KAUTE Foundation has named Laura Koivusalo, founder and CEO of StemSight Oy, as the Research Entrepreneur of the Year 2024. StemSight conducts stem cell research aimed at treating corneal blindness. Here’s what the winner had to say about research entrepreneurship.
A researcher’s mindset as a strength in entrepreneurship
“Nothing really surprises me,” says CEO Laura Koivusalo. “That must be a core trait of a researcher. We approach new things with openness and adapt quickly.” According to Koivusalo, even unexpected facts can be turned into action plans — staying afloat requires both resilience and forward motion.
This attitude has likely served her well at the helm of her company. When the startup waves hit, it’s better to be steering a steady ship than clinging to a wobbly sailboat. “But in my free time, I do sail,” she adds. “The great thing about a sailboat is that it adapts to the waves and can turn swiftly when needed.”
Now in its fourth year, StemSight is already a well-run vessel: it knows its waters, but the horizon is only just beginning to truly open up. Early this year, the team celebrated both the company’s fourth anniversary and a move into new facilities. “I got emotional reflecting on everything I’ve accomplished,” Koivusalo shares.
Of course, this is not a solo mission. Koivusalo praises the StemSight team for being reliable and highly skilled. “We have the right people doing the right things. That’s crucial.” She firmly believes in the power of dreaming and doing together: “There’s no room for ego in this work. You have to accept the best ideas, even if they’re not your own.”
A love for hands-on science
Laura Koivusalo was introduced to lab work at a young age. Following in her chemist mother’s footsteps, she quickly took to pipettes and microscopes. The appeal of working with her hands was there from the start.
When it came time to apply to university, she chose biosciences. “The entrance exam for med school was on the same day, and even though medicine interested me, I felt that biosciences offered a deeper level of understanding.” Studying health biosciences gave her early exposure to practical lab work and, for the first time, cell culture. Her bachelor’s thesis focused on biomaterials — the beginning of her love for tissue engineering.
Later, her journey took her from Turku to Tampere for another kind of love. “My then-boyfriend, now husband, got into university in Tampere. I decided to continue working with biomaterials and tissue engineering. When I was job hunting, I found my dream position doing a PhD in corneal tissue engineering in Professor Heli Skottman’s research group.”
Research wasn’t Koivusalo’s only option, but it felt right. Tampere also turned out to be a good place to call home, and her family has since settled in the Pirkanmaa region. “Even my friends in Turku have stopped asking when we’re moving back,” she laughs.
CEO 2.0
Things could have gone differently, but Laura Koivusalo knows that life isn’t meant to be overplanned. “When doors open, you walk through them,” she says of how she chose her research focus. “Researchers are problem-solvers. When you dive deep into something, it draws you in. That’s how it was with StemSight too. It’s amazing to see what we can achieve.”
In addition to the work itself, Koivusalo was drawn to the rarity of research into corneal blindness. “Of course, it’s exciting to be the first — to do something that hasn’t been done before,” she says. At the same time, she admits that she wouldn’t want to go through the same research pressure again. “But I’d definitely love to help advance a new idea someday.” The researcher has evolved into a CEO. “You could say that, yes.”
As CEO, Koivusalo wants to change the perception many people have about startup life. At StemSight, employees are more than the sum of their parts. Staff are encouraged to take care of themselves, and even starting a family is supported. Koivusalo leads by example. “Of course, we get the work done and are flexible when needed. But I’ll be going on parental leave this autumn, and I feel good about that.”
Patients give purpose to the work
As an entrepreneur, Koivusalo draws on her diverse experience and gets to influence the issues she cares about most. Her biggest motivation? Her patients.
“A year ago, I met a five-year-old boy named Lauri, who has limbal stem cell deficiency. He’s managing for now with assistive devices, but I know he’s waiting for our treatment. Lauri and our other patients are the reason I do this.”
Koivusalo explains that the technology developed by StemSight is the only option for many patients to regain their sight. The company’s method enables the production of an unlimited supply of limbal epithelial stem cells for corneal repair. This work is based on Professor Heli Skottman’s long-term research into using highly pluripotent stem cells to treat blindness.
Research-based business and fine-toothed combs
Even though StemSight operates as a business, it never compromises on science. “Naturally, everything will be scrutinized under a fine-toothed comb — by regulators, collaborators, and investors alike,” says Koivusalo. Still, she sees great value in research-based entrepreneurship. “We get to decide how we use our resources. We focus only on the things that advance our product development.” Limited resources, she notes, force a precise focus.
Koivusalo also reminds us that scientific breakthroughs never get old — and at StemSight, they are celebrated properly.
In February, StemSight completed a funding round, raising an additional €2.3 million. The company has also received significant support from Business Finland, for which Koivusalo is deeply grateful. “The people at Business Finland are fantastic, and they really understand this work. I wish there were more funders like them in Finland.”
Koivusalo believes that in five years, StemSight will be far along in clinical trials. “I believe we’ll have helped many people by then and will have a portfolio of several products.”
One thing is clear: everything StemSight achieves, it achieves together.
Recognition for perseverance
The KAUTE Foundation’s award is a recognition of Laura Koivusalo’s persistent work. According to the jury, perseverance is essential to the success of any company rooted in this kind of research. StemSight has built a team with diverse expertise and successfully convinced investors of their vision.
The jury also commended Koivusalo’s bold choices. She entered the startup world to bring stem cell-based treatments for eye diseases into practice. Her close collaboration with the research community continues to generate valuable new knowledge.
