The regional event for the Greater Region is organized by Pegasus Tech Ventures, a US-based VC firm, together with the EYnovation programme, an initiative which supports entrepreneurs and startups to grow and scale up.
On 13 June, EY Luxembourg will host the regional final of the Startup World Cup Luxembourg 2023. Startup World Cup is a global series of conferences and competitions opened to startups from all sectors and stages of maturity worldwide.
The regional event for the Greater Region is organized by Pegasus Tech Ventures, a US-based VC firm, with the local help of EY Luxembourg – more precisely with the team in charge of the EYnovation programme, the EY initiative which support entrepreneurs and startups to grow and scale up.
The competition includes three phases: the regional finals (more than 70 regional competitions are scheduled all over the world); a semi-final and the Grand Finale in San Francisco on 1 December. The winners of the competition will receive up to $1 million in investment prizes.
Startups have until 15 May to submit their applications for the Startup World Cup 2023 Luxembourg regional final.
Anthony Cannella (Partner, EYnovation Leader) and Viktoriia Tymtsias (Assistant Director and Coordinator of the EYnovation Programme), who support and organize the event locally, explain how important such event can be for the Luxembourg startup ecosystem.
What is the objective of the EYnovation programme?
EYnovation has been specifically designed and developed by EY to support Luxembourg-based startups and scaleups from various industries and development stages. It aims to promote local innovation and to contribute to the Luxembourg startup ecosystem.
The program offers the know-how and expertise startups need through tailored support, including 20 hours of expert advice from different industries and service lines: technology, tax, etc.
The startup benefits from an account manager and mentor from EY who will be the one-stop EY contact to answer questions of the startups in the domains of EY. This manager will also organize strategic workshop sessions with EY experts on specific topics asked by the startup, and will provide a direct access to the EY network. Through our worldwide network, EY is able to find the right experts who will answer their specific questions. For instance: if a Luxembourg startup is looking forward to expanding in the Netherlands, our colleague at EY Netherlands, can help on Dutch specific tax issues. This is a real value and a real benefit for startups.
Our team includes more than 30 people who are spending extra-time on top of their day-to-day job, on preparation, organization, implementation and further support, a process that lasts up to six months.
On the EY side, the EYnovation programme helps us to realize how agile startups are. Agility is a key point we are learning from and that we are trying to implement in some areas within our firm. It is also a great opportunity for our people to get in touch with entrepreneurs and attract their skills.
How are startups selected for the Startup World Cup competition? And under which conditions and criteria?
Startups are firstly screened by Pegasus and are then pre-selected by an independent jury composed of the key contributors of the Luxembourg startup ecosystem. One of the main conditions is that startups must have a proof of concept and be legal entities preferably established in Luxembourg.
What is the agenda of the current edition?
Startups have until 15 May to submit their application on the website. Eight to ten startups, selected by the jury, will then be announced a few weeks before the 13 June event. Coaches from the House of startups will support EY to prepare the 4-minute pitching session aiming to convince the public and jury on 13 June.
The name of the winner of the regional event will be announced on the same night, during the networking event. The winner will go in November 2023 to the US to represent Luxembourg in the Final Rounds in San Francisco.
What can startups expect from Startup World Cup?
Concretely, startups and entrepreneurs get access to the whole Luxembourg ecosystem during the competition, including VCs, business angels, incubators, agencies, companies and other startups to network with. Creating business and non-formal connections is one of the key purposes of this initiative.
What do your clients expect from the competition?
Many of our clients wish to attend the pitching sessions, as they want to meet startups and see the business solutions and opportunities these might offer. More globally, they want to see the evolution of the Luxembourg startup ecosystem. The event has therefore become quite famous, and our clients are really willing to be part of it.
What were some of the most memorable moments of the previous editions?
Last year, Anote Music, reached the final stages of the competition in San Francisco among the top 10 world best startups 2022. The Luxembourg startup was selected among over 10,000 startups worldwide. It competed in the US amongst 80 starters from 80 countries and got finally selected in the top ten.
Meeting with the whole international startup and entrepreneur ecosystem and seeing all these startups pitching in San Francisco was quite impressive. Luxembourg shall be proud of our startup ecosystem with startups like ANotes music and we should continue to promote that. Such success demonstrates that our startup ecosystem is developing in the right direction. Some VCs who came to Luxembourg during the previous Startup World Cup sessions acknowledged that Luxembourg has the potential to bring a winner at the final in San Francisco.