The new non-profit initiative, backed by Andbank and supported by key stakeholders across Andorra’s entrepreneurial ecosystem, aims to help promising startups scale internationally while strengthening collaboration between investors, institutions and innovators.
AndUp Foundation launches to strengthen Andorra’s Startup ecosystem
Andorra has taken another step in its ambition to become a regional centre for innovation and entrepreneurship with the launch of the AndUp Foundation, a new initiative designed to support high-potential startups as they transition from early-stage ventures into scalable businesses.
Presented on Monday, the foundation brings together entrepreneurs, investors, business leaders and institutional stakeholders around a common objective: creating a stronger entrepreneurial ecosystem capable of helping innovative companies grow within Andorra while expanding internationally.
Rather than functioning as a traditional startup incubator, AndUp focuses on one of the most challenging phases in a company’s lifecycle—the period after product-market fit has been achieved but before sustainable scaling. This stage often requires specialised mentoring, strategic networking, access to financing and international business development, resources that many emerging companies struggle to obtain in smaller markets.
By addressing these challenges, the foundation aims to improve the survival and growth prospects of Andorran startups while reinforcing the country’s position as an increasingly attractive destination for entrepreneurship and innovation.
Building a more connected innovation ecosystem
One of the defining characteristics of the AndUp Foundation is its collaborative approach.
Instead of operating independently, the organisation seeks to become a meeting point where founders, experienced entrepreneurs, investors, corporations, universities and public institutions can work together to accelerate innovation.
This ecosystem-focused model reflects an understanding shared by many successful startup hubs around the world: vibrant entrepreneurial communities are rarely built through isolated initiatives. Instead, they emerge when different actors collaborate, share expertise and create opportunities for entrepreneurs to access knowledge, capital and commercial networks.
For Andorra, where the startup ecosystem remains relatively young compared with larger European innovation centres, strengthening these connections could prove particularly valuable.
The foundation intends to facilitate these relationships through mentoring programmes, networking opportunities, educational initiatives and partnerships that reduce barriers for companies looking to scale.
Supporting companies ready for their next stage
Unlike many entrepreneurship programmes that concentrate on idea generation or business creation, AndUp has chosen to focus on startups that have already demonstrated market validation.
These are companies that have progressed beyond the initial concept stage and are now facing the more complex challenges associated with sustainable growth.
Scaling a business typically requires a different set of capabilities than launching one.
Founders must attract investment, recruit specialised talent, enter international markets, refine governance structures and develop long-term commercial strategies.
The foundation’s programmes are expected to address these needs by connecting entrepreneurs with experienced advisors and providing access to networks that would otherwise be difficult to build independently.
According to the information presented during the launch, the foundation will initially work alongside eight startups, creating a first portfolio of companies that can benefit from its support while serving as examples for future participants.
Encouraging investment in innovation
Access to capital remains one of the principal challenges for startups operating in smaller economies. Although entrepreneurship has grown steadily in Andorra during recent years, founders often need to seek financing beyond national borders as their businesses expand.
The creation of the AndUp Foundation represents an effort to narrow that gap by improving connections between entrepreneurs and investors. Beyond facilitating introductions, the organisation hopes to foster greater confidence among private investors by contributing to a more mature startup ecosystem where promising businesses receive structured support throughout their growth journey.
This approach reflects international best practices, where mentorship, governance and strategic guidance frequently accompany financial investment.
For investors, stronger ecosystems reduce risk. And for entrepreneurs, they increase the likelihood of sustainable growth.
Backed by Andbank but designed for the entire ecosystem
Although the foundation has been promoted by Andbank, its stated ambition extends well beyond a single organisation.
Its leadership has emphasised that the initiative is intended to serve the broader entrepreneurial community, encouraging collaboration across sectors rather than creating an exclusive programme.
That distinction is significant.
Successful innovation ecosystems typically rely on cooperation between financial institutions, government agencies, educational organisations, corporations and entrepreneurs. No single actor can independently build a competitive startup environment.
By positioning itself as a neutral platform focused on collaboration, AndUp aims to become an enabling organisation capable of connecting these different stakeholders around shared objectives.
The people driving AndUp’s vision
Behind the launch of the AndUp Foundation is a group of professionals who share a common ambition: transforming Andorra into a recognised destination for innovation and entrepreneurship.
