Startup Guide Luxembourg

Editor: Jenna van Uden

Copyeditor: Marissa van Uden
Proofreader: Ted Hermann
Writers: Josh Raisher, Mark Fletcher, Charmaine Li, John Sperryn
and Stephen Evans
Photographer: Olivier Minaire
Researchers: Cécile Sevrain, Luis Galveias and Eglė Duleckytė
Production Manager: Tim Rhodes
Design: Ines Pedro

Illustrations by Joana Carvalho

Additional photography by
Luxembourg Chamber of Commerce, Christof Weber, Daniela Carducci,
Jean-Paul Kieffer, Yves Kortum, Fonds Belval, Gaël Lesure, Pierre Guersin,
SIP, pixabay.com, unsplash.com

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Published by Startup Guide World IVS

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Visit: startupguide.world

ISBN 978-3-947624-01-0

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 Startup Guide

Sissel Hansen
/ Startup Guide
When you hear about Luxembourg, you often hear about the high quality of life
or important political and economic issues. This is not surprising. Luxembourg
is Europe’s hub of banking and finance, and it ranks high in economics, education,
life expectancy and income on the Human Development Index.

We’re used to seeing thriving startup scenes in countries like the UK, France or the
Nordics, but we may be less likely to associate Luxembourg with those mentioned,
as Luxembourg has more maturity when it comes to business and entrepreneurship.
Business is often done in the more traditional way (i.e., nine-to-five working hours),
and the clichéd problems of the startup world seem not to apply. But in fact,
Luxembourg is renowned as an ideal entrepreneurial destination.

The high number of educated international people combined with the stable
economy make it a perfect recipe for a successful entrepreneurial community.
The small population and country size mean that it’s extremely easy to navigate both
within and outside the country. You can reach the airport from the city center in ten
minutes – a killer feature for the expansion of a startup business. It’s also easy for
new business ideas to spread fast, and the state ensures safety and encouragement
in social and work environments.

According to Genna Elvin, founder of Tadaweb, the country’s working culture has
been changing rapidly in the last five years. The government has been investing
in the startup culture, and introducing new tools for founders to more easily grow
their businesses.

After reading Startup Guide Luxembourg, you’ll realize that, as with most places,
the people define the experience. The entrepreneurial community in Luxembourg
is bringing innovation to people’s lives, and the working culture is on par with the
global startup network.

Sissel Hansen
Founder and CEO

9
 Prime Minister of Luxembourg

Xavier Bettel
/ Prime Minister
Dear readers,
Dear entrepreneurs,

I have always valued the entrepreneurial spirit: it comes with strength, courage, creativity
and inspiring visions for tomorrow’s world.

Ideas are easy. Implementation, however, often proves to be more complex. To make it easier
for you to transform your vision into a concrete plan and business, Startup Guide Luxembourg
has been put together as a toolbox of useful advice. It also gives you an insight into what
Luxembourg can do for you to start up.

Over the last few years, many efforts have gone into making the ecosystem in Luxembourg
friendlier toward young entrepreneurs. The government supports initiatives like “Hellofuture,”
launched by Fedil and Jonk Entrepreneuren, and “winwin,” developed by the Chamber
of Commerce. We’ve introduced entrepreneurship to several high schools’ curricula, made
it possible to launch a private company with only one euro of share capital, and started
modernizing the bankruptcy law. We further support startups with dedicated workspaces,
incubator and accelerator resources, and administrative and financial support.

Most of all, Luxembourg offers an international and tech-friendly environment. We support the
growing startup community in the field of technology with continued investment in academic
and research infrastructures, which have attracted a large number of international researchers.

We want you to both start up and grow big in Luxembourg. The increased recognition
of Luxembourg as an important startup hub is linked to the fact that it’s small enough
that it won’t swallow you, yet connected enough to let you thrive. Innovation is about being
proactive and finding solutions, and about enabling new services that provide concrete
benefits to consumers and citizens. This is what we encourage, and it is also the aspect
of entrepreneurship that fascinates me most.

Luxembourg, as an open and innovative city, has committed itself to putting its economy
on a path towards sustainability. Startups are part of that commitment.

Good luck!

Xavier Bettel

11
 overview

Local Ecosystem
[Facts & Figures] - Luxembourg is one of the European capitals and has one of the highest standards
of living in the world.

- Luxembourg is small and rich: by several measures, it has the highest GDP per
capita in the world.

- Luxembourg has a strong legal, regulatory and tax regime.

- The Luxembourg government aims to develop six key domains –

fintech, infrastructure, startups and innovation, e-administration, e-skills
and promotion – in order to make Luxembourg a digital nation.

- There’s a large presence from several European institutions, such as the European
Investment Bank.

- Luxembourg has a supportive ecosystem of incubators (including for example The

LHoFt and the Luxembourg-City Incubator both located at the House of Startups,
Technoport and Lux Future Lab) that, together with the House of Entrepreneurship
initiated by the Luxembourg Chamber of Commerce and the Ministry of the
Economy, and the state’s innovation agency Luxinnovation, are active in providing
a range of startup advice and services.

- Luxembourg ranks third in the world for talent competitiveness and is a world
leader in skilled employment.

- Luxembourg ranks number one in Europe for efficient and helpful administration.
In recent years lots of public or semi-public initiatives have popped up and the
entire country is working together to become a startup nation.

[Notable Startups:] - Pingvalue, an online platform and mobile app allowing retailers to connect
and engage customers with personalized deals, raised €3.62 million.

- eWallet solutions provider Cashcloud raised €3.12 million.

- Etix Everywhere, a service for colocation of local data centers, raised €15.92 million.

Sources: European Digital City Index 2016, Luxembourg.public.lu, International Monetary Fund

12
 Local Community Partner

Local Community Partner

/ Chamber of Commerce
Luxembourg
Businesses of all sizes flourish in Luxembourg. Startups, growth companies
and mature firms benefit from the country’s open, experienced, dynamic and reliable
economic ecosystem. The Luxembourg Chamber of Commerce supports this success
story in many ways, including support for international and domestic startups.

Luxembourg thrives by bringing people together and finding solutions. Blessed with
sophisticated service providers, world-class infrastructure and supportive public
authorities, the Grand Duchy helps businesses grow and diversify. Being centrally
located and multilingual, it breaks down geographic and linguistic barriers.

Startups and young growth companies succeed in this environment with the private
and public sectors working together to give entrepreneurs the support they need.
As the Grand Duchy’s largest employers group, the Chamber of Commerce is the
leading advocate for business and entrepreneurship. We have ninety thousand
member companies, which account for three-quarters of all employment and 80
percent of national income.

One of our roles is offering tailored advice and assistance to businesses, including
helping them access space in business incubators, receive advice on research
subsidies and digital transition, and get support for exporting. The House of Startups
is in effect an incubator of incubators for new and growth businesses, and works
alongside the House of Entrepreneurship, the one-stop shop for facilitating access
to entrepreneurship. It offers a wide range of services to help both new and
established entrepreneurs bring their projects to fruition. There is also the House
of Training, which provides targeted courses designed to the needs of Chamber
members. Together, these umbrella organizations facilitate access to Luxembourg’s
powerful business-friendly ecosystem.

The House of Startups began work in 2018, and we are pleased that the Startup
Guide has released its publication on Luxembourg to coincide with this launch.
This guide gives a clear overview of the information needed by European and global
entrepreneurs considering a move to the Grand Duchy. You might be surprised at
how much we have to offer.

Carlo Thelen
Director General

15
 essentials

Luxembourg Essentials
Luxembourg is located in the heartland of Europe. The beautiful, green country
is a strategic smart business location with a national character of openness,
dynamism and reliability. Luxembourg has a highly diverse, multilingual
and well-educated population. The quality of life is good for those who
appreciate a country that moves at a relatively relaxed pace.

It’s capital Luxembourg City is a small city (population 115,000 in a country of 590,667),
but it feels bigger due to the internationally focused economy, the high-quality cultural scene,
and the diverse choice of restaurants and bars. It has an atmospheric old town, bountiful green
space and a low crime rate. Luxembourgers’ openness and willingness to seek solutions have
their roots in the country’s turbulent history. The city is built around an easily defended
horseshoe-shaped valley, and for a thousand years it was a highly prized military asset fought
over by regional powers. The locals had no choice but to be pragmatic and adapt.

Over two-thirds of the city’s inhabitants and almost half of the country’s habitants
are non-Luxembourgers. Nearly half of the Luxembourg workforce commutes each day from
neighboring countries. Frankfurt, Paris and Brussels are only a few hours’ drive away, and London,
Amsterdam, Milan and Barcelona can be reached in just over an hour by plane.
Alongside the official languages of Luxembourgish, French and German, English is widely spoken,
and there are also extensive Portuguese, Chinese, Italian and Balkan communities.

New arrivals are attracted to Luxembourg for the country’s robust economy, which has grown by 3.6
percent GDP per year on average since 1990, and because the state encourages innovation, with
financial support provided for R&D and targeted assistance offered for startups and growth firms.

Before You Come 20 Taxes 25

Cultural Differences 20 Starting a Company 27
Cost of Living 20 Opening a Bank Account 27
Renting an Apartment 23 Getting Around 27
Finding a Coworking Space 23 Telephone Contracts 29
Health Insurance 25 Learning the Language 29
Visas and Work Permits 25 Meeting People 29

19
 essentials

Before You Come

Companies and public authorities are used to the constant influx of new residents. EU citizens
and those from the European Economic Area and Switzerland will have little problem with the
residency paperwork. People from farther away seeking to work longer than three months have
to apply for an autorisation de séjour temporaire (temporary residence permit) before they
arrive. Once in the country, you can apply for long-term residence and work permits
(guichet.public.lu/citoyens). Nevertheless, the immigration authorities are quite relaxed
and will generally be helpful and give reasonable leeway.

It’s easy for Europeans to use their home online bank services to pay bills and withdraw cash
in the early days, although this may lead to charges being levied. The health system is open
to all EU citizens under the European Health Insurance Card (EHIC) scheme, but non-EU
citizens may need private health insurance before they can obtain a visa and the right to stay.
Employees and their families are automatically covered by the state health system,
but otherwise private insurance is required.

Cultural Differences
Welcoming migrants is a Luxembourgish trait. Luxembourgers are traditionally reserved people,
but locals generally have an open, welcoming attitude to new arrivals. Multiculturalism is widely
seen as a virtue for the economy and society, with all communities encouraged to uphold
traditions. Luxembourg is traditionally close to German culture with a strong Belgian/French
influence. These norms are widely adopted by immigrants.

The passing of the seasons and key dates are marked with events and festivities, and the
highlight is an exuberant street party held on June 22, the eve of National Day. There are
also Christmas markets, spring fairs, and many open-air events, such as concerts, parties,
processions at Carnival time and cinemas in the summer. This is in addition to the wine festivals
on the nearby Moselle river and many other fun social events. For a country of that size, the
cultural life is outstanding. That said, the city can often feel quiet during the week if you don’t
know the right places, and might not be to the taste of those who seek vivacious street life.

