Switzerland, the land of private banking, decadent chocolate, and those crisp, ruler-straight Alpine peaks that make even Instagram look dull. For centuries, the Swiss quietly exported precision watches and beautiful scenic postcards while nurturing a stable, quietly confident economy. But in case you missed it, something big has been percolating – not just in Swiss chocolate but in Swiss innovation.

Enter Zurich. Long known for banking, ultra-secure vaults and efficient trains, it is now increasingly famed for its magnetic pull on startups, venture capital, and groundbreaking tech.

The emergence of Zurich as a startup hub

At Concentric, we have already backed several Swiss companies, and every visit to Zurich reinforces why: a buzzing ecosystem, founders with ambition, and a healthy dose of Swiss pragmatism. There’s a genuinely good vibe here – focused on building and scaling. The positive development of the ecosystem is clear; what was once a quiet alpine valley is now alive with entrepreneurial energy. For a venture capitalist, it’s irresistible: solid foundations, strong talent, and excellent infrastructure.

Zurich’s destiny as an innovation hub isn’t exactly brand-new. Take CERN: arguably one of Switzerland’s greatest contributions to the world. It gave rise to the World Wide Web, transforming how – and where – we work, date, and overshare photos of golden sunsets.

Meanwhile, Google established its first European office in Zurich back in 2004 – a mere two-person experiment that has since mushroomed into a massive R&D powerhouse with around 5,000 employees tackling Search, YouTube, Cloud, AI, and cybersecurity.

By 2022, they had officially opened a sprawling innovation centre in Zurich – becoming Google’s largest development hub outside the US. That 2004 landing? It was indeed its first-ever international R&D site! In time, other behemoths have set up offices in Zurich: Anthropic, OpenAI, AWS, etc.

Swiss innovation stretches beyond CERN and Google. Think ABB’s robotics, Logitech’s mice that work even when they’re buried under papers, Nestlé’s lifesaving medical nutritional science, biotech breakthroughs from Novartis, and crypto pioneers sprouting in Zug and Zurich.

Milestone development

Over the last 2–3 years, Zurich has strengthened its position as a leading innovation hub. ETH Zurich reported that it spun off a record high 43 startups in 2023, with nearly a third focused on AI, boosting the city’s burgeoning AI and DeepTech ecosystem.

Two unicorns have emerged locally: Scandit, a computer vision firm that reached over US $1 billion valuation in 2022, and 21.co, the parent of 21Shares, a crypto investment ETP provider headquartered in Zurich, valued at around $2 billion.

In 2023, Zurich’s startups secured around CHF 872 million in funding, according to Wired. By 2024, the Swiss Private Equity and Corporate Finance Association reported that this had risen to CHF 2.4 billion across 357 rounds, with DeepTech and robotics leading the surge.

What has driven this development?

Several engines have kicked in:

• Science-focused academic institutions
  Zurich is home to global powerhouses such as ETH Zurich and the University of Zurich. ETH, in particular, is consistently ranked as the top science university in continental Europe, attracting talent from near and far. Together with EPFL (just over the French border), these schools fuel a relentless stream of research-based spinouts and DeepTech pioneers.
• Business-driven academic institutions
  Beyond pure science, there are business accelerators and incubators tailored to commercialisation. Zurich’s ecosystem includes Venture Kick, MassChallenge Switzerland, F10, Deeptech Nation Switzerland, and more – making it a magnet for founders looking to scale with structure.

What benefits does Switzerland / Zurich offer?

• Talent: Multilingual, disciplined, highly educated – Zurich’s workforce is a Swiss Army knife of skills
• Immigration rules for entrepreneurs: Though Switzerland isn’t the easiest place to get residency, programs like the Swiss Startup Visa simplify entry for high-value, talented entrepreneurs
• Test environment: A stable, high-trust society means startups can pilot products in real-world conditions quickly and reliably
• Legal frameworks and capital: Strong IP protection, favourable structures, strong banking, and venture capital pools like Redalpine and Founderful, having raised funds to back Swiss and European deeptech firms
• Option schemes and tax legislation: While taxes aren’t zero, Switzerland offers clarity and competitive incentives
• Digitally driven infrastructure: Rapid adoption of digital services, high connectivity, and civic digitisation set startups up for success
• Quality of life: Safe, efficient, scenic – and international. Zurich’s lakes, hiking trails, family amenities, international schools, and healthy lifestyle rank among Europe’s best

But – what about the high cost of living and doing business?

Let’s not sugarcoat. Zurich is expensive – dare I say, apocalyptically chic. Office space costs, salaries, and housing are all among Europe’s highest. But in return, you get efficiency, stability, trust, and an environment that rewards grit with impact. Many founders tell me – it’s like paying for first-class, but you land on the right runway.

Areas in which Zurich excels

Switzerland has a strong heritage built on science and industrial technology and thus is well-positioned to become a leading hub for innovation-led technology development. This spans across multiple areas such as:

• Bitcoin/crypto: Switzerland, particularly Zug and Zurich, is a famous crypto hub – “Crypto Valley” has minted dozens of notable blockchain firms
• Healthtech / life sciences: Startups like Nanoflex Robotics, BTRY, BreezeLabs, Oxyle stand out
• Fintech: Yokoy’s AI-powered expense automation is a prime example
• AI / deeptech: Zurich’s AI ecosystem is growing faster than Berlin or London, driven by university spinouts and deeptech capital flow

Emerging Zurich startups: world-class founders

Here are three shining examples that deserve a global platform:

1. Aeon Life (aeon.life)
   Aeon blends consumer wellness with tech – a Zurich-based health monitor company that’s both smart and stylish, founded by Tim Seithe, an experienced entrepreneur and product designer with deep medical ties. Aeon leverages Swiss precision in the burgeoning wellness tech field. This is your Apple Watch meets a Swiss lab coat.
2. Relai (relai.app)
   Relai is Switzerland’s go-to noncustodial Bitcoin investment app – super simple, direct, and trusted. Julian Liniger brings army discipline, fintech know-how and regulatory savvy to the helm, delivering Bitcoin to Swiss users and beyond with flair and compliance. Relai lets people buy Bitcoin as easily as buying a train ticket from Zurich Hauptbahnhof (Zürich HB) station – built by locals who understand crypto and have won the trust of customers in Switzerland and beyond.
3. Visium (visium.com)
   Visium is a DeepTech analytics and AI platform that transforms data into clarity for large enterprises. Founder Alen Arslanagic is a data science engineer turned entrepreneur, bridging the gap between academia and the real world. With AI expertise and a bootstrapping mentality, Visium exemplifies the DeepTech spirit that Zurich cultivates.

Zurich may have long been underestimated by the tech world, operating under the radar behind the European hubs of London, Paris, and Berlin. But that is changing. With its roots in world-changing science (CERN), early signals from tech giants (Google), and now a robust ecosystem of talented founders, patient capital, academic spinouts, and a quality of life that’s, frankly, smugly enviable, Zurich is quietly announcing that it is ready to take on the world.

A country that has produced some of the leading innovative brand names across multiple verticals: banking (UBS), food & beverage (Nestle), Life Sciences (Novartis), etc. The next wave is quietly emerging with deep roots in legacy, education and research…, but Zurich doesn’t sprint – you would never hear its clocks ticking like that. It innovates with precision, purpose, and staying power.

Forbes article.