Hanken Business Lab – Inspiring people

The Helsinki lab was founded in 2016, with a second Hanken Business Lab being inaugurated in Vaasa one year later. Its directors are two Hanken alumni: Markus Wartiovaara (Helsinki) and Jan Sten (Vaasa).

Markus Wartiovaara encouraged the Lab in Helsinki to develop into an integral part of the international entrepreneurial ecosystem.

"If you want to come back to Hanken, we want to be the place with the lowest threshold. Our activities are not only for start-ups, but for Hanken students of all ages. If you have got stuck in your career, or want to create something new, you are always welcome back – to a creative and supportive environment."

The Lab in Vaasa also offers students a unique chance to learn how to navigate their way through the world of entrepreneurship. The activities at the Vaasa Lab are more time-restricted; most students start and run their business only while pursuing their studies.

"The students use the Lab as an opportunity to gain experience about entrepreneurship and business innovation, two things that are also known to improve the chances of getting a job after graduation," says Jan Sten.

Today, Hanken Business Lab has over 50 members, a unique mix of everything from internationally successful companies to non-profit organizations. Three of them are presented here:

Monika Liikamaa, co-founder and co-CEO of Enfuce

Tell me, what does your company do?

“Among other things, we are a payment services provider for banks, the commercial sector and companies. We are directly connected with MasterCard and Visa and we are the first in the world to have card issuance and payment processing in a public cloud, approved by the Finnish Financial Supervisory Authority. Enfuce was founded in 2016 and we now have 125 staff members handling daily payments for 16 million end customers."

What are Enfuce's biggest successes?

"We make services better, faster and globally scalable compared to our competitors, which allows us to truly help our customers achieve their goals. Our Net Promoter Score stands at 95. The core of our business is made up of four areas: we are the best in the world at this technology, we have people with the right experience and attitude, we follow the compliance principles because the industry is very strictly monitored, and our processes are rock-solid."

What has been the most challenging part?

"In the beginning, we had no money, then came the pandemic and now the war in Ukraine, but we have survived, and are doing what we can to help out in terms of the war. It is a question of attitude – we want to always be moving forward. 'The shit hits the fan' every day, but it depends on how you handle the situation. We have massive, ambitious goals because we want to change the world."

In what way has Hanken Business Lab helped you?

"I strongly believe in networking, and the Lab is a good forum for getting involved, because there is this willingness to help each other. Overall, we maintain close contact with Hanken, as many Hanken students work for us, some of our employees are attending the Hanken Executive MBA programme, and others are upskilling at Hanken & SSE.”

What are your plans for Enfuce in the future?

"The goal is an IPO in 2026, and to succeed, we need to go global. This year, we are focusing on Europe. We now have offices in Finland (Espoo and Åland), Stockholm, Riga, Berlin, London and, soon, Amsterdam. We are also preparing to expand westward; hopefully we will be established in North America in the spring of 2023."

What advice would you give to those wishing to start a business?

"Just do it! What's the worst that can happen? No one dies, and you will learn stuff. If you have an idea and a problem you want to solve, dare to start your business – and dare to ask for help."

William Engblom, co-founder and head of business development at Talentrator

Tell me, what does your company do?

“Talentrator, in its current form, started operations in September 2021. We have built up a platform of over 15,000 coders from all over the world, mainly from Eastern Europe, Africa and Asia, that through a pre-screening process, get matched with fast-growing start-ups and growth companies, primarily from the Nordics.

Unlike traditional recruitment businesses, we are a software-driven company for companies that want to boost their access to pre-vetted developers. Our mission is to help the best international developers shine in front of top companies by dismantling cultural biases. We currently have ten employees consisting of six nationalities and have received EUR 270,000 from investors.”

What are Talentrator's biggest successes?

"The fact that we found the right people to hire, right from the start. We have three co-founders: Carl-Wilhelm Unnérus, Maximilian Wittmer and myself, who complement each other and share a common vision. We have succeeded in hiring driven individuals who share that vision."

What has been the most challenging part?

"Given that I am so young – 21 years old – there are many areas I lack experience in. Sometimes it can be challenging to know which way to go. In those cases, the key is to find people who have done this before and want to help you. It is a question of seeking out the right networks and mentors." 

In what way has Hanken Business Lab helped you?

"Lab Director Markus Wartiovaara is always willing to help with practical matters. He also gives valuable feedback. At the Lab, you meet very interesting, like-minded people who offer you new perspectives. Here I become part of a network that is relevant to my company."

What are your plans for Talentrator in the future?

"Right now, our focus is on the product itself. Our own programmers and coders are constantly improving our processes. We want to build up a strong foothold here in the Nordic countries, but we have greater visions of fairly quickly becoming a world-leading solution for companies to employ coders in an effortless and secure way. We also want to help coders find meaningful jobs, such as those living in countries with poorer working conditions. We want to create better opportunities for individuals around the world."

What advice would you give to those wishing to start a business?

"It's easy to have an idea, but harder to realize it. Talk to as many people as possible, including people other than your acquaintances, to get different perspectives. And start working on your idea. Most probably, the end product is still very different from your initial idea."

Christoffer Lundström, founder of CHL Sales Agency

Tell me, what does your company do?

"CHL Sales Agency allows smaller companies that cannot afford to hire staff, to hire a salesperson for, for example, 1-3 days a week. We offer a professional salesperson who works towards the company's targets. Our customers include, for instance, print media and education enterprises. I started the company in 2016 and made a living from it for many years. Even though it is no longer my main job, it was this idea that got me into entrepreneurship."

What have been CHL Sales Agency's biggest successes?

"When I hired the first staff members. It was a sign that we were moving forward and the business was taking off. I went from a one-man company to a proper workplace with multiple employees."

What has been the most challenging part?

"Maintaining staff, making sure they are thriving, and that everything runs smoothly. My role also changed once I got employees – I was no longer just managing myself."

In what way has Hanken Business Lab helped you?

"I received an incredible amount of help from the Lab at the beginning. It all started with me sparring with the then director of the Vaasa Lab, Nina Ingves. I also received a lot of help and inspiration to move my business forward whenever I participated at courses at the Helsinki Lab. Others critically looking at your business from a completely different perspective, is valuable."

What are your plans for CHL Sales Agency in the future?

"The company has become more of a side-job recently, as my new company, Bed Invest, is taking up more of my time. Today, CHL Sales Agency has one employee and the plan is to keep it at that same level, depending of course on how the market develops. I have been bitten by the entrepreneurship bug – it is really fun and interesting, but also challenging, of course. Being free to develop a business and constantly strive to improve, is more of a lifestyle than a job."

What advice would you give to those wishing to start a business?

"Keep track of your finances. Strive to have stable company finances. Learn to live on a lower salary during the first five years, build a solid foundation to be able to earn better later on."