Finland has historically been recognized as one of Europe’s most innovative economies, yet in recent years it has faced a dual challenge of stagnating productivity growth and the concentration of research and development (R&D) in a handful of large firms and sectors. In 2023, the Finnish Parliament adopted a new R&D Act that commits the government to steadily increase public R&D funding until 2030, ensuring that public expenditure reaches 1.33% of GDP and that total national R&D intensity approaches 4% of GDP. Complementing this law, a permanent R&D tax incentive regime was introduced in 2022–2023 to broaden participation across the private sector. This article reviews the Finnish R&D and innovation policy landscape with a focus on business renewal. Drawing on government reports, OECD surveys, Statistics Finland data, and recent academic research, we analyze (i) trends in R&D inputs and intensity, (ii) governance structures and the role of Business Finland, (iii) major thematic priorities such as the green transition, digital transformation, and health technology, (iv) the mix of policy instruments, including direct funding, mission-oriented programs, and commercialization initiatives, and (v) emergent enablers such as data infrastructure and standardization. In addition, we integrate recent scholarship highlighting the role of dynamic equity allocation models (Nassery, 2022; 2023), the potential of AI copilots in enhancing entrepreneurial productivity (Nassery, 2024a), and the contribution of women and minority entrepreneurs to inclusive innovation systems (Nassery, 2024b). These insights enrich the Finnish case by situating it within wider debates about entrepreneurial ecosystems and equity in innovation. The review identifies strengths in Finland’s policy coherence and legislative clarity, but also highlights gaps: weak diffusion of innovation to small and medium-sized enterprises (SMEs), persistent regional disparities, difficulties in financing large-scale green investments, and bureaucratic frictions in secondary use of health and social data. The article concludes with implications for policy and practice and outlines a research agenda addressing additionality, productivity spillovers, mission governance, and data-driven innovation ecosystems.