The first Swiss Scale-Up Report: academic spin-offs in the spotlight

The newly published Swiss Scale-Up Report 2026 provides the first systematic overview of Switzerland’s scale-up landscape, examining how companies move beyond the startup phase, contribute to the economy and navigate the challenges associated with sustained growth.

Published by Deep Tech Nation Switzerland, Swisscom Ventures, SIX Swiss Exchange and startupticker.ch, with contributions from Swisspreneur and the Swiss Startup Association, the report identifies 265 Swiss scale-ups and estimates that the total number across the country lies between 400 and 500. Together, the 265 identified companies have an estimated combined valuation of CHF 26.6 billion.

The report looks at companies headquartered in Switzerland that have progressed beyond the early startup phase and reached a significant level of funding, employment or revenue growth. A startup qualifies as a scale-up if it meets at least one of three criteria:

• CHF 20 million or more in equity raised over the past ten years
• at least 30 employees worldwide
• annual revenue of CHF 5 million or more, with year-on-year growth of at least 20%

From research to growing companies

The findings point to a strong link between Switzerland’s research environment and its entrepreneurial ecosystem. According to the report, 43% of the identified scale-ups are spin-offs from Swiss universities or research institutions, while 64% are classified as deep tech.

Prof. Laurent Frésard is among the experts who contributed to the report. His contribution looks at the role of scale-ups in the broader innovation system and at how successful companies can generate knowledge, experience and networks that benefit the next generation of entrepreneurs.

The topic is also relevant for universities and innovation actors in Ticino. While the report finds that most Swiss scale-ups are concentrated in Zurich, Vaud, Zug, Basel-Stadt and Geneva, the conditions that allow promising companies to continue growing concern regional innovation ecosystems across the country. Beyond supporting the creation of new ventures, this means considering how companies can access the talent, expertise, customers and capital they need as they develop.

Growth increasingly supported by international capital

Financing is one of the areas examined in the report. Swiss scale-ups have raised more than CHF 13 billion in later-stage capital since 2012. The share attributed to Swiss investors, however, declined from 27% in the 2019–2022 period to 13% in 2025.

Internationalisation is also visible on the commercial side. Among the 75 scale-ups surveyed in depth, 76% generate the majority of their revenue outside Switzerland. Sales was the most frequently cited operational challenge, mentioned by 60% of respondents.

These findings draw attention to a phase of entrepreneurship that tends to receive less attention than company creation and early-stage development. Moving from startup to scale-up brings different challenges, as companies need to develop their commercial activities and organisations alongside their technologies and products.

The Swiss Scale-Up Report 2026 is intended to become an annual publication, providing a basis for following the development of Switzerland’s scale-up landscape over time. 

The full Swiss Scale-Up Report 2026, including its methodology, data and case studies, is available here: https://deeptechnation.ch/resources/swiss-scale-up-report-2026/