Confidential Strategic Brief · 2026

Where deep technology finds capital, infrastructure and time.

FORJA is a venture-backed accelerator for hard-tech startups. A public–private platform that replaces the single largest cost on a founder's cap table — building their own lab — with shared world-class engineering infrastructure, specialised operating mentorship and pre-seed capital.

30–50M€
Total Programme Endowment
50 / 50
Andorra Business × Hard-Tech VC
10%
Equity per Portfolio Company
500K€
Pre-Seed Ticket · Per Company
01 — Thesis

Europe leads in deep-tech research. It lags in deep-tech ventures.

Hard-tech founders lose between eighteen and thirty-six months, and several million euros, assembling the laboratory capacity they need before their first prototype. That capital is absorbed by equipment, not by the science. FORJA exists to remove that burden and compress the industrial development cycle from five years to two.

i.

Public infrastructure becomes venture infrastructure

A publicly-funded engineering facility — co-designed with technology centres and anchor universities — becomes the physical backbone of the programme. Startups access it in exchange for equity, not rent.

ii.

Specialised private capital alongside, not after

A hard-tech VC co-invests from day one with the public entity on a 50/50 basis. Financial discipline, commercial judgement and follow-on conviction live inside the programme, not outside of it.

iii.

Operator-grade mentorship, not advisory-board tokenism

Senior founders who have already built, scaled and exited industrial companies lead the cohorts. Mentors are compensated on equity aligned outcomes, not on visibility.

02 — The Model

A single, clean deal with the founder.

Every company that enters FORJA receives infrastructure, capital and mentorship under one simple, investor-grade deal structure — designed to survive Seed and Series A due diligence without renegotiation.

Equity acquired
10%
Fully diluted, upon entering the programme. Clean common/preferred structure aligned with EU VC standards.
Capital injection
Up to 500K€
Cash investment at a pre-seed valuation. Deployed against hiring, go-to-market execution and milestone-driven engineering.
Programme duration
12–18 months
Long enough to reach a prototype-to-pilot milestone. Short enough to raise Seed or Series A on clean metrics.
Cohort size
8–12 companies
Two cohorts per year. Curated for non-overlapping technology risk and complementary infrastructure needs.
Lab access
Unrestricted
Full access to FORJA's engineering platform — equipment, technicians, materials and cleanroom-adjacent space — throughout the programme.
Follow-on
Pro-rata
The VC co-investor reserves the right to participate in Seed and Series A rounds on market terms. Public entity retains its equity position through follow-ons.
03 — Why this, why now

Software accelerators do not work for companies that ship atoms.

The hard-tech founder's first eighteen months are consumed by three structural problems that software accelerators were never designed to solve.

CapEx absorption. Between €1–5M of the first fundraised round is spent standing up lab capacity — oscilloscopes, SEM time, 3D-printing rigs, environmental chambers — that the company will outgrow, depreciate, and under-utilise.

Talent gravity. Senior engineers join ventures that already have a laboratory. The absence of a physical workbench is the single most frequent reason early hard-tech hires fall through.

Investor legibility. A hard-tech company without an operating prototype is not yet a Seed-ready story. Most die between grant funding and Seed not because the science is weak, but because the commercial timeline cannot absorb the infrastructure gap.

Public capital, stranded. Europe already commits significant public funding to deep-tech research — much of which is returned or under-spent because grant vehicles are not structured to deliver industrial-grade outcomes. FORJA gives that capital a conversion layer.

FORJA closes all four gaps inside a single venture-grade platform.

04 — The Engineering Platform

A shared lab estate worth more than most Series-A rounds.

Six interconnected laboratories, a supporting technical workforce, and a shared stores function. Designed in partnership with established technology centres to avoid duplication and to plug directly into existing Catalan and European research infrastructure.

L1.Electronics & PCB Prototyping

Mixed-signal design benches, reflow and pick-and-place lines, high-frequency analysis, EMC pre-compliance, embedded test racks.

