Luxembourg is home to a dynamic and growing start-up ecosystem. In only a few years, the country has become an attractive investment hub for many start-ups and innovative companies looking to expand their business to Europe. As part of the on-going economic mission to South Korea that takes place on 15-18 July 2019, the Ministry of the Economy, Luxinnovation and the Luxembourg Trade and Investment Office in Seoul organised a seminar on the opportunities offered to start-ups wishing to use Luxembourg as a base for entering the EU market. The seminar was set up in collaboration with the Korea Institute for Start-up & Entrepreneurial Development (KISED).
Pitching competition: opening the Luxembourg door
The seminar was opened by Deputy Prime Minister and Minister of the Economy Étienne Schneider who heads the economic mission. “Given the increasingly favorable environment for start-ups which has grown over the years, I think we can only be optimistic about the future and the diversity of the start-up ecosystem in Luxembourg,” the minister said. “We are firmly on the right track to become a ‘start-up nation’, a phenomenon that contributes to boosting the national economy.”
We are firmly on the right track to become a ‘start-up nation’, a phenomenon that contributes to boosting the national economy.
8 Korean start-ups wishing to set up operations in Luxembourg presented their projects to the Luxembourg delegation in a pitching competition. The winning company, Everspin, is active in the digital field and developed a dynamic security technology that guarantees a safe environment for personal data. Everspin will benefit from 4 months of free office space at the Luxembourg incubator Technoport. It also won a presentation slot at the pitching session at the next edition of the Arch Summit ICT fair organised in Luxembourg.
A European HQ for CONTEC in Luxembourg
Korean start-up CONTEC, a specialist in the design, development and integration of ground systems in space and defence applications, has already decided move to Luxembourg. After participating in the ICT Spring Europe fair in Luxembourg in both 2018 and 2019, the company announced the opening of its European headquarters in Luxembourg. Founded in 2015, CONTEC is a spin-off company from the Korea Aerospace Research Institute (KARI).
MoU for international start-up support
During the start-up event, KISED and Luxinnovation signed a Memorandum of Understanding (MoU). The two agencies wish to enhance their joint support to the development of start-ups wanting to develop in one of the two countries. “Support for start-ups plays a vital role in our innovative business environment,” said Luxinnovation President Mario Grotz. “With the help of many support programmes, the establishment of new high value-added start-ups contributes to Luxembourg’s economic diversification and growth. Thanks to this Memorandum of Understanding, together with our Korean partners, we want to identify and support innovative start-ups offering disruptive technologies.”
Together with our Korean partners, we want to identify and support innovative start-ups offering disruptive technologies.
Photos: Ministry of the Economy