Y Science: Showcasing the value of science-based innovation

Describe Y Science, its purpose and goal?

“Y Science is the official side event of Slush [an annual Helsinki startup event that brings together European startups, world-class investors, and tech journalists]  focused on life science innovation. The event gathers about 1,500 attendees, bringing together the curious scientific community and the business world, and showcases the value of science-based innovation to inspire concrete actions and contributions to society. Y Science is organized by the University of Helsinki in collaboration with Helsinki Innovation Services, Orion Corporation, and Aalto University.” 

What will you showcase and offer attendees at the Y Science 2024 event?

“The event will host several talks, three pitching competitions, and a research2business runway, showcasing innovation projects in the fields of health and pharma, food systems, and sustainable materials. Throughout the event, our attendees will also have a chance to connect with researchers, entrepreneurs, investors, corporates, students, and other life science innovation stakeholders in our dedicated networking area. The event is also free of charge and doesn’t require a Slush ticket.”

When it comes to commercializing life science research in Helsinki, what would you say are the biggest challenges right now?

“Like other Nordic ecosystems, Helsinki has access to only limited local VC [venture capital] funding, despite the excellent research and innovations coming from the academic institutions located in the capital regions. Another limitation is that since Finland is a small country, the primary market for health and pharma innovations is often outside the country, frequently in the US or beyond Europe. This creates challenges in building a strong network of partners, key opinion leaders, and future clients, who are typically located thousands of kilometers away. So it’s essential to establish long distance collaborations and navigate different regulatory environments. In connection to this, only a couple of pharma companies (i.e. Bayer and Orion Corporation) have a strong research-and-development presence in Finland, which means that most public-private collaborations are also established with foreign partners.”

What are the biggest advantages of being a Helsinki-based life science researcher aiming to commercialize their findings?

“According to the EU regional innovation scoreboard, Helsinki is part of the second-best research and innovation ecosystem, indicating a strong innovation mindset and a talent-rich community. The capital region also combines strong academic organizations, a leading university hospital, and a lively startup community. Moreover, the Helsinki ecosystem, albeit small, is well connected both internally and with external partners, making it easy to access. Our strong collaborative culture supports public-private partnerships. We also have several key areas of excellence, including AI, digital health, cancer, and neuroscience, as well as an impressive collection of medical data (e.g. projects like FinnGen). Lastly, innovation support is available through international programs such as SPARK Finland, combined with modern testing facilities offered through Health Proof Helsinki.”

How can SPARK Finland help a life science innovator to start and grow a company?

“SPARK Finland is a two-year development program designed to advance healthtech and life science innovations from academic research towards commercialization by helping create fundable, value-creating solutions. It provides mentoring, education, and resources to students, researchers, and clinicians to enhance their market understanding, which is fundamental for success. Participants receive active mentoring from industry experts and attend key industry events abroad, where they showcase their ideas, test their hypotheses, and receive valuable feedback. During its initial years, SPARK Finland has helped create over 30 startups, and there are currently around 40 active projects in the program.”