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Luxembourg’s Fit 4 Start is a coaching programme to help very early stage ICT startups to hone their ideas into a viable and successful business – applications are open until the end of this month.
The programme is run by Luxinnovation, an organisation developing the business and startup ecosystem in Luxembourg, with funding from Luxembourg’s Ministry of the Economy. It is targeted at pre-seed startups with innovative ideas and big potential.
Fit 4 Start, which runs twice a year, provides a crash course in everything a startup needs to know to successfully launch its minimal viable product and grow a business, from testing prototypes to market evaluation and pitching skills to investor networks.
Participants in the 16-week programme will have access to a co-working space in Luxembourg and will learn the Lean Startup methodology of rapidly building and developing their ideas into real prototypes and creating practical business models.
Startups will receive a grant of €50,000, with no equity taken. The entrepreneurs need to match the grant with their own contribution of €10,000. Participants that graduate successfully from the programme will also have the chance to avail of a further €100,000 from Luxembourg’s Ministry of the Economy if they manage to raise €50,000 in private equity.
Previous graduates of the Fit 4 Start programme include web and app design platform Yotako that’s now developing its first commercial version; cybersecurity startup Passbolt, which is now working on fully commercialising its password manager product; and proptech company Ziggu, which is signing up customers to its real estate platform following beta testing.
Applicants to Fit 4 Start must be based or willing to set up their company in Luxembourg, be less than 12 months old, and have a team of two people or more with at least one person working full time on the project. Promising applicants will pitch their idea before a jury where 10 startups will be chosen to join the programme.
Applications are open until January 25, click here to apply.