Paperjam: What are the main objectives of the ventures office (VO)?

Alexander Godlewski: A research technology organisation, such as the List, generally aims to publish scientific research and to file patents. The List works towards creating businesses that will make an economic and a social impact and enhance the Luxtech environment in Luxembourg. VO is an initiative of the List that brings technologies developed within the List to the private sector by creating startups and spinoffs… so that the technology does not stay in the lab.

What are the various paths to commercialisation?

Initially set up in 2020, the goal of the VO was to capitalise on technologies developed by researchers and monetise them by creating spinoffs. Many researchers jumped into the private sector, for instance, by becoming the CTO of a newly created company. So far, it has been the favoured route. We encourage that.

We are also calling on entrepreneurs, business angels, family offices and venture capital funds to partner on projects--sometimes very much upstream--developed at the List. We can also envision technological solutions and build proof-of-concept (market analysis, meeting with potential clients) out of concrete problems or ideas from various industries, such as in the health or space sector.

Then, identifying a potential first client in Luxembourg is key before quickly looking abroad. Domestic fundraising is critical in the early stage, and it is supported by the Luxembourg National Research Fund and the Fit 4 Start program. One of List Ventures’ goals is to enable our spin-offs to obtain financing—80% of which comes from abroad.

Could you give some examples of recent successes?

Out of 12 spinoffs, the greatest success of the List is Open Assessment Technologies, an educational platform making tests such as PISA [Programme for International Student Assessment]. Researchers partnered with an entrepreneur and the company employed up to around 50 people. Financing was raised in Europe and the US whilst it managed to sign prestigious anchor clients such as the OECD and the ministry of education in Japan.

OAT was bought out by Japan-based Uchida Yoko. The latest spinoffs from the List are Invitrolize (in vitro testing) and Dynaccurate (bioinformatics, or more efficient usage of data for clinical trials), two newly created healthcare companies that are currently in operation and are looking for clients and investors.

What are the projects that currently need investors or entrepreneurs?

If you are an entrepreneur, let’s see what your skills and your competences are and then we will certainly find an appropriate project. There are around 550 researchers from everywhere in the world in 12 different units at the List.

Has the Luxembourg VC scene gotten involved in any of your projects?

Whether it is the Luxembourg Business Angel Network or Expon Capital, an upstream VC investor that tends to invest once the company has been set up, our operations are in their infancy. Yet we want to involve them in the process to get their input.

This article was written for the  of Paperjam magazine, published on 26 March. The content is produced exclusively for the magazine. It is published on the site to contribute to the full Paperjam archive. .

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