Expat entrepreneurs favour Brussels for tech startup funding

If you’re planning a start-up and don’t fancy your chances in post-Brexit Britain, Belgium is the place to go.

For such a small country, it’s amazing how suited it is for start-ups and entrepreneurial expats desperate for funding. Over the past several years, Belgium and especially Brussels have been overrun by expat entrepreneurs looking to hit the market with brand new companies offering financial technology (fintech) solutions and much more. The reasons behind the frantic activity are twofold – Belgium’s lack of excessive red tape and its plethora of eager investors.

Last year, tech companies raised some 150 million euros for a total of 41 deals, making the country one of Europe’s top five for entrepreneurial activity. Between 2010 and 2016, the total of venture capital-backed new companies increased by 35 per cent, one of the largest increases in Western Europe. Obviously, the most popular location for new businesses is Brussels, home to 30 per cent of new start-ups, but followed closely by Antwerp and Ghent.

Tech is the all-time favourite for expat start-ups, with health-related tech leading the way. One recent IT healthcare start-up managed to raise over a million euros, giving it a strong lead against its competitors. Fintech and the advertising industry are also strong contenders for venture capital cash, and manufacturing has caught up after a slow start, now rating at third in the top ten industries’ start-up list. Also on the list are start-ups in the media and education sectors, along with retail, security and mobility.

Getting funding depends on the present operating stage of the business. Recently-founded start-ups shouldn’t expect windfalls, but can expect to receive a financial helping hand from the usual suspects – friends, families and fools! If you’ve no access to the ‘3 Fs’, crowdfunding is the next big thing and is already gathering steam as a source. Kickstarter is a good site to try and gives the chance of your idea being picked up on social media sites with occasionally amazing results. Angel investor groups are another option.

Once your idea is out there, running and getting attention, that’s where venture capital investor firms kick in. From there on in, it’s up to you to make the most of your experience to date and capitalise on your hopes for the success you’ve dreamed about.