Cost of Living
Housing is relatively expensive. Renting a two-bedroom, 80–90 m2 apartment on the outskirts
of Luxembourg City starts at about €1,500 per month excluding bills. By commuting about
20 km from the center, tenants pay about 20 percent less.

Day care services generally have long waiting lists and cost around €1,500 per month per
child, but all residents receive a subsidy of €200 to €1,300, depending on their income. State
schools are free of charge, with teaching in Luxembourgish, French and German, and increasing
numbers of state programs are being offered in English too. Private English-language schools
cost around €15,000 per year per child.

Only a few low-cost airlines operate from Luxembourg airport, but other airports about two
hours away serve the low-cost market. Domestic trains and buses are plentiful and relatively
cheap (€2 per journey).

20
 essentials

Renting an Apartment
Housing is generally good quality and well appointed, but rental agreements are relatively
onerous. Tenants are asked to pay two or three months’ rent as a deposit as well as a month’s
rent up-front, and agency fees are generally equivalent to a month’s rent plus 17 percent
value-added-tax. Landlords can retain some or all of the deposit to pay for damage caused
during your tenancy, and some can be overzealous in the way damage is interpreted, so you
should conduct an inventory of the state of the property with the owner before you move
in and take photographic evidence if possible. Some agents will help with this process.

Rental contracts are generally one, two or three years long, and tenants must give three months’
notice at the end of each period to break the contract, otherwise it renews automatically.
Contracts can usually only be canceled prematurely with mutual consent. If you leave before
three years, you’ll normally be required to pay for the property to be repainted. New arrivals need
to register with their commune (local authority) at the local mairie (town hall). There are several
online agencies – athome.lu and habiter.lu are popular and in English. Independent, fee-based
price comparison site houser.lu is also useful for giving some context.

See Flats and Rentals page 187

Finding a Coworking Space

There are several private companies offering serviced office rental space. Alternatively,
contact the Chamber of Commerce’s House of Startups (houseofstartups.lu) opening in 2018,
the House of Entrepreneurship (houseofentrepreneurship.lu), or the public–private business
development agencies Luxinnovation (luxinnovation.lu) and nyuko (nyuko.lu). They have
information about renting in a startup incubator in the capital or nearby. These public–private
agencies provide practical help for seeking a working space and offer a range of services
to new arrivals. There are also dedicated incubators, such as the Luxembourg House of Financial
Technology (lhoft.com) and the Luxembourg-City Incubator (cityincubator.lu), which also opened
in 2018. Both are hosted in the House of Startups. The government has been providing and
developing these facilities for startups since the late 1990s. Demand for these spaces is high,
and there are burgeoning clusters, but they still lack the size and critical mass seen in the world’s
leading startup capitals.

See Spaces page 78

23
 essentials

Health Insurance
As an employee, you’re automatically enrolled with the mandatory national health fund called
the Caisse Nationale de Santé (CNS) when you start working. It also covers your spouse/official
partner and dependent children (including those studying away from home). Enrollment costs
employees about 3 percent of their pre-tax salary, while self-employed people and freelancers
must pay a further 3 percent. This entitles you and your dependents coverage to around 90
percent of their health costs. To be fully covered for medical costs, you can subscribe to a
mutuelle (mutual fund). Patients pay when visiting general practitioners, dentists and specialists,
then claim back these costs from the CNS. Subscription to the health fund gives non-EU citizens
access to the EHIC system, which gives you coverage across the EU. Resident employees of all
nationalities are entitled to full social welfare benefits, including unemployment benefits.

See Insurance Companies page 188

Visas and Work Permits

If you’re an EU citizen or citizen of EEA countries and Switzerland, you can reside, work or study
in Luxembourg for more than three months if you have a valid national ID card or passport.
You must also be a salaried employee, be self-employed, or demonstrate that you have sufficient
resources to ensure that you or your family will not be dependent on the social welfare system;
and you must have medical insurance. Third-country nationals seeking to stay for more
than three months must apply for an autorisation de séjour (authorization to stay) with the
Immigration Directorate of the Ministry of Foreign Affairs. Autorisations de séjour are granted
to employed or self-employed people, sportspeople, students, pupils, trainees, volunteers,
researchers or family members, or may be given for other private reasons. Full details are
available in English at luxembourg.public.lu.

See Important Government Offices page 188

Taxes
In 2017 (example for a single tax payer), the basic personal income tax starts at 8 percent of
taxable income in excess of €11,265 per annum, rising to 42 percent on income in excess of
€200,000. Tax on corporate commercial income in Luxembourg City is 26.01 percent. The tax
code is relatively simple, meaning it’s straightforward to complete annual income and
value-added tax forms. Numerous tax incentives are open to individuals and companies. For
individuals, this revolves around saving for retirement, life insurances, employing someone in the
home, loan interest tax relief, charity giving and so on. For companies, some investment can be
partly written off, and there is a special tax rate for income generated by the use of intellectual
property. Businesses can discuss with the tax office an advanced notification of future tax
payments for the year, thus simplifying the process further. The Chamber of Commerce can
advise and point businesses in the direction of one of the numerous corporate tax consultants.
Individuals either use independent financial advisors or can discuss options with their banker,
and several companies offer personal tax-consultancy services.

See Accountants page 187

25
 essentials

Starting a Company
There are two aspects to setting up a business in Luxembourg: the administrative tasks
that must be completed and access to startup loans and grants. The House of Entrepre-
neurship is well-informed, efficient, official organization that offers one-stop-shop advice
to entrepreneurs on all aspects of these tasks. Depending on the sector, setting up a
business can require a certain number of administrative procedures to be completed.
For example, financial businesses and some professional services firms need to receive
prior approval from regulators. For certain skilled trades, entrepreneurs must be able to
prove their professional competence. A limited liability company can be founded with just
one euro of startup capital. However, for many freelance and sole-trader activities, you
need only to notify the Régistre de Commerces et des Sociétés (Trades and Companies
Register) at rcsl.lu and apply for a value-added tax registration number (aed.public.lu).

See Programs page 50

Opening a Bank Account
Opening a bank account is much like in any other European country and is a relatively
straightforward procedure. Employers require a Luxembourg account to pay salaries, and many
firms have agreements with major retail banks to set up accounts automatically for new
recruits. To open a simple account for residents, visit a branch with a valid identity document
and proof of address. Bank fees are generally about €15–30 per year. Payments can be made
with a credit or debit card almost everywhere in Luxembourg at no extra cost, often using
contactless payment systems. Withdrawals from ATMs belonging to your bank are free using
a debit or credit card. A limited number of debit card withdrawals (about five per month) are
free at other banks in Luxembourg and in the EU. Otherwise, for debit cards, you pay €1–2 per
withdrawal in the eurozone and €4–5 elsewhere in the EU.

See Banks page 187

Getting​ ​Around
The city bus network is extensive with frequent, punctual services, and the same goes for the
train and bus services into the suburbs and around the country. Night buses and trains operate
on the weekend. Use the Mobilitéit mobile app to plan journeys with real-time information and
updates on many routes. It’s cheapest to purchase electronic carnets (ticket books) either on
a smart card or the M-Ticket mobile app. Pay €1.60 for a two-hour journey or €3.60 for a day’s
transport anywhere in the country, or €2–4 in cash on the bus. Night buses are free of charge.
Taxis are relatively expensive, and tariffs seem to vary for no apparent reason. A 10 km journey
in the day could cost anything from €25 to €40, and more at night. The Web Taxis, which you
can order via their mobile app or via telephone, are a cheaper option. Uber and other ride-
sharing services are not available.

27
 essentials

Telephone Contracts
You can chose between a mobile voice-and-data contract, which can be cancelled with a
month’s notice, or a twelve- or twenty-four-month contract (with monthly payments), which
often includes a subsidized new phone. The state-owned POST is the most popular provider
and generally has the strongest mobile network coverage. Alternatively, private operators.
Tango, Orange and Join also offer good services. Contracts are available online or at major
retail outlets. Subscriptions can be either postpaid or prepaid, but in both cases new
subscribers must give their address and bring an identity document. Terms of broadband
contracts vary, but most providers offer options that can be canceled with a month’s notice.
There are a range of providers, and prices vary depending on download speeds required.

Learning the Language

Learning to speak French, German or Luxembourgish can be difficult, and this is made harder
by the fact that most people in the service sector and public administrations speak English
and are keen to practice their language skills. French is the main language used in shops and
restaurants and is almost universally spoken elsewhere. As English is a Germanic language
with extensive French influence, these languages are easier to learn than most. As a rule of
thumb, proficiency in French requires about five hundred hours study in Luxembourg, but
more for German. There are many public and private language schools. The Institut National
des Langues (inl.lu) is state-run and offers low-cost courses in about eight languages (around
€130 per semester for two ninety-minute lessons per week). National cultural institutes Alliance
Française and the Goethe Institut also offer subsidized courses. Private schools offer greater
flexibility, but are substantially more expensive.

See Language Schools page 188

Meeting People
Meeting people is relatively easy, as most residents are immigrants themselves, giving them
an open attitude towards new arrivals. Many clubs have a web presence, and tips are given
in the media aimed at expats (delano.lu or justarrived.lu). There are socially oriented sports
tournaments (everything from darts to touch rugby, five-a-side soccer, cricket and golf) as well
as choirs, amateur theater and musical societies, literary discussion evenings, hiking groups,
charity and church volunteering, women’s groups, and more. This is in addition to numerous
generalist and specialist business-networking organizations. There’s also a good choice of
music concerts with world-class pop and classical artists, and occasional English-language
theater performances. The American Women’s Club publishes a detailed paperback guide
called “Living in Luxembourg,” which features many tips to help new arrivals find their feet.

See Startup Events page 188

29
 startups

[Name] Aiva
[Elevator Pitch]
“We’re an artificial intelligence company that composes emotional
soundtracks for entertainment content, such as video games, movies,
TV shows and trailers.”
[The Story] Inspired by a scene in the Spike Jonze’s film Her in which an artificial intelligence
composes a piece of music for the piano, Pierre Barreau, Denis Shtefan, Arnaud Decker
and Vincent Barreau founded Aiva Technologies in 2016. Brought together by their passion
for music and technology, the cofounders developed an artificial intelligence named Aiva
(Artificial Intelligence Visual Artist). To learn how to compose music like a human, she has
been reading through a vast collection of classical sheet music by the most renowned
composers (such as Mozart, Beethoven and Bach). All of those scores are fed as input to a
deep neural network, a type of algorithm that learns to extract rules from the data it sees.
Once the network has “seen” enough scores, it is able to create a mathematical defintion
of what music is, and this definition is then used to compose totally unique pieces of
music. Aiva’s musical pieces can then be used as soundtracks for video games, films and
commercials.

“What we’re trying to do is leverage artificial intelligence to solve use cases in music
creation that humans alone are not capable of solving,” says Pierre. Recently, Aiva even
became the first AI to have her artistic works registered with SACEM, a French and
Luxembourgish authors’ and composers’ rights society. Basically, this means Aiva is
officially recognized as a composer.

