The Belgian Startup Revolution

Over the past decade, Belgium's startup ecosystem has undergone a remarkable transformation. From humble beginnings to an internationally recognized hub of innovation, Belgian startups and scaleups are making their mark on the global stage. But what were the highlights of 2024, and what can we expect in 2025? We spoke with Sven De Cleyn, program director at imec.istart, about the trends, challenges, and opportunities for entrepreneurs.

Gamechangers of 2024 | Which Startups Stood Out?

The past year has been a dynamic period for startups and scaleups. When asked which companies left the strongest impression, Sven De Cleyn said: "Lighthouse is an outstanding example, though unfortunately, we did not mentor them ourselves. Other impressive names include Payflip, with strong founders and a bold ambition, Senhive, which secures large-scale events and critical infrastructures, and Karomia, known for its customer-centric approach and ESG impact."

Expectations for 2025 are high, with many ambitious entrepreneurs on the rise. However, De Cleyn finds it difficult to name a favorite. "It's not only the (future) unicorns that create compelling stories. The daily impact that startups have on their users, as well as the personal growth of the founders, is just as valuable."

Looking Back | Challenges and Lessons

The past year brought significant challenges. "Many potential customers and investors held back their spending, partly due to the geopolitical climate. This made funding and market entry much more difficult," De Cleyn explained.

Yet, one lesson stood out time and time again: "It is and remains a people business. Working with visionary and optimistic entrepreneurs is always a privilege. Their determination and innovative drive ensure progress, even in difficult times."

Regarding trends, two key directions emerge: "We must dare to make acquisitions instead of focusing solely on being acquired. What we need to leave behind is an excessive focus on engineering. Successful startups understand that technology is just a means to an end, not the goal itself."

A Decade of Transformation | How Has the Startup Landscape Changed?

Looking back at the past decade, De Cleyn sees a massive evolution. "We now have a far greater acceptance that entrepreneurship is a viable career choice. There are more support mechanisms, increased international recognition, and a clear ‘pay it forward’ mentality in the ecosystem."

Another significant shift is the diversity of founders. "Whereas in the past, most founders were recent graduates, we now see a much broader mix of ages and experiences. This makes the ecosystem stronger."

The Future | What Does 2025 Hold?

When asked which technological trends will be most disruptive, De Cleyn's response was clear: "AI remains a gamechanger, but we are also witnessing a resurgence in hardware innovations." Additionally, open-source technology remains underutilized, though it has great potential as a growth accelerator.

Events like SuperNova play a crucial role in positioning Belgium internationally. "By drawing global attention to Belgium, we not only attract foreign investors and partners but also encourage Belgian startups to think global-first."

Solid Foundations | What Makes or Breaks a Startup?

After more than ten years in the Belgian startup landscape, De Cleyn identifies the key success factors: "A healthy dose of stubbornness, strong complementarity between co-founders, and a 100% focus on solving a specific customer problem. Those who establish a solid foundation first can later expand and deepen their impact."

But there are also pitfalls. "Over-engineering is a classic mistake, as is expecting resellers to fully take over your sales. Startups must continue investing in sales and customer relationships."

A strong pitch is also essential. "Focus on the problem you are solving and how you will reach your customers. It's not about the technology itself but the impact you create."

Diversity as a Strength | More Women at the Top

Diversity remains a key challenge in the tech sector. "At imec.istart, we fortunately perform above the European average in terms of female founders. However, securing funding remains a challenge for female entrepreneurs. More female investors could make a significant difference."

When asked about inspiring female founders, De Cleyn mentions several: "Maura Nachtergaele (Payflip), An Beazar (Enprove), and Aline Muylaert (GoVocal) are fantastic examples."

Belgium's startup ecosystem has made tremendous progress over the past ten years. The focus on internationalization, strong teams, and a pragmatic approach will remain the key to success in the years to come. For startups and scaleups, the challenge is to adapt quickly, make strategic decisions, and, above all, continue making an impact.

With a promising 2025 ahead, one thing is certain: Belgium's startup scene is ready to grow further and leave its mark on the global market.