board (2025)
New Assessment: Finnish Research Impact Foundation Funding Encourages Researchers to Join Companies
Many researchers have been inspired to pursue careers in private-sector research through the funding provided. The Foundation launched an impact assessment of its funding operations in autumn 2022. The results were published in spring 2024 as part of the Foundation’s 5th anniversary celebrations.
Business cooperation provides a way to integrate foreign expertise and strengthen Finnish competitiveness
The Foundation’s new TIA Seed funding supports the career paths of two researchers who recently moved to Finland in 2024 and helps them build networks with the industry. The researchers describe the funding as attractive and internationally unique.
Highlights from 2024
4.3.2024
Foundation opened the TIA Postdoc funding call. →
An information session was organised for applicants. The call closed on 14 April.
27.5.2024
Foundation celebrated its 5th anniversary →
The anniversary seminar was held at the House of Sciences and Letters in Helsinki. The opening speech was delivered by Minister of Science and Culture Sari Multala. The Foundation’s first impact assessment was also published.
2.9.2024
TIA Professor and new TIA Seed calls opened →
Information sessions were held for both calls. The call was open from 2 September to 13 October.
19.9.2024
Celebration for funding recipients and project presentations
A reception and networking event for spring 2024 funding recipients was held at Aalto EE in Töölö.
10.12.2024
Impact-minded foundations gathered
The Foundation co-organised a peer circle for impact evaluation with the Association of Finnish Foundations and Itla Children’s Foundation.
Foundation’s assets
The Foundation’s assets are invested productively, securely and responsibly. With a long investment horizon, stable returns ensure the continuity of operations. Investments are guided by the Foundation’s investment plan and its principles of responsible investment.
The year 2024 was generally strong in the financial markets, although returns varied across sectors. The Foundation’s portfolio returned +8.9% in 2024, with a market value of approximately €75 million at year-end, including cash. Equity markets were particularly strong in North America, reflected in the return on liquid equity investments. Alternative investments yielded +2.2%, due mainly to underperformance in real estate funds. Since its inception, the Foundation’s portfolio has returned +9.6% annually.
The Foundation’s equity capital was €62,524,140. The total assets on the balance sheet amounted to €65,820,384. In 2024, the Foundation awarded a total of €2,276,288 in non-repayable grants.
