Exploring the Finnish Impact Investing Ecosystem: Perspectives on Challenges from Technology Startups

The increasing significance of social and environmental impact within the technology startup business sector has garnered attention. Previous research has explored impact investing and related themes in the startup context. However, despite the growing interest in this area, a noticeable gap exists in research addressing impact investing ecosystems (IIE) and ecosystem-related challenges and advantages specifically within the technology field. This study endeavors to fill this gap by examining organizations within the Finnish IIE, bridging the divide between current industry practices and academic research. This study employed an interview-based approach, featuring thirteen interviewees representing eleven participating organizations. These interviews followed a semi-structured format, with all interviewees holding roles closely linked to the technology startup context within the Finnish IIE. Utilizing the thematic synthesis approach, this research aims to elucidate the perceived challenges faced by technology startups operating within the IIE. The findings of this study underscore the diversity and multiplicity of challenges confronting startups within the IIE, spanning various functions and operations, as well as the existing financial structures. Furthermore, this study puts forth recommendations for mitigating these perceived challenges and suggests potential avenues for future research within this domain.