Welcome to the world’s wildest startup pitch in Oulu, Finland
Do you have a new business idea to pitch? At Oulu’s Polar Bear Pitching Day, on February 27, 2025, startups will be able to pitch for as long as they want, but only while standing in a hole cut into the Arctic ice. The moment they step out of the icy water, their time is up.
“That’s because this event is not just about pitching your idea, it’s also about proving your determination and resilience,” explains Janne Hietaniemi, Key Account Director, Cleantech and Industry, Business Oulu. “Last year, some people made it to three or four minutes. Just in a swimsuit though, no wetsuits allowed.”
This annual event in the North of Finland has been attracting startups and investors from around the world. For years, it will be moderated by Jason Brower, an American host who, according to Hietaniemi, “brings a Shark Tank-style energy to the occasion, making it both entertaining and serious business.” But while the spectacle of Polar Bear Pitching puts the city of Oulu in the global spotlight for a single day, its real strength lies in the young, front-footed population that is driving its tech innovation and sustainable growth all year round.
High R&D Investment and Growing Under-40 Population
Oulu has emerged as a research and R&D-driven city, with per capita investment at least 1.5 times higher than any other city in Finland, and high among EU cities.
“We rank in the top three in the whole EU for R&D investment,” Hietaniemi confirms, “and most of it’s private money.”
This strong R&D is partly due to Oulu’s strong university and research ecosystem, which continues to attract international companies. Nokia calls Oulu the “home of radio,” and the city has played a key role in the development of 5G and is now leading in 6G research.
But it’s not just about research. Oulu is young, and growing. The city has an average age that is below 40, making it one of the youngest urban populations in Finland. “More people are born than die annually in Oulu, which is quite exceptional in the Western world today.”
Urbanization trends also reflect this growing appeal. During 2023, 3,000 people moved to Oulu, a record year. Most were from rural areas in the North, but some also came from Southern Finland and abroad. While part of this spike came from Ukrainian arrivals, Hietaniemi notes that the trend of new professionals and families moving in continues.
This youth energy is also revitalizing the local startup ecosystem, particularly in health. Business Oulu recently launched Oyster, a pre-incubator for health technologies, boosting an already strong foundation of tech startups. Oura (smart rings), Polar (sports tech), and Nokia are a few big names already strengthening Oulu’s global reputation.
Big Players Betting on Oulu’s Green Energy
Hydrogen is also taking off in Oulu. The city just wrapped up its annual Hydrogen Week, which drew 1,500 participants across 10 events. While still growing, interest is rising fast, and plans are already underway to expand next year, especially as Oulu gears up for its role as a European Culture Capital in 2026.
“This was only the third year, but it’s getting bigger,” says Hietaniemi. “Next year, we expect even more momentum, especially with our growing partnerships in northern Norway and Sweden.”
Hydrogen investment is already coming in from Germany, France, and Switzerland, with UK players also exploring opportunities. Plug Power, a major US hydrogen company, has also announced three projects in Finland, although further south.
“Green electricity is a long-term competitive edge for us. It’s not something that will disappear in two years, it’s here to stay,” Hietaniemi asserts.
You could see Polar Bear Pitching as a metaphor for Oulu’s future—bold, ambitious, and forward-thinking. If entrepreneurs here can pitch waist-deep in ice water, imagine what they can do in a warm office.
