Curiosity and Lumo Labs: Entrepreneurs Must Be in the Spotlight

A lot is happening in the Northern Netherlands when it comes to entrepreneurship, but there is room for further growth. Tech scene startups are present, but somewhat sparse. Still—or perhaps precisely because of this—international investment funds Curiosity and Lumo Labs see promise in the North. Why? Because the fundamental conditions are solid.

“With the university, the Zernike Campus, the UMCG, the Bernoulli Institute, incubators, local investors, and a network of growth funds, the region around Groningen in particular has a lot to offer,” says Herman Kienhuis. He is the founder of Curiosity Venture Capital, an investment fund mainly focused on startups developing software in the field of AI and Machine Learning. “I’m convinced there’s much more to gain. The general availability of GenAI models such as ChatGPT, Gemini, and Mistral is a unique opportunity for entrepreneurs to develop disruptive applications. This is as revolutionary as the internet.”

Amsterdam-based Curiosity, operating throughout Northern Europe, is involved in the North thanks to an investment by the Investment Fund Groningen (IFG). That collaboration is more logical than it might initially seem. Kienhuis: “We are always looking for great startups we can support, especially in the North. Thanks to IFG’s knowledge and network, we see and hear more. In return, we try to boost the ecosystem through networking events and education.”

Even further away but already more familiar in the Northern Netherlands is Lumo Labs from Eindhoven. Over the past few years, this investment fund has already invested in Enatom, AirHub, and Protyon—all startups from Groningen. Andy Lürling, founder: “We look for startups that are disruptive and aim for system change. Generally, they must all improve quality of life. And yes, those certainly exist in the Northern Netherlands. We just launched our second fund and are pleased that IFG is participating again. Together, we look for the best early-stage startups.”

On to the next unicorn, so to speak. Although, that might not be the best way to view the ecosystem. Lürling: “I think we in Europe should develop our own approach. In the U.S., it’s about being the biggest, a ‘winner takes all’ mentality. That has long been our example, but I believe we must do things differently. More collaboration, more open source, more impact. I’d rather have twenty great companies that together equal the value of one unicorn than a single winner.”

That means collaboration and the development of a strong ecosystem. Curiosity and Lumo Labs are eager to contribute—within the North, the Netherlands, and Europe. According to Kienhuis, there’s still a lot of work to be done in this area. “Entrepreneurship gets far too little attention in the Netherlands. It needs to be more deeply integrated into education at universities and colleges. Also: where is the burning ambition to conquer the world? I miss that in many places—perhaps even more so in the level-headed North. Don’t be too easily satisfied.”

Andy Lürling agrees. “The bar can be set higher. Don’t aim for the moon—aim for the stars, and you’ll be happy with the moon. In other countries, I see that ambition much more. Especially in the Baltic states, where we are also active. If you’re going to be an entrepreneur, go all in.”

The question is: how do you change that mindset? How do you get startups to take off, how do you spark entrepreneurship with real passion? Both investment funds are doing their part. Lürling likes to compare it to a football club: “People come to the stadium for the players—not the sponsors, not the board, not even the coach. It’s the same in startup and entrepreneurship ecosystems. The entrepreneurs are the players—they are the most important. But I still see too many board members and sponsors taking the spotlight. That needs to change.”

Successful entrepreneurs are the most important factor in stimulating new entrepreneurship, Kienhuis agrees. “You need them in education, at events, in knowledge sessions, in accelerator programs, and as investors. They know how it works and can inspire and drive others. We can learn from successful Groningen-based scale-ups like Belsimpel, Paylogic, Soly, Voys, and Klippa.”

That is necessary to get the flywheel moving. “To build good entrepreneurship and a successful ecosystem, you need different ingredients. Talent is one, but also education, investment capital, good infrastructure, solid examples, and more. Once there are a few success stories, the flywheel starts turning. After an exit, more money flows into the ecosystem, and things start moving. Successful founders begin investing in new startups or funds, offering advice, building networks, and so on. That’s how growth and development emerge.” Once again: the entrepreneur is central.

Lumo Labs and Curiosity each have their own way of setting that flywheel in motion. Curiosity has a unique community model: all entrepreneurs who receive investments from the fund become co-owners and share in the profits. This is an added incentive to support each other. “It works. You see the entrepreneurs connecting more with each other because they share a common interest.” Additionally, Curiosity has donated ten percent of its (future) fund manager profits to a foundation that supports entrepreneurship among underrepresented groups. Kienhuis: “That is crucial for a thriving and balanced ecosystem—that we give more diverse teams the opportunity to undertake and shape our future.”

Lumo Labs was founded by entrepreneurs who began angel investing after selling their companies. After a few years, they established their first fund and are now active with their second. Based on their experience, knowledge, and network, Lumo created a mentoring program that supports entrepreneurs in their portfolio based on individual needs. This program is based on four pillars: Excellent Leadership, Product-Market Fit, Marketing & Storytelling, and Next Round Financing. “Because ultimately, we are the first or second investor—but not the last,” Lürling explains. “This program is very well received by ‘our’ startups.”

That’s how an ecosystem can take off—even in the Northern Netherlands. The ambition level can rise. Local government and educational institutions could make a much stronger push for entrepreneurship. Put the entrepreneur in the spotlight, invest in strong infrastructure like supercomputer clusters and the AI Factory, and remove obstacles. Herman Kienhuis: “Choose entrepreneurship, that’s my call. This might just be the best moment ever to start a tech company in Europe. That shared interest is felt everywhere.”