As part of the renowned accelerator Fit 4 Start, over 165 startups from about 35 countries have benefitted from support to accelerate their growth. Since its launch in 2015, around 3,000 applicants have sought a spot in the competitive six-month programme designed to foster entrepreneurial success.
Budding enterprises ready to take their innovations to the next level are invited to apply for the 15th edition before noon on 12 August 2024.
“The Fit 4 Start programme represents a key milestone on the path to success for these young ventures, giving them the opportunity to gain visibility and connect with private investors who closely monitor such companies,” mentions Sasha Baillie, CEO of Luxinnovation, the agency responsible for managing the programme.
Support for disruptive innovations in three verticals
Each edition of Fit 4 Start addresses specific sectors of innovation. For another year, nurturing healthtech enterprises within the accelerator, alongside startups specialising in digital and space sectors, remains key.
“We continued with these three tracks from edition 14 – healthtech, digital and space – because of their significant growth potential. These areas are essential for driving innovation, addressing global challenges, and fostering societal and economic growth,” points out Sven Baltes, Manager – Start-up Relations at Luxinnovation.
The grand duchy is already home to a dynamic healthtech ecosystem. It is also solidifying its position as a leader in this field as evidenced by initiatives such as the HE:AL Campus, poised to be its epicenter for healthtech innovations, or the European Digital Health Tech Conference which supports the journey of digital medical technologies from incubation to market entry.
Innovations in the country’s space sector, alongside its expansive digital infrastructure also underscore the progressive mentality that has shaped it economic foundations for decades.
Coaching, seed funding, ecosystem connections, and more
Fit 4 Start offers entrepreneurs and startups intensive coaching and mentorship, co-working space, and access to key networks and resources to grow and scale their business.
Startups selected for the programme and that incorporate in Luxembourg receive €50,000 equity-free seed funding each from the Luxembourg Ministry of the Economy. Those that graduate, successfully raise funds and employ at least two employees may receive an additional €100,000 in state aid.
The programme has provided about €12.5 million in equity-free funding over the years. It also provides the right tools and support to maximise the startups chances for commercial success in and out of Luxembourg.
“Fit 4 Start combines a group approach with personalised coaching adapted to each startup. Participants become part of a vibrant and international community of startups that often use Luxembourg as a launchpad for reaching European and global markets,” adds Mr Baltes.
Next steps following application
Both early-stage and more advanced startups or projects are welcome to apply. Pre-selected startups that advance from the application round will be invited to the pitch during the Luxembourg Ventures Days in October 2024. A final cohort of 20 successful startups will then be chosen to participate in edition #15.
“By actively seeking feedback, conducting surveys, and engaging with potential customers, we were able to validate our product-market fit, refine our value proposition, and tailor our offerings to better meet the needs of our target market. This customer-centric approach ultimately helped us build a more successful and sustainable business,” mentions Igor Ismagilov, founder of PsyTech VR. The US healthtech startup and graduate from edition #14 specialises in virtual reality and augmented reality solutions for mental health therapy, research, and training.
Become a Fit 4 Start coach or jury member
Fit 4 Start is also accepting applications from experts who would like to be coaches or jury members. Do you think you have what it takes? Pre-register to become a coach or express your interest to become a jury member.
If you have any questions or enquires, contact Luxinnovation.
