Startup Numbers Go Downward in Finland

The Q1 2026 Startup Barometer reveals that the financial assessment of Finnish startups has hit its lowest level in the survey’s history. The “balance figure”—a metric where positive numbers indicate optimism—fell to 9.9 for member companies, down from 14.8 the previous quarter. When expanding the view to the entire startup ecosystem for the first time, that figure dropped even further to 4.8, signaling a significant cooling of the sector’s financial confidence.

Expectations for the immediate future have also darkened, with optimism regarding the next three months sliding across the board. The balance figure for the financial outlook of core community members fell to 17.8 from 25.9, while the total ecosystem reported a figure of 14.4. While these numbers remain technically positive, economist Amir Hassan notes that the decline is widespread; even established members are reporting a definitive downturn in sentiment that cannot be blamed solely on the survey’s expanded respondent base.

This financial caution has directly impacted the labor market, with the recruitment outlook weakening sharply for the fifth consecutive quarter. Although startups still expect to increase their headcount, they are doing so at a much slower pace, with the recruitment balance figure for member companies dropping to 22.3. FiBAN data scientist Ivan Helin describes this as a “worrying signal,” as startups have traditionally been one of the few reliable engines for job growth in the broader Finnish economy.

Broader economic sentiment has officially turned negative, largely fueled by prolonged geopolitical uncertainty and a sluggish global climate. The balance figure for the wider economic outlook plunged to -11.4 among community members, reflecting deep-seated anxiety about the next quarter.

This comprehensive report was a collaborative effort by the Finnish Startup Community, FVCA, FiBAN, Startup Finland, and the Startup Foundation. Conducted between January and March 2026 with 239 respondents, the barometer aims to provide a unified voice for the ecosystem. By using balance figures to measure the tug-of-war between optimistic and pessimistic responses, the survey provides a clear, data-driven snapshot of a sector currently navigating a historically difficult landscape.