
The Netherlands has emerged as one of Europe’s most dynamic startup ecosystems, offering a blend of mature infrastructure, global connectivity, and sector-specific expertise. Key hubs include Amsterdam, Rotterdam, Utrecht, Eindhoven, The Hague, and Groningen, each providing accelerators, incubators, and corporate networks that support IT and IT-enabled service startups. Yet despite this richness, the ecosystem illustrates the accelerator conundrum: founders gain access to resources, mentorship, and visibility, but often face constraints that hinder practical, revenue-first startup growth.
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Sramana Mitra: One interesting point is that the peak occurs in 2021, which was the height of COVID. This was not a traditional boom time, yet the venture industry peaked in 2021 and 2022, during the pandemic.
Gus Tai: I would also like to comment on the next slide, and then we can move into the broader discussion. This chart complements the prior one and also comes from PitchBook. It shows the amount of capital being raised by venture firms, which peaked in 2022.
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Belgium’s startup ecosystem, spanning Brussels, Antwerp, Ghent, Leuven, Liège, and Charleroi, is rich in opportunity but also illustrates the accelerator conundrum: founders have access to mentorship, corporate networks, and resources, yet are constrained by equity requirements, physical presence, selective entry, and pressure to scale rapidly. Even in hubs with strong IT and IT-enabled services support, these constraints can impede sustainable, revenue-first growth.
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Charleroi, traditionally an industrial city, is emerging as a hub for IT-enabled service startups and digital solutions. While smaller than Brussels or Ghent, Charleroi offers founders the opportunity to engage with niche accelerators, local enterprises, and early adopters, particularly in B2B software and SME-focused IT solutions.
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Liège represents a smaller but strategically important hub for IT and IT-enabled service startups in Belgium. Traditionally known for its industrial base, the city is evolving to support smart industrial solutions, B2B SaaS, and IT-enabled digital services. Founders in Liège have access to accelerators, local corporate networks, and niche investors, but the ecosystem is limited in scale compared with Brussels, Antwerp, or Ghent.
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Leuven is synonymous with research-driven innovation, anchored by KU Leuven, one of Europe’s leading technical universities. For IT and IT-enabled services startups, Leuven offers access to talent, research labs, and specialized mentorship, particularly for founders emerging from academic or deep tech backgrounds.
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Ghent is one of Belgium’s most vibrant tech ecosystems, distinguished by a strong focus on AI, digital platforms, and IT-enabled services. The city benefits from a mix of academic research, innovation-driven accelerators, and a growing startup community. For IT founders, Ghent represents an ideal environment to validate products, access mentorship, and engage with early customers.
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Antwerp is Belgium’s industrial and logistics hub, a city defined by its port — one of Europe’s largest — and its deep industrial networks. For IT and IT-enabled service startups, Antwerp offers unique opportunities, particularly in logistics tech, enterprise software, and B2B SaaS solutions. Founders who understand the industrial and commercial landscape can leverage local accelerators and corporate partnerships to gain early traction.
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