On 27 February the Ministry of the Economy and the Chamber of Commerce organised an event aimed at presenting a detailed insight into the intricacies of a new law, one of whose main objectives is to encourage companies to actively support their R&D and innovation projects.
A budget of €200 million
A budget of €200 million is to be allocated as part of this new legislation. Between 2009 and 2017, the previous law permitted the payment of assistance for an amount of over €375 million, resulting in investments in R&D of over a billion euros. By 2020, Luxembourg aims to devote between 2.3 and 2.6% of its GDP to R&D efforts. It is currently around 1.3%.
During the presentation of the law, companies were able to express themselves as part of a round table moderated by Jean-Michel Ludwig, Director of Start-up Support & SME Performance at Luxinnovation. Although very small, small and medium-sized companies are the first targeted by the new legislative provisions, larger companies are obviously not forgotten, as Goodyear's presence shows. The company didn't wait for this law to be enacted to enter into a partnership of almost €50 million with the Luxembourg Institute of Science and Technology (LIST), also made possible by the complementarity between the RDI law and the instruments already developed by the National Research Fund.
Luxinnovation, the entry point
For any company interested in entering into an innovation process, as a rule, the first point of contact is Luxinnovation. For Pascal Fabing, head of National Funding at Luxinnovation, there is no bad time to get in touch. The organisation supports and advises companies according to their needs, by identifying research collaborations. With added value at two levels: from a financial perspective, through the capacity to rapidly gauge what type of assistance and what amount(s) can be considered, and from the perspective of potential partnerships.