When mentioning Finland, we always think of Nokia. Pekka said nobody could find any other developed industrial economy where one company has played a bigger role than Nokia. Indeed, Nokia, as a backbone, is extremely important to Finland.
On October 26th, Nokia launched its long-awaited Windows phone in London, which again creates a large amount of profits for Nokia and which revises its current sluggish situation . The real reason that supports the company to develop new products to catch up with its competitors should be boiled down to Nokia’s most striking strategy –innovation. Nokia has a positive attitude in regards to situation involving technological development and focuses on the investment in research to grow sustainable business. So when considering its innovation, I think Nokia should be viewed as entrepreneurship even though the company face harship in the short run.
Why is innovation strong enough to eave Nokia’s situation? Basically, innovation always means new product, new methods, new organization and finally new market. Developing the new world-class generation based on innovative manner generates more value to the customers, which in return lead to profit. As a result, innovation is equivalent to wealth creation.
Finland relies on Nokia because it is the backbone in Finnish economy. Nokia relies on innovation because it brings new hopes to the company.
Resource: Globe and mail