Our Replication City, the City of Espoo has secured second place in the European Commission’s prestigious Capital of Innovation Awards (iCapital), announced at the Web Summit in Lisbon on 13 November 2024. Espoo’s strong performance marks Finland’s best-ever result in the competition, highlighting the city’s dynamic innovation culture and its commitment to shaping a hopeful future for young people.

The competition recognises cities that drive new innovations and foster impactful collaboration. Turin claimed first place, with the West Midlands Combined Authority from the UK finishing third. Espoo’s second-place achievement comes with €100,000 in prize money, which will be used to advance European innovation initiatives.

Espoo Mayor Jukka Mäkelä praised the city’s thriving innovation community, saying: “Espoo has a unique ecosystem where high-level cooperation between different operators is more straightforward than anywhere else in the world.”

Collaboration with key partners, including Aalto University and VTT Technical Research Centre of Finland, has been pivotal to Espoo’s success. “Our sustained and unique cooperation creates solutions to global challenges and promotes sustainable development,” noted Antti Vasara, President and CEO of VTT.

Espoo remains a driving force for Finland’s economic growth and innovation:

• The city ranks sixth in Europe for patent applications, representing 60% of Finland’s total patents.
• Espoo-based start-ups raised 95% of their funding last year for solutions contributing to the UN Sustainable Development Goals.
• The city accounts for nearly half of the Helsinki Stock Exchange’s turnover.

Learn more about Espoo’s role in fostering innovation and sustainable development across Europe here.