Turning scientific discoveries into deeptech companies is the core mission of the Ventures Office of LIST, which has supported the creation of over a dozen spin-offs.
Luxinnovation
Research and technology organisation Luxembourg Institute of Science and Technology (LIST) carries out groundbreaking research to develop market-oriented prototypes for various applications. Its ventures building arm, LIST Ventures takes this mission a step further by supporting its in-house scientists (and entrepreneurs at large) to transform these scientific discoveries into deep tech companies.
Before incubators, accelerators or investors become involved in the development of deeptech companies, it intervenes, acting similarly to a “startup studio”, to support at the very early stages. At this point, projects are often still research ideas or scientific concepts but with a solid business potential.
Alex Godlewski, who took over the helms of this ventures office of the LIST in mid-January 2025 explains: “Our goal is to go beyond scientific articles and patents, to enable the use of the technologies born in our labs and bring them to life as startups.” The creation of these enterprises also leads to tangible economic and societal impact. This includes job creation, attracting investment to Luxembourg, and ultimately, “creating more and better-spin offs,” a key objective emphasised by the Luxembourg government in its 10-point startup action plan.
LIST Ventures comprehensively supports these future spin-offs by assisting with product development based on the technology, pitch effectiveness, rigorous market assessment and customer discovery to validate business potential, team building, and securing funding from both public and private sources.
With over 550 scientists and innovation experts across 12 research units covering technology topics from 6G to AI, biotech, smart materials and next-gen IT, LIST has a huge potential to create tomorrow’s deeptech spin-offs from within. The Ventures Office mostly works alongside its in-house researchers, even training them on business creation, but also with external entrepreneurs. These two approaches and distinct profiles help to boost a “business tech founder duo” model. A good example of this is its healthtech spinoff and Fit 4 Start graduate, Dynaccurate, created by a LIST scientist and an external entrepreneur.
While its focus is in-house, it is also proactively seeking external entrepreneurs, inviting them to leverage LIST’s expertise and facilities. “Entrepreneurs who are outside of LIST can knock on our door to share their ideas and ask for our support and utilise the technology we have,” Mr Godlewski points out. “Essentially, our in-house expertise and facilities can fast track the technology development and make them market ready.”
In addition, Mr Godlewski states that LIST Ventures new strategy involves staying more connected with stakeholders in the startup ecosystem but also working with other key players like investors and industry. “To have a good startup, you need to have three key ingredients. LIST Ventures provides the crucial technical capital – the groundbreaking technology – and then facilitates the acquisition of human and financial capital,” he mentions. Angel investors, family offices and venture capital firms looking to have their skin in the game early are therefore a key partner, alongside industry players. “Their involvement provides crucial proof-of-concept validation, facilitates product market fit, and they can come in as early-adopters or clients.”
The recent launch of the LIST Ventures website in mid-March signals a new phase of proactive outreach and engagement. It was also recently listed on the Luxembourg start-up directory powered by Dealroom.
With a new leadership at LIST, there's a renewed push to “create more and even better spin-offs,” Mr Godlewski affirms. Other success stories in LIST Ventures’ portfolio include Invitrolize, which aims to detect chemical respiratory irritants early in product development, and Open Assessment Technology, specialised in education assessment. The latter was acquired by Japanese company Uchida Yoko in 2023.