L2.Mechanical & Additive Manufacturing

CNC machining, industrial-grade FDM/SLA/SLS printing, metal sintering partnerships, CMM metrology and structural test rigs.

L3.Materials & Characterisation

Shared SEM/FTIR/XRD access through partner centres, thin-film deposition, tribology, accelerated ageing, failure analysis.

L4.Energy, Power & Thermal

Power electronics lab, battery cycling and safety testing, thermal chambers, high-current DC/AC benches, grid-emulation hardware.

L5.Robotics, Autonomy & Testing

Indoor test arena, sensor calibration, ROS-native integration benches, environmental rigs, low-speed mobility validation track.

L6.Cleanroom-adjacent & Wet-Lab Interface

Class-10K adjacent space for micro-assembly, photonics and biotech-adjacent prototyping, integrated with wet-lab partners for cross-discipline projects.

05 — Fund Architecture

Public capital, private discipline.

A vehicle sized to deliver industrial returns without distorting the public mission. Governance is shared; investment decisions sit with the specialised VC; infrastructure decisions sit with the public entity and its technical partners.

Total programme
30–50M€
Ten-year envelope covering laboratory CapEx, operating team, portfolio investment and follow-on reserves.
Capital stack
50 / 50
Equal split between the public anchor (infrastructure + matching capital) and the hard-tech VC (co-investment + fund management).
Horizon
10 years
Standard institutional fund horizon with an optional 2-year extension for portfolio maturation.
Throughput
160–200 companies
Two cohorts per year of 8–12 companies over the programme's investment period.
Alignment
Carried interest shared
Upside distributed between the public entity, the VC, the operating team and a founder-dedicated pool that recycles into the ecosystem.
06 — Territorial Dividend

Beyond equity returns: what the territory recovers.

A hard-tech accelerator operated from a single jurisdiction compounds public value in four directions. None of it is captured on a cap table. All of it is measurable, durable, and accrues to the sponsor.

I1.Scientific base expansion

Every cohort imports 30–50 doctoral-grade and senior-engineer profiles into the territory. Once physically anchored to the platform, a disproportionate share stays — founding second-time startups, joining industrial partners, or embedding in the research ecosystem.

I2.Economic dynamization

Each venture deploys 60–75% of its first round inside a 50-km radius: payroll, services, specialised manufacturing, legal and fiscal infrastructure. Two cohorts per year translate into sustained, high-multiplier demand on the local high-value service economy.

I3.Technological sovereignty

A working deep-tech platform generates domestic capability in the sectors Europe currently imports: advanced electronics, energy storage, robotics, materials, photonics. Ownership of that capability cannot be outsourced back later; it must be built in place.

I4.Ecosystem density

A credible hard-tech hub changes the geography of European venture: international co-investors open local presence, follow-on rounds flow inwards, and academic spinouts that would have defaulted to Paris or Munich stay close to the platform that trained them. Density compounds faster than any individual exit.

Impact indicators are tracked publicly and reported to the sponsoring entity on an annual cadence: doctoral and engineering headcount, portfolio spend per territory, follow-on capital, survivor rate, tax base contribution and sector diversification indices.

07 — Deployment Roadmap

From mandate to first cohort in twelve months.

Four phases, two years. The first eighteen months are structurally about governance, infrastructure and team. Everything else compounds from there.

Phase 0 — May / Jun 2026

Political Mandate & MoU

May – Jun 2026

Formal endorsement by the Govern d'Andorra. Memorandum of Understanding signed between Andorra Business, Andorra Recerca + Innovació, the Universitat d'Andorra and the hard-tech VC. Public announcement at Andorra Business Market 2026.

Phase 1 — Jun / Jul 2026

Vehicle & Governance

Jun – Jul 2026

Constitution of the Andorran investment vehicle (Societat de Capital Risc). Operating committee formed with Andorra Business, AR+I, UdA and the VC. Legal, fiscal and compliance frameworks aligned with the Andorran regulatory regime for foreign investment.

