In 2026, Venturelab celebrates twenty years of commitment to Swiss start-ups and innovation. It is an opportunity to look back, with its co-founder Jordi Montserrat, on the evolution of an ecosystem in which cleantechs have gradually established themselves as one of the most dynamic sectors.
Over the past two decades, start-ups have established themselves as one of the engines of the Swiss economy, helping to make the country one of the world’s main innovation hubs. This success owes much to the growing support provided by many actors in the ecosystem, including Venturelab through its Venture Leaders program. The company, which celebrates its 20th birthday in 2026, can boast an impressive record: the companies it has supported have created more than 20,550 jobs and raised around 9.5 billion francs.
Among the notable developments of recent years, cleantechs have emerged as one of the most dynamic sectors of the Swiss ecosystem. They attract ever-larger volumes of investment and play an increasing role in the transition to a more sustainable economy. On the occasion of this anniversary, we look back on this transformation with Jordi Montserrat, co-founder and director of Venturelab. Interview.
At the start of Venture Leaders, in 2006, was anyone already talking about cleantechs in the start-up ecosystem?
The term “cleantech” already existed, but it remained very marginal. At the time, people mainly talked about biotech, medtech and the software sector. Researchers at EPFL and ETH were indeed working on technologies such as solar panels or fuel cells, but there was not yet a true ecosystem around these innovations.
Twenty years ago, the carbon market did not yet exist in Switzerland — the emissions trading system for industrial companies was only introduced there in 2013. The climate emergency was not perceived with the same intensity as today, even though the scientific community was already sounding the alarm on the issue.
In this context, venture capital did not pay much attention to it and it was difficult to identify business models and serious return prospects. Incidentally, the Venture Leaders Cleantech program was only launched in 2020.
From when did this sector really take off?
I would say around 2015–2016, following the establishment of carbon credit markets, the Paris Agreement, the growing pressure on energy prices and a broader awareness of climate issues after some particularly severe heatwave episodes. These developments sent a strong political signal and allowed start-ups to demonstrate the viability of their business models and strengthen their legitimacy with investors.
This momentum also came with the emergence of a new generation of entrepreneurs eager to put research at the service of concrete solutions to address environmental challenges. This is now called “impact startup” or “impact investing.” At the same time, European investment funds and large industrial groups began actively seeking solutions in the fields of energy and climate. From 2018–2019, you could clearly feel that something had unlocked.
Is it fair to call this the most dynamic sector in Switzerland in recent years (at least before the widespread enthusiasm around AI)?
Partly. Cleantechs have indeed been one of the fast-growing sectors in recent years. Switzerland benefits from a truly unique concentration of talent and technologies, ranging from energy storage to CO₂ capture, through advanced materials, mobility and agriculture. It is also one of the areas that has contributed most to putting Switzerland on the global deep tech map.
That said, in terms of investment and ecosystem development, the fintech, biotech and information technology sectors have also experienced strong expansion.
Over the past twenty years, what are the main changes to mention in the start-up ecosystem?
There are many, but here are a few particularly striking ones. The most pleasing development is seeing top students at the federal institutes of technology and universities now interested in founding their own start-ups. This option has become a real career ambition. At the start of Venture Leaders, our first challenge was often to explain that entrepreneurship constituted a credible alternative to more traditional career paths.
We have also made considerable progress in seed financing. Raising your first millions of francs with a solid project is much more accessible today than twenty years ago. We have thus learned to value the technological depth that is Switzerland’s strength, where scientific barriers are particularly high. Finally, as I was on my way to Boston for the Venture Leaders Biotech program, I see how strongly the idea of “thinking global from day one” has taken hold.
Could the persistent problem of the lack of venture capital available in Switzerland ever be resolved?
It is, in a way, the ecosystem’s old chestnut. We have been talking about it for twenty years. Honestly, the situation has improved: there is much more capital available now than in 2006. However, a deficit remains, particularly at the growth stage, when start-ups need to raise between 50 and 200 million francs to scale up.
These financing rounds still too often come from foreign investors. That is not necessarily a problem in itself, but it can make the ecosystem more fragile. To fill this gap, we should mobilize larger Swiss institutional investors, particularly pension funds. They manage billions of francs but still allocate only a very limited share of their assets to venture capital. We should also encourage large companies to further develop their Corporate Venture Capital activities.
