The financing challenges and strategic options for scale-ups in Belgium, with a focus on the Wallonia-Brussels region

Details

Supervisors

Pouchain, Frédéric

Faculty

Louvain School of Management

Degree label

Master [120] : ingénieur de gestion, à finalité spécialisée

Abstract

enScale-ups are drivers of innovation, employment, and economic growth. However, undergoing rapid growth and strategic transformation, scale-ups have high capital needs and therefore may struggle to secure adequate funding, particularly in Belgium’s Wallonia-Brussels region. This thesis explores the financing barriers scale-ups face and proposes practical solutions. There is a dual challenge: internal factors linked to the product-market fit, business planning, financial literacy, leadership and team capabilities, capital structures, growth strategies, and infrastructure; and external barriers including investor-founder misalignment, investor risk aversion, inefficient investors access, poor regional ecosystem, and weakness of public support system. To address these barriers, several strategic pathways are proposed: bootstrapping to retain control, a deliberate and well-timed combination of debt and equity financing, and the use of public support as a growth catalyst. Based on these insights as well as the barriers, tailored recommendations are presented: scale-ups should strengthen internal capabilities and strategic focus; investors are encouraged to adopt more inclusive and collaborative approaches; and policymakers must foster a more integrated, accessible, and innovation-driven ecosystem.