They try to do it with no equity, no risk or reward

According to Steve Gary Blank our Tekes has no any kind of long-term plan of what the Finnish government's role should be in funding startups.
He suggests that they might want to consider putting themselves out of the public funding business by using public capital to kick-start private venture capital firms, incubators and accelerators. And they should give themselves a 5-10 year plan to do so.
Instead they seem to be stuck in the twilight zone of not having a long-term vision of their role, Blank writes in his blog.
Ironically one of the things that's holding back the Finnish cluster is Tekes, the government organization for financing research, development and innovation in Finland.

It's hard enough to pick which existing companies with known business models to aid. Yet Tekes does that and is trying to act like a government-run Venture Capital firm. At Tekes, government employees - and their hired consultants - with no equity, no risk or reward, no startup or venture capital experience - try to pick startup winners and losers.

Direct government funding of startups has also delayed the maturation of business experience, says Blank.
I can confirm that the Blank talks about the real matter: my own experiences go in the same direction.
In addition, it is good that Wall Steet Journal quoted Blank´s blog.
Inbred second in Finland we do not see our own problems with sufficient accuracy, Blank illuminates a suitable number of disadvantages.