Technology and AI at the heart of Flemish start-ups
October 2025 - Almost all Flemish start-ups are technology-focused. This is the conclusion of a large-scale analysis carried out by Start it @KBC, which compared nearly 1,900 start-up companies. In addition, the rapid rise of artificial intelligence and a clear preference for B2B models also stand out.
Technology in series
Ten years ago, technology companies were in the majority, but this was not a foregone conclusion. Today, it's different: almost all participating start-ups are technology companies. Software, in particular, dominates the field, with more than six out of ten companies operating in this sector. Among hardware, the major role of mechatronics stands out, a discipline that combines robotics, electronics and software and finds applications in manufacturing and mobility, among other areas.
The AI revolution
The most notable trend is the rapid breakthrough of artificial intelligence. AI start-ups now account for nearly half of the entire ecosystem. This rapid growth is reminiscent of previous technological hype, but the impact of AI seems much more fundamental. We are moving from explanatory models to applications that perform tasks independently, which presents both opportunities and risks.
Preference for B2B
Belgian start-ups are strikingly focused on other businesses. Three-quarters of companies operate on a B2B model, which is significantly more than in international comparisons. Belgium therefore has a small and fragmented consumer market, but a strong service sector, which makes companies more attractive to customers.
Investment: software vs. hardware
Investors clearly favour software in terms of volume, but the largest sums often go to hardware companies. This is because medical and mechatronic technologies in particular require high budgets for development, certification and production. At the same time, it appears that start-ups that do not obtain venture capital nevertheless account for more than half of the jobs created.
Gender gap and progress made
Despite positive trends, the gender gap among entrepreneurs remains significant. Female teams raise on average much less capital than male teams. However, their presence is growing: nearly four out of ten start-ups now have at least one woman among their founders, compared to only one in five a decade ago.
Success and impact
More than two-thirds of the participating companies are still in business today, a percentage higher than the international norm. Together, they have raised more than €1.1 billion and created more than 12,000 jobs. The barometer thus proves that the Belgian start-up climate is alive and well and can be competitive at an international level, even if inclusion and sustainable financing remain key areas for improvement.
