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© /dirk-ercken-dreamstime.com Electronics Production | January 17, 2012

100 new start-ups in the wake of Nokia job-cuts

The Finnish electronics industry has been through a tough period lately. But with Nokia forced to cut back on business, many ex-employees have found other opportunities.
Since being let go from the company last year, Nokia's ex-employees have launched over 100 new companies in Finland.

Nokia has been involved in this process, providing support, including a "start-up fee" for especially good ideas. The company has also acted as a guarantor for loans to enterprises.

In addition to the new businesses, around 400 of the 1700 who had to leave the company have found new jobs, either within Nokia Group or in other companies, according to Finnish newspaper Yle.

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