
The Fit 4 Start programme is the showcase of the startup ecosystem in Luxembourg. It has certain shortcomings, but in a highly competitive environment, it has been the only beacon of hope for startups in Luxembourg for ten years. Here's how it works.
It's the big event of the year for the Fit 4 Start pitch sessions. Every year, the programme attracts more and more young start-ups eager to make their mark in Luxembourg's start-up ecosystem. The conditions are tempting for the lucky ones, because the Luxembourg government is being very generous. 50,000 euros in funds are allocated to the start-ups selected, but what makes the difference with other fund-raising events is that this is an 'equity free' sum, in other words there is no quid pro quo, such as an equity stake in the company. In other words, it's 'free' money. "This is always a competitive aspect compared with other programmes in neighbouring countries or private initiatives", says Sven Baltes, manager of start-up relations at Luxinnovation.
A generous offer, but one that has remained the same since the programme was launched ten years ago. So there's no inflation in the Fit 4 Start prize fund. Michele Gallo, who has been Director of Digital Technologies and Start-ups at the Ministry of the Economy for the past twelve years, prefers to focus on the ratio between the funds distributed by the State and the private funds raised by start-ups: "Since 2015 and the launch of the Fit 4 Start programme, the State's participation has amounted to €12.5 million, but that represents €87.8 million raised over different rounds. It's this parameter that we're watching closely."
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