SWITZERLAND Trends and Developments Contributed by: Karim Maizar, Nicolas Mosimann, Alexandre Gachet and Nicolai Nuber, Kellerhals Carrard
Access to technology Switzerland has recently and surprisingly been excluded by the USA from the list of allied coun - tries for unlimited access to chips required for artificial intelligence. While efforts are currently underway on the part of the Swiss government to remedy this situation, this development is a testament to potential vulnerabilities that coun - tries like Switzerland may be confronted with as part of a world that is increasingly caught in geopolitical tensions. Harmonisation of spin-off terms Swiss universities typically follow a general framework for spin-off terms, which includes the grant of (exclusive) licence rights in exchange for royalties that are usually revenue-based and for equity stakes which are usually in the region of 10% or less. These frameworks are designed to ensure that spin-offs can effectively commer - cialise academic research while providing fair returns to the universities. Transparency around deal terms and efficiency of negotiations has strongly increased over the past years, reflect - ing the universities’ awareness regarding their critical role as enablers of entrepreneurial activi - ties in the deep tech space. However, achieving full harmonisation remains a challenge. Efforts to standardise guidelines, share best practices, and provide support for founders can help improve the process and ensure that spin-offs can effec - tively commercialise academic research. By addressing these challenges, Swiss universities can continue to foster innovation and entrepre - neurship, contributing to the growth of the coun - try’s tech ecosystem. Conclusion and Outlook The Swiss start-up and venture capital ecosys - tem is characterised by its strong focus on deep tech, significant international investment dynam - ics, and resilience in the face of economic chal -
lenges. As the ecosystem continues to evolve, staying abreast of market trends and leveraging opportunities in deep tech and sustainability will be essential for fostering innovation and growth. The year 2025 is expected to be a pivotal one for the Swiss start-up ecosystem. Despite the challenges faced in previous years, there is opti - mism for a recovery and growth. Recent surveys indicate that while the total investment volume has declined, sectors like biotech, cleantech, robotics and AI are poised for significant growth. The resilience of the Swiss start-up ecosystem, coupled with its ability to attract foreign capital, provides a solid foundation for future growth. As global economic conditions improve, there is potential for increased investment activity and the emergence of new market leaders originating from Switzerland. Efforts that continue to focus on bridging the gap in growth financing and fos - tering large-scale investments will be essential for scaling operations and driving economic impact. The current geopolitical challenges may turn out to have a fundamental boosting effect in this regard. To quote Klaus Hommels from Lakestar in the latest European Deep Tech Report: “Deep Tech will be the engine of Europe’s next wave of innovation, driving breakthroughs from autono- mous systems to space technologies. If Europe - an defence spending rises to the estimated 3.5% of GDP, we expect around 10% of that – roughly EUR61 billion per year – to be directly invested in European Deep Tech. With an assumed 4x rev- enue multiple, this would translate to an annual market impact of EUR245 billion. This invest- ment will extend far beyond pure-play defence applications, fuelling advances across the entire Deep Tech ecosystem and reinforcing Europe’s technological sovereignty and global competi -
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