In this video, Laurence Hulin presents the aim and the services of the Fit4Start initiative: a big push for the future and young innovative companies worldwide.
Laurence Hulin is advisor at Luxinnovation. Find the Fit4Start initiative on luxinnovation.lu.
Subtitles are available in english and french.
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Transcription de l'intervention de Laurence Hulin
Fit4Start is a startup acceleration program that is supported and financed by the Ministry of the Economy. So who is Fit4Start for? It’s for young entrepreneurs and businesses who have innovative projects they wish to develop either in Europe, mostly in Luxembourg or Europe… or throughout the world. Why look to Fit4Start? Really to have an acceleration program, coaching and financing to support your project.
What do you do?
We issue two calls for candidatures annually, that are published on national networks and social networks. We also issue a call for proposals for coaches because we aim to have coaches who are internationally reputed and have broad networks. And especially a coaching program where coaches challenge projects but also prepare startups to go before the steering committee. What is the steering committee? The steering committee is juries who set objectives, monitor the startup’s progress, and decide at the end of the program whether or not the startup graduates. Who make up the juries? Entrepreneurs, investors, people who are active in the ecosystem who really know what it means to grow a business and really have experience gauging projects.
To be specific?
It allows you to challenge a project, entirely revise your business plan… It also gives you the chance to go up in front of juries you will have to pitch to, so it gets you used to pitching to people. You’ll get feedback from both investors and professionals, so some very meaningful feedback for your project. This means we will challenge the substance and the form, but also your ability to convince people and investors. You can also expect support from the networks you will have access to through the startups themselves, our former alumni, through the jury, but also the coaches and all the other service providers such as Luxinnovation and the other partners of the program. The financial support is also very important. As soon as you’re accepted into the program, once you’re incorporated and have obtained your ‘authorization of establishment’ you get access to €50,000 and if you reach your program objectives an additional €100,000.
In short, Fi4Start is really a program for young entrepreneurs, and also for young businesses under 5 years old, who really want to give their project a boost either through coaching, or through new financing ranging from €50,000 to €150,000. This project is a real push and a real sponsor for your project.