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The Belgian Startup Ecosystem: A Decade of Growth and Ambition

What was once a fragmented collection of initiatives has now grown into a structured and professional ecosystem. Belgium’s startup landscape has made impressive progress. Lode Uytterschaut, founder of Start it @KBC, shares his insights on this evolution and the future of entrepreneurship in Belgium.

The Evolution of the Startup Ecosystem

Ten years ago, Belgium’s startup scene was underdeveloped and lacked strong networks. "We barely had any support structures," Uytterschaut explains. Today, we see a scaled ecosystem with incubators and accelerators working together to strengthen each other. Start it @KBC has worked hard the past decade to lay the foundation on which young entrepreneurs – who now benefit from this broad ecosystem – can build. 
Start it @KBC itself grew out to be the biggest accelerator in Europe, and even nr 5 worldwide.

This growth has gone hand in hand with an increasing appreciation for entrepreneurship. "Startups are now taken more seriously, and the available capital has grown significantly," Uytterschaut notes. However, there is still room for improvement. "We need to keep investing in collaboration and international visibility. Events like SuperNova help put Belgian startups on the radar of foreign investors, turning Belgium into an important innovation and investment hub.”

When asked about his favorite startup of 2024, Uytterschaut says: “If I had to pick a winner, it would be Conveo. They started with us, and were then selected by the world-renowned Ycombinator. Recently the well-known American Investment Fund Andreessen Horowitz also put them in the picture.”

Challenges and Opportunities

One of the biggest challenges for startups remains finding the right time to enter the market. "Finding funding is not the biggest issue. If you have a strong product that solves a real problem, a good team, and the right time to market, the capital will come," says Uytterschaut. "The real challenge is not launching too early or too late."

Additionally, scalability is a key focus. "Scaling too quickly without a solid foundation can be disastrous. Startups should first ensure a loyal customer base that not only values their product but also believes in the company behind it."

Future of Tech and Female Entrepreneurs

The coming years will be marked by significant advancements in quantum computing, which promises to revolutionize problem-solving across industries. "While AI continues to evolve, quantum computing offers unprecedented opportunities for startups to tackle complex challenges in fields like cryptography, logistics optimization, and material science," says Uytterschaut. Open-source technologies also remain a crucial factor in fostering innovation, allowing startups to build upon existing solutions rather than starting from scratch.

Supporting female founders is another essential priority and Start it @KBC has been pioneering in this regard for many years. "Female entrepreneurs often face different challenges in securing funding compared to their male counterparts. As an ecosystem, we need to address these disparities and ensure they receive equal opportunities," Uytterschaut emphasizes. Start it @KBC is actively working to bridge this gap through its Thrive program, which provides tailored support, mentorship, and networking opportunities for female founders to scale their businesses successfully.

The Ingredients of Success

According to Uytterschaut, five crucial elements determine success:

  • Timing – Entering the market at the right moment.

  • Team – A complementary team that strengthens each other.

  • Product – A solution that addresses a real problem.

  • Business Model – A clear vision of how the startup can scale.

  • Money – The necessary capital to invest in growth.

Additionally, resilience is an essential trait. "Entrepreneurship constantly involves dealing with rejection and challenges. The ability to persevere while remaining flexible often determines who ultimately succeeds” says Uytterschaut.

Despite the ecosystem’s growth, there is still work to be done. "Belgians tend to be too modest about their successes. We have global corporate players like Barco and scaleups like Loop Earplugs, yet we don’t showcase them enough," Uytterschaut states. SuperNova and similar initiatives are therefore crucial. "The Belgian startup ecosystem has made great strides over the past ten years. Now, it’s time to showcase that progress internationally and inspire the next generation of entrepreneurs."