From humble beginnings to global ambitions: The Belgian startup journey.
Three key takeaways
• Belgium’s startup ecosystem has evolved in three phases: from early community-building and modest successes, to rapid acquisitions by foreign firms, to a new era where homegrown companies like Odoo and Deliverect are scaling globally without needing M&A.
• Scaling remains the biggest challenge: While Belgium produces successful startups and even unicorns, the number of scale-ups lags behind neighboring countries. Late-stage funding, talent retention, and knowledge transfer from serial entrepreneurs are critical gaps.
• Collaboration is the future: Corporates and startups are increasingly partnering through models like venture clienting and accelerators, but deeper integration especially in deep tech and sustainability – could unlock Belgium’s next wave of innovation.
The three phases of Belgium’s startup ecosystem
Robin De Cock, Associate Professor of Entrepreneurship at Antwerp Management School and co-founder of the Antwerp Centre for Entrepreneurship Research, has witnessed Belgium’s startup landscape transform over two decades. “When I started, there was a fledgling community, with a few success stories like Netlog in Ghent”, he recalls. “But it was modest. There were no major scale-ups or unicorns.”
The second phase saw Belgian startups like Clear2Pay (acquired for 375 million euros) and Playfish (sold to EA Sports) achieve rapid growth, only to be snapped up by foreign acquirers.
“These were companies that created real value but were quickly absorbed”, De Cock notes. Today, Belgium is entering a third phase: startups like Odoo and Deliverect are scaling so fast that M&A is no longer the only path to success. “They’re growing through the roof, bypassing traditional acquisition routes”, he says. Yet, despite these high-fliers, Belgium still lags in the number of scale-ups compared to its European peers.
"Odoo and Deliverect are scaling so fast that M&A is no longer the only path to success."
The scaling gap: why so few Belgian startups reach the next level
Belgium’s startup scene is vibrant, but scaling remains a persistent challenge. “There’s a scaling gap”, De Cock admits. “Early-stage funding is available, but late-stage capital has historically been scarce.”
This forced many startups to seek investors abroad, a trend that’s slowly changing. “We’re seeing a ‘Red Devils effect’; just as Belgium’s football talent attracted global attention, our startup successes are drawing international investors.”
AI is also reshaping the landscape. “AI-driven startups need less capital and fewer employees to scale”, De Cock explains. “Their valuations are skyrocketing, even with minimal resources.”
Yet, the question remains: Why aren’t more Belgian startups becoming scale-ups? “That’s what we’re researching now”, he says. “We need to understand the mechanisms behind successful scaling and share those lessons widely.”
Sector-agnostic success: experience over industry
Successful Belgian startups aren’t confined to a single sector. “What matters most is the experience of the management team”, De Cock observes. “Serial entrepreneurs – those who’ve scaled before – know how to navigate the VC landscape and secure funding quickly.”
He points to Henchman, a legal tech startup acquired for hundreds of millions, as an example. “Its founders had prior scaling experience. That knowledge is invaluable.”
This maturity is a sign of a strengthening ecosystem. “Belgium is becoming a place where founders learn from failure and bring those lessons back”, De Cock says. “But we still need more of these serial entrepreneurs to mentor first-time founders.”
“Belgium is becoming a place where founders learn from failure and bring those lessons back”
Attracting VC capital: Belgium’s unique pitch
Belgium’s VC network is growing, but startups often still look abroad for funding. “Belgian VCs are well-connected and use AI to scout promising startups”, De Cock notes. “But the best scenario for a startup is to be found by investors, not the other way around.”
He advises founders to generate exposure through media, LinkedIn, and events. “Visibility attracts capital.”
Cultural differences in pitching persist. “European investors focus on the business case and financials, while American investors are drawn to vision and ambition”, De Cock observes. “Belgian startups often tailor their pitch decks accordingly.”
Organizations like BelCham in New York are bridging this gap, helping Belgian founders adopt a more global mindset.
Born global: Belgium as a test market
Belgium’s small domestic market has long positioned it as an ideal testbed for startups. “Founders test their business models here, then scale abroad”, De Cock says.
But there is another approach that founders can take: born global startups. “Some founders launch with teams spread across Singapore, London, and San Francisco from day one”, he explains. “This way, they tap into multiple ecosystems simultaneously, mitigating risks like talent shortages.”
This approach reflects a shift from sequential internationalization to immediate global integration. “It’s not just about testing in Belgium and then expanding”, De Cock says. “It’s about being global from the start.”
“It’s not just about testing in Belgium and then expanding. It’s about being global from the start.”
Technology transfer: bridging the gap between labs and markets
One of Belgium’s biggest untapped opportunities lies in technology transfer. “Universities like Antwerp and KU Leuven are making strides in commercializing deep research”, De Cock says. “But too often, valuable IP remains locked in labs while less innovative startups secure funding.”
The challenge is twofold: convincing researchers to leave academia for the uncertainty of startups, and navigating IP negotiations with universities. “Some universities are more flexible than others”, De Cock notes. “But progress is being made.”
He believes deeper collaboration between entrepreneurial talent and researchers could unlock Belgium’s next wave of deep tech startups.
Corporate-startup collaboration: from dating to marriage
Corporates are increasingly partnering with startups to inject innovation into their operations. “We’ve seen corporate-startup collaboration rise from 25 percent in 2018 to 40 percent today”, De Cock reports. But M&A isn’t the only – or always the best – option. “Acquiring a startup can kill its innovative culture”, he warns.
Instead, De Cock advocates a ‘chat-date-marry’ principle. “Start with low-commitment collaborations, like venture clienting, where corporates test startup products”, he suggests. “Then progress to accelerators, corporate venture capital, and finally – if it’s a true win-win – M&A
This phased approach preserves the startup’s agility while allowing corporates to integrate fresh ideas.
The art of the pitch: passion, professionalism, and personality
De Cock, author of several books on pitching, emphasizes that securing investment is about more than numbers. “Investors look for passion signals; drive, energy, and a deep belief in the mission”, he says.
“They also want professionalism: Does the founder know their market? Can they educate the investor?” Finally, interpersonal chemistry matters. “Would I want to work with this person for the next decade?”
He cautions that passion can’t be faked. “If you’re not genuinely driven, investors will sense it. Startups are a rollercoaster; without passion, you won’t survive the downs.”
The road ahead: scaling knowledge and ambition
De Cock’s mission is clear: increase the number of Belgian scale-ups. “We’ve launched ‘Founders for Founders’, a program where serial entrepreneurs share scaling strategies with first-time founders”, he says. “Knowledge transfer is key.”
He’s optimistic about Belgium’s potential, especially with AI lowering barriers to scaling. “But we need more founders to think big”, he urges. “Belgium can be a European innovation hub if we dare to take risks and learn from those who’ve succeeded before us.”
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