“The Canton of Vaud is known internationally as a hotspot for innovation and the development of disruptive technology,” says Patrick Barbey, CEO of Innovaud. “With our Scale Up Vaud program, we hope to give high growth tech companies the specific support they need to take their businesses to the next level. This will also help create and maintain a pool of high-caliber jobs in our region.”
A record number of IPOs and acquisitions since 2021
Four of the 50 Vaud scale-ups – MedAlliance, Depsys, beqom and BlueBotics – were acquired in 2022. This comes after another scale-up, GreenMotion, was acquired in 2021. And a further three scale-ups – SOPHiA GENETICS, Astrocast and Onward Medical – have gone public in the past few years.
“These IPOs and acquisitions are an excellent signal, as they show that Switzerland – and the Canton of Vaud in particular – provides an ideal setting for innovation and business development, whether for entrepreneurs, venture capitalists or acquirers,” says Barbey.
Jean-Pierre Pennacino, the Vice President of Finance at MedAlliance (which was acquired in 2022), says: “The Scale Up Vaud program structured by Innovaud has been a great opportunity for me personally to network with peer CEOs and CFOs on our common challenges and opportunities. In recent years, scale-ups have had to manage highly volatile economic conditions, and the program has been a great option for finding new ideas, solutions and resources. I have no doubt that the promising companies joining the Scale Up program in 2023 will benefit from it and successfully develop their businesses further.”
Fabio Ronga, CEO of beqom (also acquired in 2022), adds: “Innovaud has created an ecosystem that’s been very valuable for me personally. Its strict selection criteria have given me the opportunity to speak with other business leaders that are facing precisely the same growth-related challenges.”
Scale Up Vaud in figures
● 13 new companies joined in 2023
● The program now has a total of 50 scale-ups
● These 50 scale-ups have created nearly 3,500 jobs in Switzerland and some 4,900 globally (for a total of 8,400) since they were founded
● The scale-ups range from 4 to 25 years old and some can be considered SMEs
● Scale Up Vaud eligibility criteria