Fondation pour l'innovation et la technologie (FIT)

FIT relies on a structured public-ecosystem pipeline rather than open applications. Innovaud, the innovation agency of the Canton of Vaud, performs initial screening and refers candidates, while EPFL's technology transfer office and on-campus incubators surface additional deal flow. The foundation's leadership confirms that most supported startups have a direct EPFL, UNIL, or canton-based institutional affiliation.

No. FIT deploys grants and zero-interest loans, not equity investments. After a project's revenue-generating phase, recipients repay the loan portion — typically covering 50 to 70 percent of the total support package — into a revolving fund that finances future projects. This makes FIT a non-dilutive, non-extractive capital source for founders.

The Foundation Board, chaired by Edouard Bugnion, holds final authority over all grant and loan commitments. The board includes representatives from EPFL, the University of Lausanne, the Canton of Vaud, and corporate members — Ferring Pharmaceuticals and KFC Pan Europe — bringing both academic and industry perspectives to evaluation. Recommendations originate from a selection committee that reviews applications vetted by Innovaud.

The Canton of Vaud and EPFL co-founded FIT in 1994 as the region's primary instrument for commercializing publicly funded research. The Canton provides the foundation's core endowment and strategic oversight through board representation, while EPFL supplies the scientific pipeline — a majority of FIT-backed projects originate in EPFL laboratories or are founded by EPFL graduates and faculty. This tri-party architecture (Canton, EPFL, FIT) is the defining structural feature of Vaud's early-stage innovation policy.

FIT focuses on pre-seed and seed stages, typically providing the first external capital a project receives after leaving an academic laboratory. The foundation's support is designed to bridge the gap between research grants and the point where a spinout can attract private venture funding. Most recipients have not yet incorporated or are within 12 months of incorporation at the time of FIT's commitment.

FIT's mandate is to precede — rather than compete with — private venture capital, so formal equity syndication is not part of its model. However, its involvement often serves as a quality signal for later-stage investors. Several FIT-backed projects have subsequently raised institutional rounds from Swiss and European VCs. The foundation's relationship with Innovaud and cantonal programs creates an informal co-investment dynamic with other public instruments.

FIT is a Swiss foundation — a distinct legal structure from both family offices and endowments — with an initial endowment from the Canton of Vaud and EPFL. It operates with a public-purpose mandate under cantonal oversight. Its grant-and-loan-based deployment model resembles a philanthropic foundation more than an investment office, though its sector focus and startup pipeline most closely align with early-stage venture vehicles.