Minister of the Economy Franz Fayot and Sasha Baillie, CEO of the national innovation agency Luxinnovation, announced on Thursday 15 October the names of the 20 start-ups that have been selected for participation in the 10th edition of the Fit 4 Start acceleration programme. The selected start-ups are active in the fields of ICT, health technologies and space. The minister also took the opportunity to summarise the results of the programme, 5 years after its launch.
Initiated in 2015 by the Ministry of the Economy, Fit 4 Start is managed by Luxinnovation in collaboration with Technoport, the Luxembourg City Incubator and the Luxembourg Space Agency. Its objective is to support start-ups in the ICT, health technologies and space sectors from their start-up phase. The programme offers tailor-made coaching over a period of 4 months and funding of €50,000.
An additional grant of €100,000 is allocated to start-ups that have successfully graduated from the Fit 4 Start programme and succeeded to raise private capital in the 6 months following the end of the programme.
Over 1,800 start-ups have applied to the 10 editions of the programme organised so far. 78 start-ups have participated in the various support sessions and 56 have graduated. The start-ups participating in the first 9 editions of Fit 4 Start have raised, since their creation, a total amount of more than €15.2 million from private investors.
"The tremendous evolution of Fit 4 Start over the past five years and the constantly growing interest shown by start- ups around the world clearly demonstrate the relevance of the programme and its importance in the start-up ecosystem, at the national as well as the international level. I am delighted," said Minister of the Economy Franz Fayot.
"The programme has accomplished a two-fold objective: to attract international start-ups to Luxembourg and to be a springboard for Luxembourg start-ups going international," commented Sasha Baillie, CEO of Luxinnovation. "Fit 4 Start facilitates a real exchange and cooperation between participants, while also acting as a very efficient marketing/branding tool for Luxembourg at the international level."
Fit 4 Start #10: 476 candidates from 60 countries
476 start-ups from 60 countries responded to a call for applications launched this summer for the 10th Fit 4 Start edition. The sustained interest in a proof of the success of the programme that is confirmed with each new edition. Finally, 79 start-ups pitched in front of a jury of experts during sessions that took place in early October.
On 15 October 2020, the list of start-ups that have been selected among the 82 candidates was announced. The 20 selected start-ups (10 in the field of ICT, 5 in health technologies and 5 in space) come from 11 different countries, including two originating from Asia.
Three start-ups that have successfully completed the acceleration programme in the past – Passbolt (edition #3), Salonkee (edition #6) and LuxAI (edition #7) also testified to how Fit 4 Start has contributed to the success of their journey as young innovative entrepreneurs.
"Fit4Start is a catalyst for growth that helps startups point their launchpad in the right direction: the moon", explained Kevin Muller (Passbolt). "
"The program challenged all our initial assumptions on growth and go to market strategy. Shortly after this, we closed a 1. Mio seed round which took our company to an unprecedented path of growth”, added Tom Michels (Salponkee)
"Fit4Start is amazing, because it helps you to plan your entrepreneurial roadmap very strategically", said Aida Nazari (LuxAI).
The Fit 4 Start programme continues to evolve. The next step that will be brought to the attention of the public has already been determined, with the call for applications to the 11th edition that will be launched in January 2021.
And the selected start-ups are…
The jury of experts have selected the following start-ups for participation in the 10th edition of Fit 4 Start. The new group, which will begin its activities in January 2021, is composed of (in alphabetical order):
· Ceasy (Luxembourg)
· CleverYak (Luxembourg)
· Cybavo (Taiwan)
· EmoHack (Luxembourg)
· iRoboInvest (Bulgaria)
· Kidola (Luxembourg)
· Re(D)scue (Luxembourg)
· SM Cloud (Slovakia)
· TiQuest (Luxembourg)
· Zetako (Luxembourg)
· PatchAi (Italy)
· Meracle pte Ltd (Singapore)
· Organo Therapeutics (Luxembourg)
· MyelinH (Luxembourg)
· Wavy Assistant (Netherlands)
· Numer8 (Czech Republic)
· OKAPI:Orbits (Germany)
· ReOrbit: AB (Sweden)
· SPiN (Germany)
· Vingineers (France)
A description of the companies is annexed to this document.
14 start-ups have also successfully graduated from Fit 4 Start edition #9 which took place at the end of last year:
· Anote Music
· Sanascope (Xscope)
· HuMiX Biosciences
Fit 4 Start - Launched by the Ministry of Economy and managed by Luxinnovation in collaboration with Technoport and the Luxembourg CIty Incubator, the Fit 4 Start programme helps young innovative companies to launch their business from Luxembourg, transforming innovative ideas and the project leaders' strong will to succeed into companies with high growth potential. Initially open only to start-ups in the ICT sector, Fit 4 Start now also targets companies active in health technologies and space. www.fit4start.lu
Luxinnovation, the national innovation agency, encourages and supports companies to innovate and develop and facilitates their collaboration with public research organisations. Luxinnovation offers a wide range of services to companies and public research organisations in order to promote innovation, thereby supporting the economic development objectives of the government. Set up as an Economic Interest Group, Luxinnovation is supported by the Ministry of the Economy, the Ministry for Higher Education and Research, the Luxembourg Chamber of Commerce, the Luxembourg Chamber of Skilled Crafts and FEDIL – The Voice of
Luxembourg's Industry. www.luxinnovation.lu
Press release by the Ministry of the Economy and Luxinnovation