The Nordic Economies
Finland: Nokia's Rise and Fall
Finland's economy was transformed by Nokia's success in mobile phones, and hit hard by its decline, but the country rebuilt through new industries.
A single company shaped a nation.
Rise
In the 1990s and 2000s, Nokia became the world’s leading phone maker, driving Finnish growth.
Fall
Competition from smartphones hit Nokia hard, and its handset business was sold in 2014.
Rebuilding
Former employees and engineers started new firms, in gaming, software and clean tech.
Lesson
Diversification and skills help absorb shocks.
A start-up wave
Laid-off engineers founded new companies, including well-known game developers.
Assuming dependence on one firm is safe
It is risky.
Key takeaways
- Nokia drove Finnish growth.
- Its decline was a shock.
- New firms emerged.
- Diversification matters.
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