[Funding History]

Bootstrap Seed External

Aiva Technologies initially bootstrapped before it received €50,000 as the first prize
winner of the Pitch Your Start-Up competition in May 2017. The startup recently closed a
round of seed investment from business angels and Paris-based VC Kima Ventures.

[Milestones] - Composing our first composition “Op. 1 for Piano Solo.”

- Becoming the first virtual artist to be recognized as a composer by SACEM.
- Acquiring Aiva’s first client, Nvidia, in May 2017.
- Being the first AI to compose for Luxembourg’s national day in June 2017.

[Links] Web: aiva.ai Facebook: aivatechnologies Twitter: @aivatechnology Instagram: aiva.ai

32
 startups

[Name] APATEQ
[Elevator Pitch] “We’re a clean-tech innovator that designs, develops and manufactures
products for the treatment of difficult wastewaters. We provide a green,
cost-efficient, all-in-one solution for our customers.”

[The Story] The three cofounders who established APATEQ in 2013 brought with them decades of experience
in water and wastewater treatment, as well as expertise from global industrial product
manufacturing and commercialization. They had collectively decided it was the right time to create
their own company after years of working for others. “APATEQ’s corporate and technical team is
comprised of dedicated experts whose focused goal is environmental protection, water
conservation and client satisfaction,” says cofounder and CEO Bogdan Serban, who holds more
than two decades of industrial management experience. “The team was not looking for new
salaries but to really make wide impact.”

Their intention was to innovate and deliver solutions with huge growth potential. The team has
created a customizable, cost-effective, green process-technology based on membranes that
efficiently separate hydrocarbons without using chemicals in the wastewater treatment process,
meeting the most stringent environmental legislation. This is achieved by combining several
processes and equipment into a single unit alongside innovative software, which allows self-
adjustment of the cleaning modules, both of which are unique in the market. The APATEQ
solutions can be applied to various industrial areas where water needs treatment. “So far, we’ve
delivered eleven industrial-scale solutions and several world-firsts,” says Bodgan. The team has
now grown to seventeen employees, and they’ve won multiple awards and were listed as a
Technology Pioneer by the World Economic Forum in 2016.

[Funding History]

Seed Angel
The APATEQ founders started the company with their own money, supported by an angel
investor and a friend. After a year and a half, APATEQ successfully closed a €5.8 million
A-series funding round with a large-scale investor, enabling them to launch new products
and develop the company.

[Milestones] - Delivering our first Oil Pack solution, then expanding to new markets such as marine.
- Closing a large funding round in 2015 (€5.8 million) to enable growth.
- Opening a subsidiary in October 2015 near Houston, USA, and building demonstration
capabilities.
- Receiving recognition from the World Economic Forum and winning various cleantech
innovation awards.

[Links] Web: apateq.com Facebook: apateq Twitter: @APATEQ

34
 startups

[Name] CarPay-Diem
[Elevator Pitch] “Our service allows users to activate any fuel pump and manage the payment
and loyalty system from inside the car. It integrates with popular mobile apps
and connected cars, and works at any gas station.”
[The Story] After Frédéric Stiernon’s last mobile payment company FLASHiZ was closed down by its
new owners, the serial entrepreneur had two options: to apply for a new job or create a
new company. After noticing that the fuel industry had barely evolved in the last couple
of decades, he decided on the latter. To immerse himself in the industry, Frédéric met
with more than forty companies from the ecosystem, including pump operators, drivers,
app publishers and oil companies. His aim was to get a grasp of the industry’s strengths,
weaknesses, opportunities and threats. Based on this research, CarPay-Diem was founded
in 2016 to connect drivers with gas stations through a service that transforms the user
experience on both ends.

To be clear, CarPay-Diem is not a mobile app; rather, it’s a service that integrates with
mobile apps or connected cars, allowing users to activate the gas pump and payment
system automatically from inside the car. “Through partners like mobile apps that count
millions of users, our service can reach millions of drivers rapidly,” says Frédéric. Several
carmakers can also integrate the service directly in the dashboard of their connected cars.
According to Frédéric, CarPay-Diem is currently compatible with about 100,000 fuel
stations, and the service is now deployed in Belgium, France and the United Kingdom.
There are also plans to expand to other countries soon.

[Funding History]

Bootstrap Seed

After CarPay-Diem was founded in May 2016, it went on to raise a round of seed funding
from family, friends and partner companies in August 2016. In December 2017, the startup
began a second round of fundraising with a target of €1 million.

[Milestones] - Analyzing the market and defining the service in early 2016.
- Hiring a team with complementary experiences.
- Seeing the first live transaction at a gas station in June 2017.
- Recognizing the first revenue in November 2017.

[Links] Web: carpay-diem.com Facebook: CarPay-Diem Twitter: @Car_Pay_Diem

36
 startups

[Name] Fox Beer

[Elevator Pitch] “We are a young Luxembourgish startup that develops and commercializes
calorie-reduced, low-carb beers.”

[The Story] Fox Beer founder Pierre Beck had struggled with his weight and carbs/sugar addiction
since his childhood, but at the age of nineteen, after having tried numerous diets, he
decided to completely change his nutrition and to start living the “low carb” way of life.
Over the span of two years, he was able to go from size XXXXL to a size L. However,
with his lifestyle change came a beer-sized hole in his life. “What I really missed for my
post-workout sessions or just a social drink was a nice chilled and refreshing beer,”
Pierre says.

At the time, he was studying international business at university, and part of the course
was the need to invent a new product, so naturally a low-carb beer came into his mind.
As there were no such products available in Luxembourg at the time, he decided to do
his part in filling that gap in the market. Pierre managed to convince his fiancée, Catherine
Hoffmann, that he had a solid idea and concept, and she encouraged him to take action
and partner with a local research brewery. They launched their first product in 2016, the
Fox Premium Pils: the first low-carb pilsner beer in Luxembourg.

[Funding History]

Bootstrap

When the company was founded, it had an initial startup capital of €80,000, which was
enough to go ahead with the development of the product and subsequent launch of the
company.

[Milestones] - Launching our first product in 2016.

- Having Fox Premium Pils become available in most supermarkets in Luxembourg.
- Holding our first event outside of Luxembourg, “Fox Beer goes Siësta Beach” in
Knokke, Belgium in 2017.
- Getting a new partner brewery in Luxembourg, and changing our bottle and box
design in 2017.

[Links] Web: foxbeer.lu Facebook: foxbeer.lu Instagram: foxbeer.lu

38
 startups

[Name] JOB TODAY

[Elevator Pitch] “We are the UK’s and Spain’s number one hiring app that helps hundreds of
thousands of businesses connect with local job seekers in seconds.”

[The Story] Polina Montano and Eugene Mizin came up with the idea for JOB TODAY after Polina
needed to hire staff for the retail business she operated. As she discussed it with Eugene,
they realized it was a real-life problem they both understood and experienced from
different perspectives. Combining Polina’s experience in running retail businesses and
her strong intuition about customer needs businesses with Eugene’s previous experience
in venture capital and in building mass-scale consumer products, they launched JOB
TODAY in 2015 in Spain. A year later, the startup expanded to the United Kingdom. “As a
small-business owner or a job seeker in the middle of a hiring process, there’s a lot of
ambiguity and feelings of powerlessness involved on both sides,” says Eugene. “We’re
working very hard to improve that process.”

At its core, JOB TODAY’s mobile apps lets small-business owners connect and commu-
nicate instantly with local candidates, making it possible to hire staff within twenty-four
hours or less. Additionally, job seekers can apply to a job with one tap. The apps focus pri-
marily on the service, retail and hospitality industries. Since launching, Luxembourg-based
JOB TODAY has attracted over three hundred thousand employers onto the platform and
processed seventy-five million job applications. Plans to broaden its footprint to Germany
and the United States are still in the works.

[Funding History]

External

In January 2016, the startup announced a $10 million Series A round led by Accel. The
company announced a $20 million Series B round later in the year and a media-for-equity
deal worth $35 million in early 2017.

[Milestones] - Launching JOB TODAY in May 2015.

- Receiving the first “testimonial” from a job seeker who found work the day after
downloading the app.
- Getting the first thousand businesses onto the JOB TODAY platform.
- Receiving one million job applications on the platform in a single week.

[Links] Web: jobtoday.com Facebook: jobtodayUK Twitter: @JobToday_UK Instagram: jobtoday_uk

40
 startups

[Name] LuxAI
[Elevator Pitch] “We develop hardware, software and applications for social robots so they
can be easily used and integrated in different fields to benefit people and
society.”

[The Story] Dr. Aida Nazarikhorram and Dr. Pouyan Ziafati first met as children in Iran. Eventually they
married and moved to Luxembourg, where they set up a company together in 2016, now
known as LuxAI. Prior to the startup’s founding, Aida was a medical doctor working as a
product development manager at a health IT company, and Pouyan was working on his
PhD at the University of Luxembourg, where he designed a framework for rapid proto-
typing and development of autonomous robots. Given their respective backgrounds and
expertise, it’s no surprise the pair decided to pursue a business idea that combined the
realms of healthcare and artificial intelligence in a way that was beneficial for people and
society.

LuxAI develops and builds socially assistive robots that can be used in various education-
al or health contexts for support. The startup’s main offering, QTrobot, is a social robot
designed to support therapists and health personnel in their work. Currently, QTrobot is
used for cognitive therapy in elderly care, post-stroke rehabilitation and emotional therapy
of children with autism. “Our main mission is to bring the QTrobot to more sectors and
industries by making it user-friendly so field experts can easily customize it for their own
special use,” says Aida. LuxAI has won several prizes for its easy-to-use interface, and the
startup is now looking to expand the applications for its social robot.

[Funding History]

Bootstrap

LuxAI started as a research project at the University of Luxembourg where it was funded
by the Luxembourg National Research Fund under its Proof of Concept scheme. Initially
bootstrapping after the company was founded in 2016, LuxAI is currently in the midst
of signing a new investment.

[Milestones] - Finishing our first prototype of QTrobot in May 2016.

- Completing the autism emotion-regulation educational package for children with
autism in February 2017.
- Winning a FNR Award for Outstanding Research-Driven Innovation in October 2017.
- Finishing the hardware of the social robot in March 2017.

[Links] Web: luxai.com Facebook: luxAI Twitter: @LuxAI_SA

42
 startups

[Name] Nektria
[Elevator Pitch] “We’re a Barcelona- and Luxembourg-based startup that has been disrupting
urban mobility since 2012. Our products focus on developing SaaS solutions
for optimizing fleet management, cost-effective delivery, dynamic pricing
and increasing customer satisfaction.”
[The Story] When Nektria was founded in 2012 by David Costa, Miguel Valls, Victor Tejedo and
Guillermo Ricarte, its main focus was on creating new mobility in big cities. The team first
designed innovative software for effectively managing a bikesharing service, but they soon
realized that the market wasn’t ready for such a venture. However, they also realized that
their software could be very useful for ecommerce logistics instead, so they pivoted from
their first initiative and designed a solution that would allow online shoppers to choose the
exact moment they receive their delivery. Their online platform, RECShipping, offers
customers shipping discounts as incentives for choosing delivery time-slots that avoid
peak times. This, in turn, results in significant improvement in logistical efficiency.
RECShipping is currently being used with several online supermarkets in an effort to
improve their delivery costs and overall efficiency.

