It is an 18-page document that Minister of the Economy Franz Fayot presented on 14 June at the Vivatech international trade fair in Paris: “From Seed to Scale”, the roadmap for the start-up ecosystem in Luxembourg.
The roadmap is based both on an assessment of the Luxembourg start-up ecosystem in 2022, carried out with the support of specialist consultancy company Startup Genome, and on the needs identified on the ground, following a consultation process with the main stakeholders in the ecosystem.
Based on a “population” of over 550 start-ups active in the country, the roadmap proposes a series of measures specifically adapted to the Luxembourg ecosystem. It is structured around 5 main axes:
- Continuing efforts to support start-ups from the very beginning – This involves developing existing initiatives such as the Fit 4 Start programme, as well as facilitating disruptive innovation through the creation of spin-offs;
- A more connected, stronger and more visible national ecosystem – Through the development of the Startup Luxembourg platform, links between the various players in the ecosystem will be strengthened, and the effectiveness of the entrepreneurial environment as a whole will be enhanced. A partnership with the internationally renowned service provider Dealroom has thus been established;
- Improving access to talent for start-ups and scale-ups – Pragmatic, targeted actions are planned to enable start-ups to recruit more easily, particularly internationally, and with attractive forms of remuneration, notably by democratising access to share ownership for employees;
- Create an environment conducive to the development of scale-ups – This involves, for example, encouraging open innovation, strengthening support for start-ups towards scale-ups, and promoting private investment in start-ups;
- A start-up ecosystem anchored at the heart of the European Union – Luxembourg intends to get involved in European initiatives that build connected innovation ecosystems, such as the European Startup Nations Alliance (ESNA), which the country has just joined.
“This roadmap guides innovation and Luxembourg’s future action in favour of the start-up ecosystem,” said Minister Fayot. “Our economic environment will be further strengthened by the dynamism of start-ups and scale-ups, which contribute to our objectives of sustainable economic development and confidence.”
“Ambitious” and “participative”
Luxinnovation, which already provides intensive support for start-ups, will be one of the key players in implementing this roadmap. The national innovation agency has been entrusted with coordinating and defining the work topics of the “Keystone Teams”, teams bringing together key people from the public and private sectors (entrepreneurs, investors, support organisations, etc.) who will act transversally across all the pillars of the ecosystem.
“As the driving force behind the Start Luxembourg initiative, we are committed to building on this roadmap and doing everything we can to develop new tools to strengthen the cohesion and efficiency of our ecosystem,” explains Luxinnovation CEO Sasha Baillie.
This roadmap is presented as “ambitious” and “participative”, aiming to position Luxembourg as a first-class environment for entrepreneurs developing innovative projects, investors and players in the start-up ecosystem.
The high number of start-up support structures in Luxembourg is a further indicator of the evolution of the ecosystem and the interest and support of private players.
Today, some 15 public and private incubators are present in Luxembourg, while business angels, venture capitalists, major corporations and advisors bring the international experience essential to the accelerated development of innovative companies.