The very recent launch of the network 'Innohub Luxembourg', an economic interest group (GIE) which is ready to support start ups, is to be considered in the context of the efforts of the Luxembourg government and economy to make the Grand Duchy a hub for start-ups.
'Innohub Luxembourg' is an initiative of three companies from the private sector, namely Mindforest, Exxus and Ines Media, in which 10 more companies participate. Supported by the Luxembourg government and the 'Interdisciplinary Centre for Security, Reliability and Trust' (SnT) of the University of Luxembourg, this initiative speaks to young companies that have already passed the creation phase. The idea is to find interesting start-ups throughout the world, to contact them and to support them when appropriate.
The field of start-ups is part of the diversification strategy of the economy of the Luxembourg government. In this context, the Ministry of Economy launched the Digital Tech Fund a week ago, in order to support young companies in the ICT sector. Furthermore, Luxinnovation, the national agency for the promotion of innovation and research and its programme Fit4Start are also part of the elements meant to promote business creation and sustain start-ups. Less young companies can benefit from financial aid of the Luxembourg Future Fund, a fund created by the Luxembourg State and by the 'European Investment Fund', to give just this example.
All these initiatives testify the flexibility of the Luxembourg economy and of Luxembourg in general, which became evident over the years. From an agrarian to an industrial state, to become one of the most important financial places worldwide, the Grand Duchy endeavours with success to diversify its economy by investing in different sectors, such as biotechnology, the automotive sector, logistics, etc.
(Article written by the editorial team of the portal www.luxembourg.lu)