“No other company is offering a cloud-based, supply-management platform that gives

the option of real-time delivery time slots and carrier route optimization,” says Nektria
Luxembourg country manager Kenan Muhovic. In the near future, Nektria hopes to expand
its RECShipping platform beyond online supermarkets and improve logistics in all sectors
that engage in ecommerce.

[Funding History]

Angel Seed External

Nektria received separate amounts of €100,000 and €250,000 from private investors.
The company has also received €500,000 as a convertible loan, and in 2017 they closed a
Series A investment round of €2 million lead by Expon Capital and received a government
grant of €50,000.

[Milestones] - Receiving a Series A investment from Expon Capital in Luxembourg.

- Getting several online supermarkets in Spain to use RECShipping as a platform.
- Receiving the Seal of Excellence award delivered by Horizon 2020 European
Commission.
- Winning the ACCIÓ Investment Forum award with the greatest potential for innovation
and internationalization.

[Links] Web: nektria.com Facebook: Nektria Twitter: @Nektria

44
 startups

[Name] Nomoko
[Elevator Pitch] “We’re developing a technological solution that will allow us to create
digital copies of entire cities. These precise digital 3D models will serve as
the basis for a variety of solutions, from self-driving car simulations and
digital infrastructure of cities to computer game development.”

[The Story] Nilson Kufus, a Swiss national with an interest in photography, was frustrated with the
camera market and wanted to develop a cheaper, more compact and higher resolution
device. In 2014 in Zurich, he met Kevin Mersch, who had similar interests and was looking
at the technical aspects of processing large amounts of data. Once Vincent Padrini joined
to become the third cofounder, the team shifted their focus to the joint vision of creating
digital replicas of entire cities based on ultra-high-resolution 2D imagery and 3D modelling
software.

Nomoko uses their custom-made camera to capture multiperspective 2D images from

both air and ground at a one-thousand-megapixel resolution. These images are then
transformed into 3D models through distributed computing. The models are a “digital
copy” due to their subcentimeter precision, making them a high-value dataset. “With our
technology, we’re targeting industries such as autonomous driving, smart city planning
and gaming, to name a few,” Vincent says. Nomoko is building an entirely new market
for products built on real-world-based 3D datasets, and its technology will provide key
building blocks for a variety of cross-industry products. Photorealistic, ultra-accurate 3D
environments are perfect, for example, for simulations. Nomoko has moved fast and grown
to twenty people with EU operations in Luxembourg and R&D in Zurich, and the team is
now looking to establish a US office for sales and marketing.

[Funding History]

Bootstrap Seed Angel

Nomoko was self-funded until the first significant investment, which came from family,
friends and business angels in Switzerland two months after their incorporation.
Their second significant investment came in a seed round in summer 2016 from several
entrepreneurs, high-net-worth individuals and business angels.

[Milestones] - Establishing the company in summer 2015 with employee contracts already signed.
- Closing the seed round funding in 2016 to enable faster growth and expansion.
- Receiving the 2016 Pioneer Prize in Switzerland and being seen as one of the most
innovative companies in the country.
- Having our first gigapixel camera manufactured during 2017.

[Links] Web: nomoko.world Facebook: nomoko.world Twitter: nomoko_world

46
 startups

[Name] Supermiro
[Elevator Pitch] “Our tool is an AI-powered personal assistant that finds tailored
opportunities for you to go out based on your location, availability,
interests and the weather. It also considers whether you’re in the mood
to be around friends, family or business people.”

[The Story] Founded by eLfy Pins and Christophe Lutz in 2015, Supermiro is an online event-discov-
ery tool that lets users find event happenings and interesting spots around them in real
time. The two friends started the project as a way to compile local events, and ended up
building an artificial intelligence that provides customized event suggestions nearby. “We
developed an algorithm based on machine learning that’s able to aggregate events from
hundreds of sources in minutes and then serve it smartly to the right people at the right
moment,” says eLfy. The content is automatically checked for quality before going online.
Within six months of launching their MVP in Luxembourg, the duo saw ten thousand active
users on their platform, a growth that was generated purely from word-of-mouth.

In addition to its unique aesthetic and use of illustrations, what sets Supermiro apart is
its business model. The team developed a native advertising model where ad formats
are illustrated by hand and completely integrated into the user experience. More than
fifty of Luxembourg’s tier-one advertisers are already counted as returning customers for
Supermiro. Moreover, event organizers can list their events for free on the platform or buy
“boosters” (which cost at least €150 each) to increase visibility. As a result, the startup has
been generating revenue from the beginning.

[Funding History]

Bootstrap Seed
For the first two years of the project, Supermiro was bootstrapped. In late 2016, the startup
began fundraising with local and corporate investors. By early 2017, Supermiro closed an
undisclosed seed round.

[Milestones] - Reaching ten thousand active users six months after Supermiro was launched.
- Developing a unique native advertising model.
- Launching our new range of products, including apps and a new concept with user
profiling.
- Winning the 2017 Best Online Experience Award at the Luxembourg Marketing
& Communication Awards.

[Links] Web: supermiro.com Facebook: mysupermiro Twitter: @supermiro_ Instagram: supermiro_

48
 6zero1

[Name] 6zero1
[Elevator Pitch] “We support entrepreneurs throughout the process of creating and
launching their social enterprise. We work with entrepreneurs in all
sectors who aim to solve societal or social issues, including mobility,
social housing, aging population, improved living conditions and
disabilities.”
[Sector] Social ventures

[Description] 6zero1 is an incubator and accelerator program for social entrepreneurs and startups
of all stripes. Based in the city of Differdange, it is a joint initiative between the Ministry
of Labour, Employment and Social Economy, the Foundation of the Grand Duke and
the Grand Duchess of Luxembourg, and the Luxembourgish Union of Social Economy
(ULESS).

Launched in July 2016, 6zero1 aims to accommodate, assist and guide the develop-
ment of social enterprises and to support the creation of societal impact companies
(SIS) in Luxembourg. Entrepreneurs operating in any sector and in any stage can
apply to participate as long as their idea helps to solve a social issue and they’re willing
to commit to developing their business in Luxembourg. As a social enterprise itself,
6zero1 is financially supported by Œuvre Nationale de Secours Grande-Duchesse
Charlotte (ONS) and by SNCI. Overall, 6zero1’s mission is to contribute to job creation
through sustainable and economically viable social enterprises.

During the twelve-month program, entrepreneurs will receive an individual workspace,

networking opportunities with industry experts, and assistance with applying to be ap-
proved as an SIS in Luxembourg, as well as advice on how to raise funds. Additionally,
a training program covering topics relevant to social enterprises is offered (e.g., project
management, communications, building a website, funding opportunities, and how to
measure social impact). Both existing companies and entities as well as independent
entrepreneurs can apply to participate. A fee, which varies depending on the kind of
applicant, is to be paid upon acceptance into the program. For existing companies and
entities, the price is €4,800, while independent entrepreneurs are required to pay a
subscription fee of €1,200 directly upon acceptance to the program and then monthly
installments of €400 for nine months. In order to apply, entrepreneurs have to register
and submit materials online.

[Apply to] 6zero1.org

[Links] Web: 6zero1.lu Facebook: 6zero1.lu Twitter: @6zero1_SA Linkedin: 6zero1 SA

53
 Digital Luxembourg

[Name] Digital Luxembourg

[Elevator Pitch] “We want to prepare Luxembourg for the future and harness the huge
potential that new technologies can offer by using digitalization as a tool
for transformation. Our aim is to evolve Luxembourg into a world-leading
smart nation.”

[Sector] ICT, digital

[Description] The rise of new technologies and the increasing pace of digitalization is not only
impacting all aspects of our public and private lives, it also comes with new growth
opportunities for countries across the globe. In 2014, the Luxembourg government
launched the Digital Luxembourg initiative to strengthen its position in the digital
sphere and economy. The goal is to help joint private-public ventures and innovative
projects find their place in the ecosystem and, in turn, move the country one step
forward towards the future.

Since its inception, Digital Luxembourg has launched and implemented a diverse set
of measures, pilot projects and initiatives with the aim of setting up a healthy
framework for startups to develop and grow. Although there’s no formal program
in place, the initiative hopes to create an environment in the country that fosters
innovative ideas and digital transformation by offering various kinds of support, and by
connecting project initiators with the right people and institutions (such as ministries,
individuals, startups, corporations and the world of academia, among others).

The initiative focuses on public or private partners that develop solutions or services
that facilitate digitization in Luxembourg. If this happens to be an entrepreneur with an
idea or a startup developing a solution that helps Digital Luxembourg reach its goals,
the initiative will connect them with relevant players in the public sector, help to kick-
start their project (by financing years zero to two) and help their projects gain visibility.
Typically, priority is given to projects involved in the development of ICT infrastructure,
education of digital skills, improvement of digital public services, and adaptation of
legislation to current and upcoming technological developments. If you’re someone
who develops solutions or services that facilitate digitalization and benefit
Luxembourg, you should contact Digital Luxembourg directly for further information.

[Apply to] info@digital-letzebuerg.lu

[Links] Web: digital-luxembourg.lu Facebook: @digilux Twitter: @DigiLetzebuerg LinkedIn: Digital Luxembourg
55
 Fit 4 Start

[Name] Fit 4 Start

[Elevator Pitch] “Our program supports startups in their establishment phase by offering
early-stage funding and coaching. The program is dedicated to startups
active in the ICT sector that are keen to develop their business in
Luxembourg.”

[Sector] Incubator, ICT accelerator

[Description] Fit 4 Start is funded by the Ministry of the Economy and managed by Luxinnovation in
conjunction with their Luxembourg partners such as Technoport. Founded over thirty
years ago, Luxinnovation is both an innovation and business-promotion agency that
contributes to the economic development of Luxembourg by fostering innovation,
fueling international growth and attracting foreign direct investment. Fit 4 Start
supports startups in their early phase by offering funding and many other benefits,
including international coaching expertise. Two editions of Fit 4 Start are organized
each year, one in spring and one in autumn. The best candidates are invited to pitch
their projects to a jury of experienced entrepreneurs, who then select the five most
promising startups for participation. The program is open for ICT startups that show
innovative ideas, strong motivation and high development potential, and are incorpo-
rated (or planning to be) in Luxembourg.

Each edition of Fit 4 Start is comprised of sixteen weeks of coaching, including weekly
follow-ups by “Lean StartUp” experts. There’s free access to the coworking space in
Technoport and, for the lucky winners, a grant of €50,000 to help them incorporate
and establish their startup. Laurence Hulin, advisor for Startup Support, coordinates
the program sessions. “We want to fully support the startups and put all our energy
into offering guidance and advice, but we will also challenge them to enable them to
improve,” she says. Typically, Fit 4 Start helps startups to validate an MVP of their solu-
tion and test it with their first clients. “Our aim is to help them realize their full potential
in as short as possible time and make sure they stand on solid ground to grow and
become sustainable.” With the full weight and experience of Luxinnovation behind the
program, startups enjoy the benefits of being able to tap into the best local networks.