The initiative is directed by Vanesa Arroyo, who will oversee the foundation’s programmes and its relationships with startups, investors and institutional partners. During the presentation, Arroyo explained that AndUp has been created to address one of the most difficult phases in a startup’s journey: the transition from a validated business model to sustainable growth. By focusing on companies that have already secured customers and demonstrated market demand, the foundation aims to provide founders with the strategic guidance, specialised mentoring and professional networks required to scale successfully.
Supporting this vision is Carlos Aso, CEO of Andbank, who has been one of the initiative’s strongest advocates. Aso has repeatedly emphasised that entrepreneurship and technological innovation will play a crucial role in Andorra’s economic diversification, identifying sectors such as artificial intelligence, biotechnology, digital health, tourism and mobility as areas where the country has the potential to develop internationally competitive companies. For him, AndUp is not simply a support programme for startups but part of a broader strategy to position Andorra as a European hub for high-impact entrepreneurship.
The foundation’s governance also reflects its collaborative philosophy. Its initial board of trustees brings together Andbank, Andorra Telecom and entrepreneur Francesc Destree Badia, combining expertise in finance, technology and business development. This diverse leadership structure is intended to ensure that founders receive not only access to funding but also strategic advice, industry connections and long-term support from professionals with complementary experience across the innovation ecosystem.
Rather than creating another institution focused solely on financing, the people behind AndUp have set out to build a platform where entrepreneurs can access the knowledge, relationships and opportunities needed to grow globally while remaining connected to Andorra’s evolving innovation ecosystem.
Supporting economic diversification
The launch also aligns with Andorra’s broader strategy to diversify its economy.
Historically associated with tourism, retail and financial services, the Principality has increasingly invested in digital transformation, technology, sustainability and knowledge-based industries.
Developing a stronger startup ecosystem complements these efforts by encouraging the creation of companies capable of generating highly skilled employment, attracting international talent and producing intellectual property within the country.
Innovation-driven businesses can also contribute to economic resilience by reducing dependence on traditional sectors and opening new opportunities in global markets.
As governments across Europe seek to encourage entrepreneurship as a driver of long-term competitiveness, initiatives like AndUp reflect a growing recognition that startups play an important role in economic development.
Learning from international innovation hubs
Although Andorra’s entrepreneurial ecosystem remains comparatively small, its size may also offer advantages.
Countries with agile regulatory environments and close relationships between public and private sectors often have the ability to implement innovation policies more rapidly than larger economies.
If successfully coordinated, the AndUp Foundation could help position Andorra alongside other small European countries that have successfully developed internationally recognised startup ecosystems.
Rather than attempting to replicate Silicon Valley, the initiative appears focused on leveraging Andorra’s own strengths: accessibility, institutional collaboration, quality of life and a growing commitment to digital innovation.
This pragmatic approach may prove particularly attractive to founders seeking supportive environments from which to build globally competitive businesses.
Creating long-term value beyond individual Startups
While the immediate objective is to support promising companies, the foundation’s broader impact may ultimately be measured by the ecosystem it helps create.
Successful startups often generate benefits that extend well beyond their own commercial achievements and it creates a compound effect. Founders become investors and employees become entrepreneurs while knowledge circulates throughout the economy. These synergies allow new companies to emerge from previous successes. Network effects are among the defining characteristics of mature innovation ecosystems.
If AndUp succeeds in encouraging this cycle, its influence could extend well beyond the first generation of participating startups.
Over time, such an environment may contribute to attracting international entrepreneurs, strengthening Andorra’s reputation as a business destination and increasing private investment in innovation.
A new chapter for entrepreneurship in Andorra
The establishment of the AndUp Foundation represents more than the creation of another support programme.
It signals an evolution in how Andorra approaches entrepreneurship—from encouraging business creation to building the structures necessary for long-term growth and international competitiveness.
Although the initiative is still in its early stages, its emphasis on collaboration, mentorship, investment readiness and ecosystem development reflects trends that have shaped successful innovation hubs around the world.
Its long-term impact will ultimately depend on the results achieved by the startups it supports and the strength of the partnerships it develops across the entrepreneurial community.
If those objectives are realised, the foundation could become an important catalyst in Andorra’s transition towards a more diversified, innovation-driven economy, helping local entrepreneurs transform ambitious ideas into globally competitive businesses while reinforcing the Principality’s position within Europe’s evolving startup landscape.