At this anniversary time, what are the main challenges that this entrepreneurial Switzerland will have to face?
There are many. The first is probably political. We will soon vote on the issue of immigration, a topic that directly affects start-ups. As mentioned earlier, the question of growth financing will also remain a major challenge.
Attracting and retaining the best entrepreneurial talent in an increasingly intense global competition will be just as essential. Switzerland has certain assets, but suffers from several rigidities — administrative, tax-related regarding stock options, and commercial — that need to be corrected.
Finally, we must remain relevant in a rapidly changing world. Artificial intelligence will transform practically every sector of the economy, but also the way we create, finance and support innovative companies. To keep its leading role, the Swiss ecosystem will itself need to continue reinventing itself or risk becoming obsolete. O.W.
Is artificial intelligence really causing a reallocation or cannibalization of funds to the detriment of cleantechs?
It is still difficult to say. It is clear that some of the capital being invested in AI today would probably have been directed to other sectors a few years ago. However, cleantechs are currently suffering from other factors, starting with political uncertainties, notably related to shifts in the United States’ stance on climate and energy issues.
This situation creates doubts about the rate of adoption of certain innovations in the short and medium term and calls into question several projects already underway. The consequences are felt well beyond the United States, affecting partner companies and countries, while China continues to strengthen its leadership in this energy transition.
It should also be considered that AI and cleantechs are not necessarily in competition. On the contrary, they are becoming increasingly complementary. The best start-ups active in clean energy are already using artificial intelligence to optimize their systems, accelerate their R&D, and so on.
Is the era of mega-deals and Climeworks-type unicorns over?
Climeworks raised extraordinary amounts at a time when capital was abundant and the net-zero narrative was at its peak. This context has changed. As mentioned earlier, political uncertainties and increased pressure on returns have cooled the enthusiasm of many investors.
That said, I do not think this period is definitively over. The climate emergency will not disappear. I am therefore convinced that Switzerland will see other cleantech unicorns emerge, whether in carbon, energy, advanced materials or green chemistry. The scientific, technological and entrepreneurial potential is still very much present.
What is Switzerland’s international position and recognition in cleantechs? And will it need to fight to maintain this reputation?
Switzerland is today widely recognized as one of the world hubs of deep tech applied to cleantechs. When participating in international conferences, I see it every year with our Venture Leaders Cleantech, where we present start-ups to international investors: Switzerland is spontaneously associated with cutting-edge technologies, world-class research and strong founding teams.
This reputation was not built overnight but has been constructed over the past two decades. And it does not sustain itself automatically. On the contrary, it is essential to continue strengthening and promoting it. Initiatives such as Deep Tech Nation Switzerland or the Top 100 Swiss Startup Award are constantly working on this.
What consequences could political reversals and budgetary restrictions in Switzerland have on the entire ecosystem?
This is obviously a source of concern, both for our start-ups and for our future. The consequences of withdrawing certain initiatives are not limited to the real effects on global funding searches and investor confidence, but also contribute to strengthening misinformation and certain blockages around the transition. The risk is not only losing the gains of recent years but seeing them regress abruptly.
In Switzerland, we are fortunate to enjoy relative political stability. However, when major actors such as Europe or the United States send contradictory signals, this situation creates uncertainty and weakens the economic model of a large number of our start-ups.
This article has been automatically translated using AI. If you notice any errors, please don't hesitate to contact us.
"Climate risks must imperatively be taken into account in the development of future adaptation policies, so that we can all be duly protected," says Adèle Thorens Goumaz.
"Local and regional initiatives would not be taken on by large players, who focus on larger-scale projects," explains Laurent Balsiger, adding that the added value of a modestly sized DSO is to be their catalyst. Interview
"The transformation of the system is not an obstacle, but an opportunity provided that it gives electricity suppliers the freedom to assert themselves in the face of competition without being smothered by unnecessary regulations," reminds Jan Flückiger, public affairs manager at AES.
With the growing surpluses from photovoltaics — particularly during the summer — some European consumers are now encouraged, even paid, to increase their electricity consumption at certain times of the day. But what about Switzerland?
Already a member or subscriber? Simply enter your email address to receive instant access to the article. Enjoy!