Why we love Fit4Start Luxembourg.
Two weeks ago we started our 4-month accelerator programme at Fit4Start Luxembourg. I wanted to share our experiences during the application period and why we chose Luxembourg as the place to start our company.
The Grand-Duchy of Luxembourg
Luxembourg is a natural fit for our startup. It is ideally located in the center of Europe and home to a skilled multi-lingual labourforce. People tend to be fluent in at least 3–4 European languages.
Luxembourg also boasts high-quality infrastructure, datasecurity and a balanced tax and social security system.
Labour costs are, compared to our home country Belgium, on the lower side, making it way more easier and less risky to hire new people.
Most importantly for Ziggu however: Luxembourg has a thriving real estate industry and is the ideal testing ground for our product. With or without Fit4Start, it would have made perfect business sense to relocate here.
The Fit4Start Programme
Fit4Start is a programme organised by Luxinnovation and is targeted to early-stage tech startups looking to find product/market fit. There are two batches a year, lasting 16 weeks each.
The application process is split up into two stages. In the first stage you need to submit an online application describing your idea and progress. The twenty best applicants are invited for a 5 minute pitch at the Luxinnovation HQ in Esch-Sur-Alzette (beautiful location by the way) or a skype pitch if you are located somewhere on the other side of the earth.
We were competing with 115 other applications all over the world to grab one of the 5 spots. It was well worth the time investment from our side because this is what Fit4Start offers:
- Leading expert coaching sessions to challenge your business case every week.
- Free access to Technoport’s Co-Working space in Esch-sur-Alzette. Excellent amenities and again, just look at how beautiful this place is! This places breathes history and productivity. It is awesome.
- 50,000 EUR equity free money in return for a 10,000 EUR personal commitment to the company. Let me repeat that for you: 50,000 EUR EQUITY FREE.
- Oh and should you successfully graduate and raise 50,000 EUR from private investments there’s a government grant of 100,000 EUR waiting for you. Equity free, of course.
Needless to say, we are loving our time here and are encouraging other startups to apply for the next batch!
Do not hesitate to contact us for more information on our experiences here.