Rector of the University of Vaasa Minna Martikainen at the opening ceremony of the academic year: Finland’s future will not be built by undermining higher education and research
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In her opening speech of the academic year on 1 September, Rector of the University of Vaasa Minna Martikainen reminded that Finland’s growth, competitiveness and wellbeing are built on higher education and internationally high-quality research. Only through this academic expertise can the country secure investments, increase exports and overcome its debt burden.
Rector Minna Martikainen voiced concern over the Ministry of Finance’s draft budget, which would reduce university funding by EUR 90 million next year. In addition to earlier cuts, the proposal includes a two-year freeze on the funding index. This alone would mean a reduction of EUR 59 million in 2026 and as much as EUR 112 million in 2027.
She noted that earlier freezes and cuts have already pushed Finnish university funding permanently below the level of other Nordic countries. At present, when adjusted for student numbers, Finland’s universities operate with 20–30 per cent less funding than their Swedish, Norwegian and Danish counterparts.
Martikainen emphasised that research, development and innovation are the engines of future growth, and that the parliamentary target of raising R&D investment to 4 per cent of GDP by 2030 is one of Finland’s most important commitments for securing competitiveness.
– Now is not the time to dilute this ambition or postpone it. On the contrary, investing in academic expertise is more important than ever, she said.
Rector´s speech at the opening ceremony
Watch the opening ceremony live stream:
Matias Mäkynen, Member of Parliament: “Research and education are Finland’s most important public investments”
In his ceremonial speech, Member of Parliament Matias Mäkynen highlighted the vision for higher education and research for 2040, which is currently being developed under the leadership of the Ministry of Education and Culture in Finland.
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– I hope the vision will be positive, strengthening the foundation and predictability of higher education institutions and inspiring the university community. The goal must be world-class science and research, which form the basis for educating well over half of our young population and creating new technological innovations that support Finland’s success. Enhancing research activities and increasing both the quantity and quality of higher education graduates are the most important public investments we can make to boost Finland’s competitiveness and high domestic value-added exports.
Mäkynen emphasised that Finland’s vision cannot be a diminishing one — “the same expertise for fewer people with less money” — but must aim for top-quality science and education that together attract industrial investments and skilled professionals.
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– A spiral of decline is not a vision at all. Instead, it is possible to create a virtuous cycle powered by research and science. At its best, the vision for higher education and research can become Finland’s vision as a whole.
Hanna Smith, Senior Strategic Advisor to the OSCE Secretary General and Professor of Practice at the University of Vaasa, emphasised in her speech that in times of uncertainty, the world is increasingly looking to Finland as an example.
– Finland has the opportunity to position itself as a leading expert in developing a comprehensive security model. Such a model requires collaboration across all sectors. Security today is not just about defense – it demands foresight, critical thinking, and international cooperation. Universities play a central role in this effort.
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The greeting from the Student Union of the University of Vaasa was delivered by Jenni Hiltunen, Chair of the Student Union Board.
– The current situation in Finland affects us all. Many students are struggling with their livelihood and wellbeing. It is our shared responsibility to highlight that education is not an expense, but an investment in the future.
Jussi Tolvanen, CEO of DNA, has been chosen as the University of Vaasa’s Alumnus of the Year 2025
Jussi Tolvanen, CEO of DNA, has been chosen as the University of Vaasa’s Alumnus of the Year 2025. Graduating with a Master’s degree in Economics and Business Administration in 2008, Tolvanen has built an impressive career in leadership roles within technology companies, serving as a visible role model for students. The last four years Tolvanen has been the CEO of DNA Plc. and before that he has held various positions such as CEO of Microsoft Finland.
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Tolvanen has also strengthened the university’s ties with the business world through his involvement in fundraising efforts.
– I was truly surprised and grateful to receive the award. I hold the University of Vaasa in very high regard, and this is a great honour for me, Tolvanen says.
Tolvanen sees university education as vital for Finnish businesses and society at large.
– In terms of competitiveness and innovation, the importance of expertise is growing – and universities play an extremely important role in this.
The University of Vaasa’s Alumni of the Year are chosen annually by the Vaasa University Society. The honorary title is given to alumni who have used the capabilities they have acquired at the university in a positive way and who have increased the interaction between the university, the society, and the economy and inspired other alumni.
Ostrobothnia Chamber of Commerce Award to Associate Professor Vanja Piljak and Assistant Professor Nebojsa Dimic
The Ostrobothnia Chamber of Commerce Award has been granted to Associate Professor of Finance Vanja Piljak and Assistant Professor of Finance Nebojsa Dimic from the University of Vaasa. The €5000 award was presented at the university’s opening ceremony on 1 September for their research article related to the energy sector, published in the esteemed Energy Economics journal.
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The article examines energy SPACs. SPACs (Special Purpose Acquisition Companies) are shell companies that raise capital through IPOs and later acquire a business to take it public via merger. The findings show that while energy SPACs may provide investors with strong short-term returns, in the long run results often turn sharply negative. Governance and managerial background were also found to be significant factors: for instance, a foreign CEO background was associated with weaker long-term investment outcomes.