Get ready for the European market: apply to the Fit 4 Start acceleration programme
Get ready for the European market: apply to the Fit 4 Start acceleration programme
Young startups from around the world active in the digital, healthtech and space sectors, with a core focus on sustainability, are invited to submit applications to Luxembourg’s renowned accelerator programme Fit 4 Start. 6 months of tailor-made coaching, free access to an incubator co-working space, excellent opportunities to meet investors and partners and up to €150,000 in equity-free funding are on offer. Application deadline: 14 August 2023.
To enter the market and get off to a strong start, startups need quality support that is relevant to their stage of development. This is exactly what Luxembourg’s flagship acceleration programme Fit 4 Start offers thanks to the experience of its international coaches. Since its start in 2015, Fit 4 Start has received more than 2,600 applications from over 90 countries. More than 145 startups have been coached, benefitting from over €11.5 million in equity-free funding. The call for applications to the 14th edition of Fit 4 Start is now open to young startups in the digital, healthtech and space sectors.
Personalised coaching for success
The Fit 4 Start programme combines a group approach with personalised coaching with stellar experts and provides the right tools and quality support that is relevant to each startup's stage of development to maximise its chances for commercial success in and out of Luxembourg. “The coaches constantly challenge the participants to make sure that their offer is perfectly targeted to the needs of the market,” says Sven Baltes, Senior Advisor - Start-up Acceleration at the national innovation agency Luxinnovation ,who is in charge of the overall management of the programme. “Participants have also testified many times to how much they have grown and matured as a team during the programme and developed skills that enhance their ability to successfully lead a growing company.”
During the six-month programme, participants continuously have face-to-face sessions with coaches who monitor and support their progress. Through the coaching sessions, startups learn all the necessary components to put together a concrete business plan, assess the viability of their company, and identify the right business partners.
“Unlike many other programmes, Fit 4 Start matches each company with a small group of mentors who spend time with the team on a regular basis, giving the mentor enough time to understand the challenges in depth and provide useful advice,” says Simon Schwall, CEO & Founder of OKO, a crop insurance company that provides automated climate insurance to smallholder farmers in Africa. OKO uses satellite information to validate claims remotely and automatically indemnify farmers who were exposed to droughts and floods. After incorporating in Israel in 2018, the company opened a subsidiary in Luxembourg in 2019 following its Fit 4 Start participation.
€150,000 to boost your startup
The Fit 4 Start programme offers its participants equity-free seed funding of €50,000. Startups that successfully graduate from the programme and manage to raise private funding can apply for an additional €100,000.
“Fit 4 Start offers generous funding at a very early stage, which is quite unique,” comments Mr Schwall. “The funding is also unrestricted and can be used for any purpose. It allowed us to start a pilot and bring our solution to life.”
Get ready for the European market
The programme is also an excellent gateway for non-European startups targeting the European market. With its central location in the EU and multicultural population, along with real accessibility to decision-makers, Luxembourg can be leveraged by startups as an ideal test market to develop and adapt innovative solutions for Europe. The coaching and key networks provided through Fit 4 Start help them succeed with scaling in the European market.
Luxembourg startup ecosystem
(© Luxinnovation/Via Media)
“To fully benefit from Fit 4 Start, we created a local entity in Luxembourg. This was helpful as it made it possible for us to hire European team members more easily, and to work in countries that have no diplomatic ties with Israel,” says Mr Schwall.
Interested? Appy now
The current call offers 20 places to small and medium-sized enterprises in the digital, healthtech and space fields that are less than 5 years old, and have a team of at least two people. The programme is particularly suitable for startups that already have an established product selling successfully on their local market and are looking to continue to grow and expand to Europe.
Short-listed applicants will be invited to a pitching session in front of an international audience in Luxembourg in mid-October where the final participants will be selected. The coaching programme will begin in January 2024.
3 View gallery
Minister Franz Fayot announcing the opening of the call © Luxinnovation
(Sophie Margue)
What advice would Mr Schwall give to startups interested in joining Fit 4 Start? “Luxembourg, like Israel, is a small country that needs to focus on a few different niches where it can be a global leader. Look into that and check how it fits your business. Also be mindful of the cultural differences: business in Luxembourg is a lot more ‘formal’ than in Israel and the jury will definitely prefer you to be humble rather than overconfident.”
For more information on Fit 4 Start, opportunities to use Luxembourg as your launch pad to Europe and tailor-made support, please contact the Luxembourg Trade & Investment Office in Israel.