[Apply to] fit4start.lu

[Links] Web: fit4start.lu Facebook: Luxinnovation Twitter: @Luxinnovation

57
 The LHoFT

[Name]
The LHoFT
[Elevator Pitch] “We’re a public–private sector initiative that drives technology
innovation for Luxembourg’s financial services industry, connecting
the domestic and international fintech community to develop solutions
that shape the world of tomorrow.”
[Sector] Fintech

[Description] The Luxembourg House of Financial Technology (LHoFT) is a public–private collab-

oration aiming to foster innovation and drive growth within the country’s financial ser-
vices sector. Founded in November 2016, the nonprofit organization offers a soft-land-
ing platform for startups and firms to connect and set up within the local ecosystem. It
provides a coworking facility, guidance with administrative tasks, and access to a wide
network of potential partners, investors and financial institutions. The initiative is sup-
ported by the Ministry of Finance, the Ministry of Economy, the Ministry of State and
thirteen private partners, including BGL BNP Paribas, PwC, BCEE and Deloitte Digital.

Although there’s no formal program in place, the LHoFT caters to each selected
startup individually, delivering customized resources and consultation to get them up
and running as quickly as possible. Fintech startups and firms from Luxembourg and
abroad can participate in the initiative.

For startups and companies interested in receiving support from the LHoFT, it starts
with a phone call, says Nasir Zubairi, the LHoFT’s CEO. An initial phone conversation
discussing the startup’s business plan and goals, as well as what Luxembourg and the
LHoFT can offer them, determines whether it’s a good fit for both sides. If there’s po-
tential, the startup then sends over a business plan, which is analyzed by the LHoFT’s
board and assessed to see its value to the country’s financial industry. Depending on
the startup’s needs, it might receive access to the 2,240 m2 community located in the
House of Startups (which includes office spaces and communal areas), as well as
support in getting visas and finding apartments, and contacts to lawyers and
accountants.

[Apply to] info@lhoft.lu

[Links] Web: lhoft.com Facebook: thelhoft Twitter: @The_LHoFT Instagram: the_lhoft

59
 Luxembourg Business Angel Network
I
[Name) Luxembourg Business
Angel Network
[Elevator Pitch) "We're a nonprofit organization dedicated to promoting angel
investments and supporting early-stage investments. We're the go-to
forum for angel investors based in Luxembourg."

[Sector) Network, community, early-stage investment

[Description) Luxembourg Business Angel Network (LBAN) was established during 2011 and
has created an investment community where access to like-minded investors, best
practices, networking events and investment opportunities are shared for the growing
number of local business angels and private investors. LBAN partners with rele-
vant actors in the loca I and international startup ecosystem and is a member of the
European Business Angel Network. Angels usually contribute more than money, often
possessing deep industry knowledge and a large number of contacts that they can
pass on to entrepreneurs, and they frequently support the industries they have the
most expertise in and experience with.

'LBAN is here to manage a community and create investment awareness; says Cecile
Sevrain, who has been director since 2015 and brings broad business experience
from large corporate consultancy. Her pivot into her LBAN role fit with her intention
to spend more time supporting the startup ecosystem. Cecile works with seven LBAN
board members who are all high-caliber professionals volunteering their time, and their
joint mission is to grow and strengthen the business angel community in Luxembourg.
'We're here to provide best practices and allow angels to learn from each other; Cecile
says. LBAN acts as the intermediary between investors and the growing startup
ecosystem.

Startups with a presence in Luxembourg who are looking for early-stage investment
can apply throughout the year to LBAN, who, based on their extensive investment
experience, will give initial advice and guidance on the startup's pitch deck. As start­
ups generally come through accelerators and incubators, they're expected to have
products or services ready for investment and attractive to the angel community in
terms of growth potential. Once LBAN accepts the startup, their supporting materials
are made available online to the angel members, and opportunities can be actively
explored by LBAN members. New or existing business angels based outside of
Luxembourg are also welcome to join LBAN.

[Apply to) LBAN.lu/contact

[Links) Web: lban.lu Twitter: @lban_lux

61
 Luxembourg-City Incubator I

[Name) Luxembourg-City Incubator

[Elevator Pitch) "We accelerate the economic and social dynamics in Luxembourg,
leveraging the resources of the Chamber of Commerce and the City
of Luxembourg to support innovative startups in key sectors."

[Sector) All sectors, with priority given to urbantech, commerce, tourism, environment,
construction/housing, logistics, female entrepreneurship and social impact.

[Description) The Luxembourg-City Incubator (LCI) is a project initiated by the Chamber of

Commerce and supported by the City of Luxembourg, aiming to create a thriving
entrepreneurial ecosystem and foster startups in industries that are currently
under-served, such as environment, construction and housing, and social impact.
·we want to be an actor that brings other actors together; says Martin Guerin, CEO
of the LCI. ·we try to do it with the awareness of what's already offered. For example,
we already have fintech, indutech and healthcare incubators."

The LCI can help you in all stages of your business. You'll be connected to multiple and
powerful networks, both locally and internationally. The incubator hosts several events,
such as pitching days with venture capitalists and business angel networks, and
demo d ays with corporates and potential clients. Moreover, the LCI wil I help you with
your go-to-market strategy, opening the necessary doors for you. Within the House
of Startups, you can also get advice from professionals (in marketing, accounting, IP,
etc.) on an ongoing basis. If your startup is just starting out, the incubator will refer you
to nyuko, another entity hosted in the House of Startups that offers different startup
programs and can provide coaching and help you to get off the ground, whether you're
in early- or later- stage development.

The incubator offers flexible workspaces that can be rented per day, per month or for
longer periods of time, as wel I as office space for teams of four or more. To join the LCI,
your startup should qualify as an innovative company, create value and jobs, and be
scalable. Also, it should operate in one of the focus sectors of the LCI.

[Apply to) info@cityincubator.lu

[Links) Web: cityincubator.lu Facebook: LuxembourgCitylncubator Twitter: @LuxCitylncub

63
 Luxembourg National Research Fund

[Name] Luxembourg National

Research Fund
[Elevator Pitch] “We’re the main funder of research activities in Luxembourg, investing
public funds into research and innovation in science and the humanities.
We support and coordinate activities to strengthen the link between
science and society and to raise awareness for research and innovation.”
[Sector] Research funding

[Description] The Luxembourg National Research Fund, also known as FNR (the Fonds National de
la Recherche), is the main funder of research activities in Luxembourg. It invests both
public funds and private donations into research and innovation projects in various
branches of science and the humanities. FNR advises the Luxembourg government on
research policy and strategy as part of a vision to establish Luxembourg as a leading
knowledge-based society through science, research and innovation. The FNR mission is
to establish a sustainable world-class research system in Luxembourg that will generate
societal and economic impact in key strategic areas.

The FNR aims to be a driving force for Luxembourg’s innovation capabilities, and
it focuses on three strategic objectives to foster research with impact: attaining
scientific leadership in key areas (including by attracting and training the most talented
scientists); turning public research into a competitive advantage for Luxembourg
(such as by reinforcing cooperation between research and innovative industries,
and facilitating the commercial exploitation of research results); and anchoring
science and research in society (for example, by addressing current and future societal
challenges and creating an active exchange between scientists and the public).

In 2015, the innovation programs were established as a vehicle to bring together

researchers and business. Andreea Monnat leads the innovation unit, which
orchestrates the evaluation, selection and overall funding process for projects.
The vast majority of funding goes to information and communications technology
and materials-sector development. There are several funding instruments available,
including public–private partnerships and various individual researcher fellowship
grants (doctoral and postdoctoral trainings). “We fund only the best,” says Andreea,
a former researcher in computer science who switched to focus on funding. Startups
provide opportunities for researchers to create impact by working in a key position
within small agile teams. Both benefit from such a collaboration, and researchers are
encouraged to work on challenges with increasing focus on delivering real world impact
and getting a return on research.

[Apply to] fnr.lu/funding

[Links] Web: fnr.lu Facebook: fnrlux Twitter: @FnrLux
65
 Mlcrolux I

[Name) Microlux
[Elevator Pitch) "We're the first microfinance institution for Luxembourg. We provide
microcredit for those entrepreneurs who have no access to traditional
bank loans, and we offer support through our coaching activities."

[Sector) Inclusive finance, business support

[Description) Microlux provides ·microcredits• (small loans) and coaching to support entrepreneurs
in setting up and developing enterprises in Luxembourg. These small loans are
available for active entrepreneurs who lack access to ·traditional" loans granted by
banks. "We're the only ones doing this for small and traditional entrepreneurs; says
Samuel Paulus. Microlux was established in 2016 as the first microfinance institution
in Luxembourg. Managers Samuel and Jeremy del Rosaries collaborate with four
partner organizations, including one major bank. Their focus is not on the classic
high-tech startup or innovative entrepreneur, who are generally well catered to, but
rather on the entrepreneurs who want to create their own business to improve their
economic well-being and become financially independent.

Anyone who needs money to start or develop their business project but who has
no access to any bank credit is welcome to apply to Microlux. The typical request
comes from those with disadvantaged backgrounds such as the unemployed, migrants
and young entrepreneurs, or social entrepreneurs unable to meet the bank's credit
requirements. Samuel and Jeremy, with their many years of entrepreneurial and
microfinancing experience, are not only passionate about fulfilling the needs
of these people and helping them restore their confidence, but they also want Microlux
to contribute to a more equitable distribution of income and wealth and a more
harmonious society.

Entrepreneurs can apply for a microcredit at any time and will be guided through
a simple step-by-step process. The microcredit offered depends on the situation,
with a maximum allocation of €25,000. A follow-up coach from Microlux works with
the business afterward to increase their likelihood of success. Entrepreneurs can also
come to Microlux at the beginning of their project with just an idea, and the team will
help to create a simple business and financial plan, and make introductions to potential
partners. Microlux is a nonprofit organization, so the interest rates are competitive
and the aim is to cover operational costs.

[Apply to) microluxJu

[Links) Web: microlux.lu Facebook; microlux.lu

 nyuko

[Name] nyuko
[Elevator Pitch] “We provide the startup ecosystem with a team of internal experts
and a network of external professionals to support startups at all levels
of their development.”
[Sector] All sectors

[Description] nyuko is a nonprofit structure that offers a variety of programs for startups at every
stage of growth and from any industry. Located in the House of Startups, next to the
train station, the services are available to any startup in the country, even in the Greater
Region. Founded in 2015, nyuko merged from several initiatives dedicated to startups
that already existed, providing access to more than eighteen years of experience.
The aim is to support entrepreneurship and foster creativity in Luxembourg by
providing startups and individuals access to its network of experts, advisors, mentors,
fund raisers, sponsors and strategic partners. The independent organization is
supported by the Chamber of Commerce, governmental entities and private sponsors.
Programs are offered in close cooperation with the House of Training and Luxinnovation

To enroll in nyuko’s programs, startups and entrepreneurs must apply online.