Phase 2 — Jul / Aug 2026

Infrastructure & Hiring

Jul – Aug 2026

Activation of the Sant Julià de Lòria campus footprint (UdA + CATSA facility). Procurement of Phase-1 laboratory equipment. Recruitment of the Managing Director, two senior engineers and two lab technicians. Open call launched across the European hard-tech community.

Phase 3 — Sep 2026

Cohort Zero · Pilot

Sep 2026

Selection and onboarding of the pilot cohort — 4 to 6 hard-tech startups. Formal launch of FORJA · Andorra. First residents take up position on the Sant Julià de Lòria campus. Public-facing milestone with institutional and industry press.

Phase 4 — Oct 2026 / Jun 2027

Delivery & Demo Day

Oct 2026 – Jun 2027

Cohort Zero runs through nine months of engineering and commercial milestones. Mid-programme review in Q1 2027. Demo Day in Andorra la Vella with anchor Seed and Series A investors from Iberia, France and Central Europe. Selection of Cohort 1 begins in parallel.

Phase 5 — 2027 / 2036

Scale & Territorial Anchoring

2027 – 2036

Two cohorts per year of 8–12 companies. Progressive build-out of Labs L1–L6 on the Sant Julià campus. Alignment with Govern d'Andorra's trajectory of lifting public innovation investment from 1.75% to 7–8% of budget by 2036. Realised gains are reinvested into the Andorran innovation ecosystem.

08 — Team & Anchor Partners

Operators, not intermediaries.

FORJA is led by founders and institutional engineers with first-hand operating experience. The founding circle combines entrepreneurial leadership with direct authority over Catalonia's most capable technology infrastructure.

JGFounder

José Antonio González Paz

Founder & Managing Director

Entrepreneur and operator with a track record across deep-tech venture building, corporate strategy and international commercial development. Origin and driving force behind FORJA and convenor of the Andorra chapter.

ABPublic Anchor

Andorra Business

Economic Promotion Agency · Govern d'Andorra

The Principality's economic promotion and development agency. Anchors FORJA · Andorra inside the national innovation strategy and the trajectory of public innovation investment toward 7–8% of budget by 2036.

ARResearch Partner

Andorra Recerca + Innovació

Innovation Agency · AR+I

Andorra's innovation agency and the operational link to the Andorra Living Lab. Provides the open-innovation and challenge-based frameworks that integrate FORJA cohorts into the national research programme.

UdAAcademic Anchor

Universitat d'Andorra

Campus Host · Sant Julià de Lòria

Host of FORJA · Andorra on the Sant Julià de Lòria campus, in direct proximity to the Institut Universitari de Recerca en Salut (IURS) and the CATSA research-and-innovation building. Anchors the talent pipeline.

RCOperating Partner

Roger Casals

Serial Entrepreneur · Operating Partner

Multi-time founder with international exits across cybersecurity and enterprise technology. Brings founder-grade mentorship and the commercial reality of building venture-scale companies.

JRExtended Partner

Jordi Rodríguez · Leitat

Cross-border Scientific Infrastructure

Senior figure at Leitat. Provides FORJA · Andorra with reciprocal access to Southern Europe's deepest applied-research lab estate — the infrastructure extension that Andorra cannot duplicate domestically.

Senior Startup Mentors, staff engineers and laboratory technicians are recruited under the Phase 2 plan. An operating committee combining Andorra Business, Andorra Recerca + Innovació, the Universitat d'Andorra and the hard-tech VC formalises the final composition of the team. Named anchor entities reflect the founding dialogue and are subject to formal convention.

Next step

A private conversation with the founding team.

FORJA is being structured through direct engagement with senior public stakeholders and a short list of specialised European venture firms. This page exists to support that conversation. Requests for the full strategic brief, financial model and governance draft are handled by invitation only.