The article considers the evolution of Finnish economic and social model from the point of view of path dependence theory. It can be perceived differently depending on the period of the country’s economic development. It is seen both as an example of overcoming path dependence, dynamic change towards new development model as was demonstrated in the end on 20th century, and as an illustration of some inertia in development, being stuck on the track – somewhat we can clearly witness within contemporary Finnish venture finance market.