Applicants can be startups from Luxembourg, but projects from abroad are also
welcome as long as the working language is English or French. Some programs are
also available in German. Overall, nyuko is looking for innovative startups that have the
potential to grow and aim to leave a tangible and real impact, starting in Luxembourg.
A member of the nyuko team will assess which program would be the best fit.
All programs are accessible for free or at a very affordable price, but most of them
involve a selection process.

For startups or projects that fall into the early-stage category, nyuko offers access to
three-month acceleration programs (from idea to business plan, from prototype to first
client); ad hoc consulting and training services; Impuls, a startup program for social and
environmental impact projects; and a startup competition called 1,2,3 Go that covers
Luxembourg and the Greater Region. For later-stage startups, nyuko provides access to
the best mentors via the Business Mentoring program, as well as advice on fundraising
and connections with investors.

[Apply to] nyuko.lu

[Links] Web: nyuko.lu Facebook: nyuko.lu Twitter: @nyuko121

69
 SAP Startup Focus

[Name] SAP Startup Focus

[Elevator Pitch] “We are a global accelerator for technology startups. We share
cutting-edge technology and expertise while nurturing innovation that
targets the enterprise market. Bring us transformative use cases and
we’ll give you scalable technology to bring it to life.”

[Sector] Technology

[Description] Startup Focus is SAP’s global startup accelerator program for tech startups tackling
solutions in the realms of big data, IoT, machine learning, AI, data security, blockchain
and predictive and real-time analytics. Launched in 2012, the program scouts and
nurtures entrepreneurs from around the world to support transformative use cases
that target the enterprise market. Startup Focus provides selected startups free
development licenses to build their solution, access to SAP’s wide network of solution
experts, exposure to its large customer base and investor network, and up to €25,000
worth of credits and certifications — all free of cost for members. By enabling
entrepreneurs to build on SAP platform technology, the company demonstrates its
focus and commitment toward innovations in the digital era. Moreover, SAP’s R&D
expenses were over €3 billion in 2016.

How does it work? The first step is the onboarding phase, where the startup applies
to the program by filling out the solution description details. Startup Focus evaluates
the use case fit with SAP technology and scope. If there’s a fit, the startup is accepted
into the program and it can start building an MVP on top of SAP’s technology: SAP
Cloud Platform, SAP HANA or SAP Leonardo. Upon successful conclusion of the
startup MVP, the program go-to-market phase proceeds by enabling the startup’s
readiness and market exposure through multiple channels, especially SAP’s enterprise
marketplace, the SAP App Center. Here, ready solutions are showcased and can target
the company’s 360,000 enterprise customers.

Since its inception, Startup Focus has engaged around six thousand startups
worldwide, one thousand of which have actively been developed on SAP’s technology.
Nearly three hundred solutions have been successfully validated by SAP and are
now available to the market and its customer base. “Together with our twelve SAP
Innovation Centers, the SAP Startup Focus program is a key initiative of SAP Strategy,
allowing us to combine the best of both worlds: the creativity and agility of a ‘startup
mindset’ with the backbone of a world market leader in business software,“ says
Bertrand Brackman, country sales manager at SAP Luxembourg.

[Apply to] startups.sap.com/join-us or contact startups@sap.com

[Links] Web: startups.sap.com Twitter: @SAPStartups

71
 Technoport

[Name] Technoport
[Elevator Pitch] “Our vision is to bridge ideas to success by creating the right ecosystem
around innovation and entrepreneurship. We support individuals and
small teams in validating and implementing their innovative and
technology-oriented business ideas through our different platforms:
an internationally renowned incubator, a digital fabrication laboratory
and a unique coworking space.”
[Sector] Technology, software, IoT, environment, health, industry

[Description] Technoport is a technology-oriented business incubator founded almost twenty years

ago. In 2012, it became a limited company with two main shareholders: the Ministry
of the Economy and Société Nationale de Crédit et d’Investissement. The incubator
manages over 16,000 m2 of facilities (five buildings on two sites) and has a team of six
full-time equivalents. It’s part of several international networks including EBN, IASP,
INBIA, iHub and FabFoundation, and in 2015 it was ranked number seven in the World
Top Ten University Associated Business Incubators (UBI index). “Since 2012, the
ecosystem has been booming for startups,” says CEO Diego De Biasio, who holds a
master’s degree in economic science and innovation and has been in the business for
sixteen years.

Technoport’s mission is to offer the best environment for the creation and devel-
opment of technology-oriented innovative companies and projects in Luxembourg.
Technoport works on reducing the failure rate by giving entrepreneurs access to
coaching, experts and partners, as well as providing them with a great infrastructure
and work environment. Technoport has three main elements: the business incubator,
which aligns startup companies to foreign companies that are establishing research
and development activities in Luxembourg; the FabLab, which supports product-
oriented projects and rapid prototyping, and is one of the best-equipped fabrication
laboratories in the region in terms of tools and techniques; and the Coworking Space/
Digital Experience Studio, which helps to validate business concepts and applications
by bringing people together during projects and hackathons.

Over the years, Technoport has developed a range of formal partnerships with
corporates and financial institutions to support innovation in a broader way. In 2017,
it invested into a joint-venture with Vodafone to create Tomorrow Street, the business
acceleration program for mature startups that want to scale their company on a global
level. Today, Technoport can address the whole innovation value-chain, from ideas to
mature companies, thanks to a strong expertise and network of partners.

[Apply to] incubator@technoport.lu

[Links] Web: technoport.lu Facebook: Technoport.lu Twitter: @Technoport_Lux Instagram: technoport_sa

73
 Tomorrow Street

[Name] Tomorrow Street

[Elevator Pitch] “We bridge the gap between big corporates and smaller companies
by collaborating with support channels and different levels of expertise
to create global success stories for later-stage startups.”

[Sector] Technology and innovation

[Description] Tomorrow Street is a joint venture between Vodafone Procurement Company and
Technoport that focuses on giving innovative companies access to international busi-
ness. There is presently a divide between startups and big corporations, but Tomorrow
Street bridges that gap, bringing the two together and fostering collaboration. It lever-
ages its connectivity with Vodafone to create links between the supported companies,
customers, suppliers and partners. “Online digitalization communities already exist, but
we feel that they lack the human element,” says CEO Warrick Cramer. “That’s where
Tomorrow Street comes in, by putting people in direct contact.”

Tomorrow Street takes in business-ready startups and works with them to globalize
their products and services, namely by providing them with the tools for growth,
facilitating customer acquisition and helping them build a global environment. These
companies are usually already established and have funding but lack the know-how or
network to expand. “Tomorrow Street’s aim is fundamentally about making this world a
better place by changing people’s lives through innovation,” says Warrick.

Tomorrow Street is located above the Vodafone procurement building and is equipped
to host sixteen later-stage startups at its state-of-the-art premises. Its main focus is
on three major areas: artificial intelligence, the Internet of Things and cyber security.
Companies will be considered if they have a disruptive product or service that fits
the sectors and could potentially scale. While interested companies are welcome to
make the first approach, Tomorrow Street also has scouting teams based in the United
States, Canada and Europe. The teams work closely with VCs and other local players
within the global startup ecosystem to make recommendations on suitable companies.
By bringing promising businesses to Luxembourg, Tomorrow Street aims to help them
navigate the world of big corporations, grow into global success stories, and contribute
positively to Luxembourg’s fast-growing tech sector and wider economy.

[Apply to] info@tomorrowstreet.co

[Links] Web: tomorrowstreet.co Twitter: @TomorrowStreet

75
 WIDE

[Name] WIDE
[Elevator Pitch] “We’re a nonprofit that encourages women to seize opportunities offered
by the digital economy. As part of our activities, we offer the Startup
Leadership Programme to support women with great ideas who are
committed to making it happen.”

[Sector] Digital ventures, emerging technologies

[Description] WIDE (Women in Digital Empowerment) is a nonprofit organization founded in 2014 by

Marina Andrieu and Marie-Adelaïde Gervis. Their vision was to empower women to tap
into entrepreneurial opportunities in the digital sector. What started as a grassroots
volunteer project that hosted community events in 2013 has evolved into a full-fledged
initiative that includes an array of activities to provide practical know-how and support
to women working in the digital field. These include coding workshops, special events
and the Startup Leadership Programme.

Launched by WIDE in June 2017, the Startup Leadership Programme selects ten
women to participate and helps them kick off their businesses through personalized
guidance. The year-long program offers women entrepreneurs access to a large pool
of advisors to gain expert knowledge and contacts, take part in customized activi-
ties and events, and receive free services and technical coaching from partners. In
addition, the program’s organizers meet with the participants regularly to check in on
their personal and professional development, track the progress of the business and
provide advice and tools for working on specific issues.

Creators working in any sector are welcome to apply as long as the idea or startup is
in its early stages, is based on a digital or technological innovation and includes future
plans to scale internationally. Men can be part of the team as long as the project is led
by a woman or has a woman cofounder. Additionally, the program often recruits parti-
cipants through their other initiatives such as Rails Girls, Women Founder and Women
in Fintech conferences. The goal of the program, which is supported by the Ministry
of Economy in Luxembourg, BIL, Finimmo and Agile Partner, is to uncover new startup
founders in Luxembourg and “unleash the talent of women to become tech and digital
entrepreneurs.”

[Apply to] women-digital.lu/startup-leadership-programme

[Links] Web: wide.lu Facebook: Wideluxembourg Twitter: @wide_lu

77
 1535° Creative Hub

[Name]
1535° Creative Hub
[Address] 115, rue Émile Mark, L-4620 Differdange

[Total Area]

16,000m 2

[Workspaces]

70
[The Story] Founded in 2013 by the Differdange town council, 1535° Creative Hub isn’t a traditional
incubator or coworking space. The hub, which offers affordable, closed office spaces
and plenty of networking opportunities to social entrepreneurs and businesses from
the creative and cultural industries, seeks a heterogeneous mix of business activities,
and its offices are allocated based on a business’s cultural and social worth as
assessed by the 1535° board. Rent is low at €6 per m2 plus utility bills for businesses
with up to five employees, and €12 per m2 plus utility bills for those with more than five.
Leases run for one year and renew automatically if the business continues to fulfill its
social/cultural role.

Located in a disused steel-processing plant, the space is occupied by more than sixty
small businesses (with between one and one hundred employees). By 2020, it will
have space for one hundred large enterprises (with up to six hundred people). There
are common areas, meeting rooms, and a café/restaurant. Offices are secure, clean,
and set in an industrial setting. It’s fully accessible for people with reduced mobility,
although the car park is unpaved. There’s no formal coaching program at the space,
but a sense of community and knowledge-sharing is encouraged.

[Links] Web: 1535.lu Facebook: 1535.lu Instagram: 1535creativehub

81
 Bamhaus

[Name]
Bamhaus
[Address] 18A/18D rue de la Cimenterie, 1337 Luxembourg

[Total Area]

1,600m 2

[Workspaces]

30
[The Story] Located in an industrial area within the city center, Bamhaus is a haven for those
working in the arts and media industries. “Whether you’re a creative amateur
or full-time professional, you’re welcome additions to our community,” says cofounder
Ben Barnich. The building itself is an old factory, and the industrial flavor has been
kept while major upgrades have been undertaken. Facilities include a recording studio,
projection room, makerspace, spray cabin, bar/kitchen and office spaces. “We think it’s
a pretty unique working environment for Luxembourg,” says Ben.

