The 10th anniversary edition of Fit4Start saw 476 start-ups from 60 countries apply for the programme that provides financial support and coaching to emerging businesses.
Economy minister Franz Fayot (LSAP) and Luxinnovation CEO Sasha Baillie presented the latest round of start-ups selected for the programme during a press conference on Thursday. Out of the 20 firms selected, ten are active in the field of ICT. Five work on solutions in health technology with another five selected from the space domain.
Nine start-ups chosen for the programme are from Luxembourg with the others hailing from Bulgaria, Czech Republic, France, Germany, Italy, the Netherlands, Slovakia, Sweden, Singapore and Taiwan.
They will receive €50,000 and coaching, with another €100,000 given to start-ups that complete the programme and manage to raise private capital within six months of leaving the Fit4Start scheme.
So far, 56 start-ups have completed the programme--out of more than 1,800 applicants over ten years--with entrepreneurs taking part in Fit4Start raising more than €15.2m in funding altogether.
“This programme fulfils a double objective: attracting international start-ups to Luxembourg and being a trampoline for Luxembourg start-ups [to go international],” said Baillie.
The call for the next edition will be published in January 2021.