Finnish Innovation Index
What does the Finnish Innovation Index (FII) measure?
The Finnish Innovation Index (FII) methodology has been developed at the Hanken School of Economics, enabling the ranking of the most innovative companies based on assessments from Finnish consumers. What sets FII apart from other rankings is its focus on measuring perceived innovativeness directly from the customer standpoint, rather than relying on broad attitudes, expert evaluations, or R&D expenditures. Perceived innovativeness, in this context, denotes a subjective evaluation of how customers perceive a company's ability to create and provide new and valuable solutions.
Firms are selected based on the following criteria's:
- Household expenditure: Firms included in the innovation index represent 70% of the Finnish consumers jointly household spending
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Market share: The companies have a 70% market share in their respective industries
The FII 2024 ranking is based on more than 23 000 responses from over 5800 consumers who evaluated the innovativeness and attractiveness of 77 companies and organizations in 17 categories
The Finnish Innovation Index (FII) measures and ranks companies on two indicators: Commercial Innovation Index is the essential overall indicator of innovativeness and the Social Innovation Index focused on societal progress. Additionally, the FII compares companies on the perceived Data Transparency focused on the excellence in customer data.
Commercial Innovation Index:
The Commercial Innovation Index reveals how the consumers see the firm’s innovativeness and attractiveness based on their previous experiences with the firm. A high ranking indicates that a firm is perceived as a pioneer and game changer in their field.
See FII 2024 results here.
Social Innovation Index-SII:
Introduced in 2022, the Social Innovation Index ranks the Finnish firms’ societal and environmental innovations from a consumer perspective. A high ranking indicates that the Finnish consumers view the firm as a driver for social and environmental progress.
See FII 2022 results here
Data Transparency:
Data transparency measures the extent to which the firm is utilizing data with integrity n that consumers know what data is being collected, who has access to it, and how they are able to interact with it.
Data Transparency Index reveals how Finnish consumer experiences the firms’ capability to manage and be transparent with their customer data. A high score signals that customers trust the firm to be using their shared information ethically and fairly.
Read more about FII 2021 here.
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Learn more about Innovativeness
Are you interested in gaining deeper insights into the most innovative companies in Finland and how we compare to our neighboring Sweden?
Our research team has utilized the 2023 results of the Finnish Innovation Index (FII) and Swedish Innovation Index (SII) to establish parallels between these two indexes.
This report delves into the realm of firm innovativeness in Finland and Sweden, drawing upon insights obtained from a nationally representative consumer study. The FII and SII are central components of the Innovation Index Coalition (IIC), an international collaboration spearheaded by top business schools. Its mission is to promote a conversation on innovation capabilities and strategies across various industries and enterprises.
By taking a customer-centric approach to innovation, as measured by the FII and SII, this report illuminates the true essence of innovation from the customer's perspective. It clarifies how companies in Finland and Sweden can leverage this conversation to their advantage.
For more details on the differences and similarities, please follow the link.
Perceived Innovativeness in Finland and Sweden: Innovation as seen by the customer