Even though there are possibilities of renting individual spaces, the idea of Bamhaus
is to be a creative melting pot that encourages the use of shared spaces and an
open atmosphere where new collaborations are easily formed and existing ones can
flourish. Bamhaus has an extended network that can easily be tapped into if there
are no suitable collaborators in-house. “One of our main missions is to offer affordable
working spaces so that all creatives have an opportunity to develop their business
or work possibilities,” Ben says. Being in the city center, there are plenty of transport
options, and Luxembourg’s extensive food scene is but a short walk away from
the space. Bamhaus also holds regular meetings, which serve to keep residents
and visitors in the loop about what projects, conferences and events are coming up.

[Links] Web: bamhaus.lu Facebook: bamhaus.lu Instagram: bamhaus.lu

85
 House of Startups

[Name]
House of Startups
[Address] 9, rue du Laboratoire, L-1911 Luxembourg

[Total Area]

6,000m 2

[Workspaces]

350
[The Story] HoST (House of Startups) is a brand new addition to the Luxembourg startup scene
and it’s a supercharged combination of a number of incubators, accelerators and
startup consultancies. CEO Karin Schintgen says, “Hosting key actors in the Luxem-
bourg startup ecosystem under one roof will allow ideas and innovation to flow freely”.
HoST is located in the famous Dôme building in the city centre and it’s had a complete
refurbishment in order to provide thousands of square meters of playground for up to
200 startups.

The space is an initiative of the Luxembourg Chamber of Commerce and it includes

major innovation hubs such as Luxembourg House of Financial Technology (LHoFT);
the Luxembourg-City Incubator (supported by the City of Luxembourg);
Hub@Luxembourg, the first international incubator of Group Crédit Agricole; and
well-established accelerators like Nyuko or ICFA (active in climate financing). Karin
adds, “We’re just getting started and we’ll be adding more entities to complete this
exciting startup landscape”.

There have been extensive efforts to have a contemporary designed space with the
latest IT equipment at the startups disposal. During business hours startups can visit
“Check Point”, a space where experts in web design, marketing, accounting and IP can
address their questions.
And alongside segregated spaces for entrepreneurial peace and quiet, there are
numerous different spaces to connect, chill and polish their pitches.

[Links] Web: houseofstartups.lu

89
 Lux Future Lab

[Name]
Lux Future Lab
[Address] 59 Boulevard Royal, 2449 Luxembourg

[Total Area]

2,000m 2

[Workspaces]

120
[The Story] Officially launched as part of BNP Paribas’ new approach to corporate social and
economic responsibility, Lux Future Lab opened its doors in 2012, and in doing so
made BNP Paribas the first bank in Europe to establish an incubator. Backed by the
bank’s financial insight, local knowledge and international resources, Lux Future Lab
is perfectly situated to give Luxembourg’s startup scene a boost and to cultivate real
change. It’s comprised of three interconnected row houses and boasts four floors of
various spaces, and it currently hosts thirty startups and one hundred people. Internal
spaces in the historic two-century-old building have been modernized, but the build-
ing’s old character and charm remains.

The Lab is offered as an affordable space to startups, who also benefit from a variety
of supporting activities including training and consultancy, and networking opportuni-
ties with investors and partner organizations. The intention of the Lab is to provide a
good mixture of open collaborative spaces where residents and visitors alike can meet
in the common areas, such as the lounges and self-serve kitchen, to relax, share and
learn from each other. All meeting rooms come with the necessary equipment and se-
cure wifi is available throughout the premises. There are also private office spaces for
startups who prefer a quiet environment for their team to focus on the tasks at hand.

[Links] Web: luxfuturelab.lu Facebook: luxfuturelab

93
 The Office

[Name]
The Office
[Address] 29, Boulevard de la Grande-Duchesse Charlotte, 1331 Luxembourg

[Total Area]

680m 2

[Workspaces]

58
[The Story] The Office is located in a building that, prior to being transformed into a stylish coworking
space, was once a car park/garage. Cofounder Gosia Kramer kept some of its old character
when creating the new space. “We wanted to keep some kind of garage feeling in the build-
ing to replicate the startups that began in a garage, like Apple or Amazon.” The original
garage gate was retained and is opened up in summer, allowing tables to spill out onto the
terrace and workers to get some fresh air while toiling away.

Gosia’s focus is on cultivating a strong sense of community, one that lasts even when there
are no direct collaborations taking place. Independent projects are encouraged, but there
is always the spirit of sticking together and being family. The open-plan layout with its
6 m high ceilings has also been retained to encourage the “without borders” spirit. There’s
a coworking area, several meeting rooms in various sizes, a large workshop room and some
private spaces for those who need some quiet to focus. When it’s time to take a break,
there’s a chillout area with music, hammocks and comfy sofas. The in-house cafe is open
to the public and acts as a communal meeting point between residents of the Office and
curious members of the public.

[Links] Web: theoffice.lu Facebook: TheOfficeLuxembourg

97
 Paul Wurth InCub

[Name]
Paul Wurth InCub
[Address] 5, rue de l’Industrie, 1811 Luxembourg

[Total Area]

500m 2

[Workspaces]

24
[The Story] In 2016, engineering and steel-making company Paul Wurth launched an incubator
and coworking space next to its headquarters in the heart of Luxembourg city. Named
Paul Wurth InCub, the space caters specifically to startups working in the industrial
technologies sector – or in what the company refers to as #InduTech – which includes
cleantech, energytech, smart safety, smart construction, AI, smart engineering
applications, advanced manufacturing and logistics, sustainable mobility and Industry
4.0. The idea was to create a place where entrepreneurs working in these fields could
go work and exchange ideas alongside experts, potential clients, investors, partners
and suppliers from Paul Wurth’s network, and explore new opportunities together and
grow their businesses.

The coworking hub offers several private offices, two coworking areas, meeting rooms,
a library and a kitchen. To become a member, entrepreneurs and startups can apply
for any of Paul Wurth InCub’s periodic calls for pitches, which are often tied to a
particular topic. In 2018, Paul Wurth InCub plans to expand its coworking hub so that
bigger #InduTech startups can also be housed in the space.

[Links] Web: indu.tech Twitter: @PW_InCub

101
 House of Entrepreneurship / Entrepreneurship

Tom Baumert
/ House of Entrepreneurship
CEO

Tom Baumert graduated from Solvay Brussels School of Economics and Management before
moving back to Luxembourg. After a year working with SMEs at a local bank, he moved to
the Chamber of Commerce, to the SMEs department then called “Espace Entreprises,” which
mainly helped nascent entrepreneurs settle their business. Five years later the department has
become the House of Entrepreneurship, one of Luxembourg’s premier support organizations
for the startup ecosystem, and Tom has built connections throughout the startup community,
becoming a member of Luxembourg’s business angel network and nyuko’s board.

One of the perennial challenges a new company faces is funding, especially at the seed phase.
“The whole economic system in Luxembourg is strongly linked to the financial sector,” says
Tom. “We were not a startup nation ten years ago, and while the seed funding or private equity
funding is evolving in Luxembourg, it’s still getting started. Traditional businesses can get
credit financing from banks, but startups still have more difficulties.”

Indeed, for all its charms, Luxembourg can still be financially conservative, making it more
difficult for a business with an unproven strategy to secure the financing it needs to get on
its feet. Bolstered by its good economic and financial health, Luxembourg is not cheap: the
country’s small size means that housing – especially in central locations – can quickly become
very expensive.

There are a few things startups can do to get the funding they need and to stretch what
they’ve already got. First, Luxembourg might be financially conservative, but it’s working to
change that. Today there are lots of different programs to support the entrepreneurial
ecosystem if you know where to look. “There have been lots of public or semi-public initiatives
popping up the last years, and the entire country is working together to become a startup
nation. So help is there, even if the ecosystem still needs to get strengthened.”

107
 experts

As Luxembourg’s startup ecosystem is evolving, more and more incubators are being created
in and around the city. The Luxembourg Chamber of Commerce, for example, launched an
incubator of incubators, the House of Startups, in the city center in 2018. Startups now have a
great choice of places to start their venture in Luxembourg.

House of Entrepreneurship helps connect startups with investors. Since every Luxembourgish
business is a member, it has a huge network to draw on. “Luxembourg is a small country, and
everyone knows everyone. We think of ourselves as a startup facilitator.
For example, we can put startups in touch with people who are funding companies, and we
know the business angel network. We’re able to put a startup in contact with the right people.”

Beyond funding, the House of Entrepreneurship helps with all the administrative work involved
in founding a new company. They can walk you through all the steps you’ll need to take to set
up your business, working with you to register your company, apply for visas and get the tax
numbers you’ll need.

Finally, the Chamber of Commerce runs economic missions abroad – and if your business is
likely to meet a demand in a foreign country, the Chamber will help you get there. Attending an
economic mission can open many doors and potentially connect you with the decision makers.

About
House of Entrepreneurship brings together many players involved in the business-creation
value chain in Luxembourg. Through its one-stop shop, a dedicated national point of
contact for entrepreneurship, it offers a consolidated range of services to both new or future
entrepreneurs with business projects and to established managers, including help with
the formalities of importing and exporting, assistance with the legal requirements associated
with creating a business, and information on tax issues and networking initiatives.

[Contact] Email: info@houseofentrepreneurship.lu

[Links] Web: houseofentrepreneurship.lu

110
 House of Startups / Innovation

Karin Schintgen
/ House of Startups
CEO

Karin Schintgen, a lawyer by training, spent her career in media and banking. In 2011, while
working for BGL BNP Paribas as director of corporate social responsibility, she created the first
incubator – the luxfuture lab – that, as she puts it, is part of the corporate economic and social
responsibility in rebuilding the entrepreneurial ecosystem in the aftermath of the financial
crisis. After leaving the bank, she became the CEO of Luxembourg’s House of Startups, an
initiative by the Chamber of Commerce to federate and nurture the country’s entrepreneurial
environment.

“Luxembourg is small in size and doesn’t have a lot of natural resources,” says Karin. “So by
necessity, it’s always thrived on being creative. In Luxembourg, young people tend to go into
public service or finance or work as consultants, but we also need entrepreneurs. Especially
these days when new, often disruptive technologies put a number of our core sectors under
pressure to adapt and innovate.”

House of Startups is a new and innovative initiative working to support this socio-economic
change. Along with a handful of other institutions, it’s trying to make entrepreneurship attrac-
tive to Luxembourgers, and Luxembourg attractive to entrepreneurs. However, like in every
country, entrepreneurs who want to found their companies face a number of hurdles – they
likely won’t be familiar with the legal and regulatory framework, or understand how the local
business culture works. “Getting these problems solved at an early stage and in a professional
manner is key for future growth, especially when outside financing is sought.”

