Formed 1967 (1967) | Website www.sitra.fi/en | |
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Agency executive Mikko Kosonen, President | ||
SITRA (Finnish: Suomen itsenäisyyden juhlarahasto), the Finnish Innovation Fund, was founded in 1967 as a part of the Bank of Finland. Currently it is an independent public foundation which operates directly under the supervision of the Finnish Parliament. SITRA's president is Mikko Kosonen.
SITRA's duties are stated in legislation. Its operations are funded with endowment capital and returns from capital investments. Through its activities, SITRA aims to promote the economic prosperity and the future success of Finland. SITRA's aim is to be a respected partner in building a knowledgeable and innovative society. Compared to Tekes, which is a part of the government through a ministry, SITRA invests in companies and startups to create new profitable business, whereas Tekes funds research in companies or universities without an explicit profit motive.
SITRA has an endowment valued at €651 million. The funding comes only from the profits from the endowment; SITRA does not spend the endowment or receive tax-generated government funding.