100% success rate for first open Fit 4 Start edition

Date: 29/09/2016

September 29, 2016 marked the ‘changing of the guard’ at the Technoport in Esch/Belval, as 5 start-up teams – Largowind, Evvos, Klap, Nomoko, and Yotako (formerly Visual Scaffolding) – successfully graduated from Luxinnovation’s Fit 4 Start programme. A new round of start-ups, selected by jury members Larissa Best, Xavier Buck, Laurent Kratz, Marc Neuen and Alain Rodermann for the programme’s autumn 2016 edition from over 130 submitted projects, introduced their business ideas.

Fit 4 Start is, according to Michele Gallo from the Ministry of the Economy, a growing success. “The private sector level of interest and investment has caught up with that of the public,” he said to the enthusiastic audience that also included Larissa Best and Coaches Michel Duchateau, Sylvain Chery and Dan Toma. “This shows that the start-up ecosystem is growing, as is the international visibility of Luxembourg. Here, we can attract enough money for fast product to market development and high-level coaching available from experienced experts.” The success rate for the participants of the first open edition of the programme was 100%.

Antoine Hron, Programme Manager Fit 4 Start at Luxinnovation, introduced the spring 2016 graduates who each did a 2-5 minute pitch showing the considerable progress they made during the previous 4 months. “All of our dreams have come true thanks to Fit 4 Start,” said Mathilde Argaud of Largowind. The programme helped her team turn their idea into a designed product which is ready to go to market. This was a sentiment echoed throughout the presentations.

Charles-Antoine Beyney, CEO of successful Luxembourg start-up Etix Everywhere, spoke on the topic “On the road to success” in particular targeting early-stage start-ups. A serial entrepreneur and investor, Mr Beyney and his partners work with a successful model based on three aspects – Mind-set. People. Financing. He stressed the value of anchoring everything around a team of the right people and encouraged everyone to understand the size of the relevant market, to think big and not to fear failure.

The day also served as the official kick off to Fit 4 Start’s autumn 2016 edition. The newly selected entrepreneurs delivered 1-minute “elevator pitches” on their idea, business or start-up. The Autumn Fit4Start 2016 start-ups are as follows:

  • Adapti.ME: Adapti.me is a service that allows websites to automatically personalise their content and design according to every specific visitor,
  • AIVA: AIVA is the Artificial Intelligence who composes quality music for Entertainment (movies, commercials, video-games, trailers) in very competitive time-frames,
  • Passbolt: Passbolt is an open source password manager designed for businesses,
  • Starwear: Wearable device enabling people to enjoy, for the price of a standard controller, a real immersion and natural interaction with most of the video games,
  • Yollty: Yollty is a simple and innovative solution which helps businesses bridge the gap between the online world and their physical (brick-and-mortar) stores.

The participants will start their 16 weeks long coaching programme and will receive an envelope of €50,000, subsidised by the Ministry of the Economy. This initial amount of aid will be raised by additional €100,000 for each successful programme graduate being able to raise at least €50,000 of private funds.

About Fit 4 Start

Fit 4 Start supports start-ups in their initial phase by offering them coaching and funding adapted to the needs of early-stage enterprises. Start-ups in the ICT field created less than 12 months ago and composed of at least two people which have innovative aspects are eligible for participation. International entrepreneurs are also invited to participate, provided that they are willing to create a company in Luxembourg in case their project is selected. Fit4Start is a Luxinnovation initiative developed in collaboration with the Ministry of the Economy and in partnership with the national incubator Technoport.

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More information about the projects on www.fit4start.lu