In the beginning of September, Finland welcomes Lars Rebien Sørensen, Chair of the Board of the world’s largest foundation. He will speak to an audience of 400 invitees at Saastamoinen Foundation Keynote event jointly organized by Saastamoinen Foundation and Aalto EE.
Sørensen is the head of Novo Nordisk Foundation, the main owner of the Danish pharmaceutical company Novo Nordisk. Novo's systematic and long-term product development has made the company the most valuable in Europe by market value.
“The story of Novo is like the Nokia saga in Finland, only bigger – an incredible success story. We in Finland would do well to encourage a revived sense of belief and optimism from these stories,” says Petteri Karttunen from Saastamoinen Foundation.
The keynote lecture series was first created to address the themes of ownership, entrepreneurship, and investment. Notable speakers in the series have featured the CEO of the Norwegian Oil Fund Nicolai Tangen and the Chair of the Wallenberg Foundations Peter Wallenberg Jr, as well as representatives of the sixth generation of Wallenbergs.
Peter Wallenberg Jr., Chair of the Wallenberg Foundations, spoke in Saastamoinen Foundation Keynote 2023. Photo: Olli-Pekka Orpo
According to Karttunen, there is a tendency in Finland to focus on challenges and to wallow in past mistakes. The lecture series challenges this by highlighting positive examples and success stories that can provide solutions for current issues. The approach broadly applies to society, business, and enterprise at large.
"Our goal is to create an understanding of what Finland could do better and to remind everyone that we have many opportunities for success."
“Over the past decade, Finland’s investments have significantly lagged behind those of its Nordic peers. In exploring these themes, our goal is to create an understanding of what Finland could do better and to remind everyone that we have many opportunities for success if we only have the courage to take action,” Karttunen says.
The creation of the Keynote series was inspired by Saastamoinen Foundation’s mindset. The Foundation focuses on long-term cooperation with its partners. In addition, the Foundation emphasizes international networking and commitment to collaboration on a personal level. This approach usually results in the best outcome in projects. Aalto University – Aalto EE included – is one of the Foundation’s four key partners.
“Right now, what we need is a new kind of hope and action”
Nana Salin, Director of Alternative Funding at Aalto EE and the liaison for collaboration with the Saastamoinen Foundation, states that the foundation's philosophy and objectives are closely aligned with Aalto EE.
“For Aalto EE, it has always been important to envision opportunities and demonstrate effective leadership. We operate at the interface with the business world and have a sense of the prevailing atmosphere. Right now, what we need most are hope, a drive for improvement, and a willingness to quickly embrace new things,” says Salin.
According to Nana Salin, we need hope, a drive for improvement, and a willingness to quickly embrace new things. Photo: Heli Sorjonen
What have the previous keynote speakers brought to the table?
According to Karttunen and Salin, the speakers have explained how ownership and entrepreneurship contribute to the long-term development of society. This type of mindset and moving beyond quarterly thinking is also crucial for fostering corporate responsibility.
"For Aalto EE, it has always been important to envision opportunities and demonstrate effective leadership."
"It was no coincidence that Norway chose not to use its oil revenues for direct consumption but instead accumulated reserves in an oil fund. Thanks to its investments, Norway now has the flexibility to act and make well-informed decisions. Adopting a similar approach to long-term ownership and investment would greatly benefit Finland as well," says Karttunen.
Wallenberg’s keynote centered on the importance of long-term ownership and strategies for its successful transfer across generations. Among other things, the family has a say on retaining their corporate headquarters and subcontracting networks in Sweden even after business acquisitions. Wallenberg’s numerous foundations also channel the profits from business activities for the benefit of society, for example by supporting scientific research.
Nicolai Tangen, the CEO of the Norwegian Oil Found, spoke in the keynote series in 2022. Photo: Olli-Pekka Orpo
Salin also brings up the lecturers’ perspectives on the value of diversity and creativity in driving corporate transformation. For example, Nicolai Tangen has just made headlines globally due to his collection of Nordic art and the founding of the new Kunstsilo art museum.
“Quarterly thinking won’t lead to transformation, and industries can’t thrive in isolation. One must see and experiment more broadly,” Salin says.
Networking and interaction
Saastamoinen Foundation Keynote lecture series aims to engage business leaders, owner family representatives, foundations, academic influencers and students. Attendees can also expect ample socializing and networking opportunities.
The focus on the Nordics has proven timely: for instance, the NATO membership has strengthened the bond between Finland and its Western neighbors.
Karttunen says that the organizers are currently considering whether to draw on a broader range of examples from broader Europe or beyond. Nevertheless, the main objective remains unchanged: how to sustainably own, venture and invest with a long-term perspective, all while evolving together.