There are a few things an entrepreneur can do to tackle those problems. First of all, they need
to start in the right place. For a startup that’s newly arrived in Luxembourg, the first stops
should be Luxinnovation and the House of Entrepreneurship, a one-stop shop for facilitating
access to entrepreneurship founded by the Luxembourg Chamber of Commerce and the
Ministry of Economy. “They can make all the necessary introductions, and inform you about the
specifics of the various incubators.”

113
 experts

“When coming to Luxembourg, one also notes how international the place is. The fact that
Luxembourgers speak four languages supports a rapid integration. Luxembourgers know that
we need both immigration and diversification to sustain our business model. So there we have
a great consensus to move forward.”

A number of incubators, both private and public, operate in the Grand Duchy. The House of
Startups is in fact an incubator of incubators, accelerators and startup-related consultancies.
The Chamber of Commerce wanted to create a dynamic space federating all of the actors of
the ecosystem under one roof, with contribution of various sponsors and partners both in the
private and government level. The City of Luxembourg also joined the efforts by supporting
the House of Startups’ Luxembourg-City Incubator. The House of Startups is based in the
center of Luxembourg City, with a number of facilities available, including a conference center,
training rooms, board rooms, a vast social space (complete with a pitching area) and spaces to
play, network and nap. A lot of effort has been invested in creating a very distinct look and feel
in the space, making working at the House of Startups a great experience.

About
House of Startups is over 6,000 m2 in size, and hosts incubators such as the LHoFT, the
Luxembourg-City Incubator and the accelerator nyuko. To address startup needs, especially in
the launch phase, startups have access to the space to seek advice from professionals such as
webmasters, accountants, intellectual property specialists, lawyers and marketing specialists.

[Contact] info@host.lu

[Links] Web: houseofstartups.lu

116
 House of Training / Education

Luc Henzig
/ House of Training
CEO

Luc Henzig worked for PricewaterhouseCoopers before moving to Luxembourg’s Chamber of

Commerce and House of Training. He headed PwC’s consulting services for years, and was
responsible for coaching and assisting startup projects and shaping Luxembourg’s startup
policy. These days, he’s contributing to building up Luxembourg’s startup ecosystem through
House of Training, a continuing vocational training institute that provides founders with training
programs to help them acquire the skills they need to succeed.

“Lots of people have ideas,” says Luc Henzig, “but they’re not always the right people to build
companies.” Luc is the CEO of the House of Training, one of several institutions run by the
Luxembourg Chamber of Commerce that work together to develop the country’s startup
ecosystem. The House of Training (along with the House of Startups, the House of
Entrepreneurship and nyuko) works to foster entrepreneurs, attract them to Luxembourg
and give them the skills they need to succeed.

“Whether your idea is as simple as opening a new bar or as innovative as a new technology or
app you want to develop, you need to have certain skills to formulate your idea on paper and
get other people involved. And even if you can develop the great idea, you might not be the
best person to be CEO of the company – you need to know how to manage human resources,
accounting, legal questions, things like that.”

Once you have an idea, Luc says, the first thing to do is to put it in writing. The difference
between an idea and a startup is a business plan. It’s what you’ll use to attract cofounders and,
eventually, investors. You can modify it later, but your plan should at least consider how you
plan to get your idea to the market, what resources you’ll need (both financial and human), and
what kind of timeline you’re looking at.

After that, Luxembourg’s network of support institutions can help you develop the skills you’ll
need to build your business. The first stop you’ll want to make is to the House of Entrepre-
neurship, which will help you structure your project and identify the skills you need. Be warned,
however: this part of the process might be painful.

119
 experts

“The first step is a personality test to discover your strengths and your training needs. Not
everyone has the right personality and competencies to be an entrepreneur – it’s not an easy
road, and it might not be right for you. Sometimes the House of Entrepreneurship will tell you,
‘We’ve discussed your project, and we don’t think you have the basic skills.’”

Once you’ve got a better sense of what your idea is and what you’ll need, you can begin to look
at the course options the House of Training offers. The training programs offered can help you
improve your ability to write a business plan, learn basic accounting and manage a business,
among many other skills. Signing up for the courses is as easy as shopping online: you select
the course you think you need (or the course you’ve been advised you need), and register on
the website.

When you think you’ve got what it takes, you move on to the House of Startups, where the
accelerator nyuko is located. nyuko can provide individualized coaching for your company.
The House of Startups also hosts incubators Luxembourg-City Incubator and the LHoFT,
which can give you an office to work in while you’re growing your company.

The whole constellation of services has already become an integral part of Luxembourg’s
ecosystem. “Each year, we have between one hundred to two hundred people going through
this process, using our training courses and nyuko’s coaching facilities. But beyond that we
have more than a thousand people a year who use our classes for entrepreneurs, whether
they drop in once or enroll longer term.”

About
House of Training offers continuous training tailored to the needs of enterprises and individ-
uals. An initiative of the Chamber of Commerce and the Luxembourg Bankers’ Association
(ABBL), the House of Training trains thousands of people in a wide variety of fields to make
businesses more competitive and sustainable. It has partnerships and collaboration
agreements with many well-established industry associations and federations.

[Contact] Email: customer@houseoftraining.lu

[Links] Web: houseoftraining.lu Facebook: HouseoftrainingLuxembourg

122
 Luxinnovation / Governmental Organization

Jean-Michel Ludwig
/ Luxinnovation
Director
Jean-Michel Ludwig has been working with Luxinnovation since early 2002, initially with its
European funding program and later with a team focusing on startups and small- and
medium-sized enterprises. He’s helped lots of new companies get off the ground, and has a few
tips for founders just getting started.

If your startup is trying to do something that hasn’t been done before – creating a cutting-edge
product or experimenting with a new business model, for example – you’re eventually going to hit
a familiar paradox: you’ll need money to develop your brand-new offering, but you’ll also need to
show that your brand-new offering works before anyone gives you any money.

“The main problem startups have is actually getting funding to develop their idea or create their
first prototype or MVP, something that can be tested on the market,” says Jean-Michel. “It’s
difficult for them to get private funding because investors want to see market feedback first.”
And if this is true for investors and VCs, it’s even more true for banks: most banks are reluctant to
give loans to businesses before they know how to evaluate their chances, and it can be tough to
design useful metrics before a business has figured out how it will work.

When your company is just getting started and doesn’t yet have any user statistics or sales
figures to show, it’s sometimes easiest to look for FFF funding – that is, asking for money from
“friends, family and fools.” This won’t usually be enough to keep your company going for long (be-
cause if you have a billionaire aunt, you probably aren’t worried about funding in the first place),
but it can be enough to build something that you can market to larger funders.

It’s also worth asking yourself if you can scale down your ambitions until you have more money.
Ask yourself what the heart of your idea is, and cut out all the other extraneous costs until you’ve
got a bit more financial cushion.

“Most founders come with these brilliant ideas, projects that could cost a million euros, but
they’re sometimes better off thinking small at first and investing the minimum to develop a
prototype they can test on the market. They can create a full product that’s a little more ambi-
tious later.”

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Finally, Jean-Michel recommends looking for codevelopers, especially if you’re trying to

develop a B2B product, as you might find that companies are willing to share the initial costs
to be first in line for the new offering when it’s complete. There are even public research
institutions that might be willing to help, though these are more likely to supplement funding
you’ve raised yourself rather than provide you with all the money you need.

Fortunately, the Luxembourg Ministry of the Economy is there to help. The ministry helps fund
innovative startups that it believes will contribute to the competitiveness and dynamism of
Luxembourg’s economy. And Luxinnovation can help you find this funding: it helps companies
through the application process, ensuring that they’re ready for all of the necessary steps.

“When the ministry makes a decision on funding a project, it will do some basic evaluations
– asking whether the costs make sense, what the business plan looks like, that kind of thing,”
says Jean-Michel. “Most founders are extremely good at tech and innovation, but they’re not so
good at marketing. We provide financial tools, business plan templates and methodologies, and
we help them define their prospects in the short and medium term. Once we give a company
the green light, there’s basically a 100 percent chance the ministry will follow and allocate the
grant.”

About
Luxinnovation is a key partner for companies looking to engage in innovative activities in
Luxembourg or aiming to expand their business at the international level. Luxinnovation is
at the company’s side to provide them with the right information on Luxembourg’s attractive
business environment for innovative companies. Its services include individual support to set
up a business plan, create the company and find private and public funding.

[Contact] Email: jean-michel.ludwig@luxinnovation.lu

[Links] Web: luxinnovation.lu Facebook: Luxinnovation

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 Mutualité de Cautionnement / Commercial SMEs in Luxembourg

Lucien Bechtold
/ Mutualité de Cautionnement
CEO

After earning his master’s degree in economics, Lucien Bechtold worked for an audit company;
then SNCI, Luxembourg’s development bank; and finally for an asset management company.
Then, in 2005, he decided he wanted to become more involved with the entrepreneurial scene,
and moved to Luxembourg’s Chamber of Commerce. As CEO of its Mutualité de
Cautionnement (located within the House of Entrepreneurship), he helps guide founders,
and companies in particular, through the financial steps they need to take to succeed.

“Even if Luxembourg is small, the ecosystem offers a lot of services,” says Lucien, the CEO of
the Mutualité de Cautionnement, one of the organizations the Luxembourg Chamber of
Commerce has initiated to help Luxembourg SMEs have easier access to bank financing.
“However, what we often see is that potential entrepreneurs and founders don’t know the
ecosystem. It’s very complicated for someone new here, and people tend not to know where
to go first. It’s really important to get to know all the local institutions because there are people
available to help you at every stage of your business.”

In fact, learning about Luxembourg’s entrepreneurial institutions is the first step you can take
on your own to get your business off the ground. There are lots of actors – both public and
private – that exist to provide support to fledgling companies, but too many founders are una-
ware of the kind of help they can get. “Lots of entrepreneurs don’t profit from these structures
as much as they should,” says Lucien. “But the people who work in these places want to help
entrepreneurs and facilitate the early stages of starting a business.”

The House of Entrepreneurship is one important actor that can help in several ways. First, it
can help you navigate the bureaucracy involved in starting a company in Luxembourg. Whether
you’re filling out the forms to register as a business, applying for VAT and income tax numbers
or setting up your company’s legal architecture, the House of Entrepreneurship can provide
step-by-step assistance and ensure you’re making the best choices for your company. A lot of
these questions can be intimidating, and it helps to have someone to explain what they’ll mean
for your future. “Our people can explain these things to entrepreneurs just getting started. We
don’t just give information, we also give you some of the pros and cons of each option.”

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Once you’ve gotten the basics out of the way – i.e., you’ve registered your business, gotten
your accounting in order and decided what kind of structure makes sense for you – the House
of Entrepreneurship can start connecting you with other players you should know, whether
they’re companies you might want to collaborate with, investors you might want to pitch to,
or incubators that can help you grow. With tons of meeting spaces and conference space,
it can even host meetings with the people you need to know.

Finally, the Mutualité de Cautionnement can help you work with banks when it’s time to think
about financing. One of the Mutualité de Cautionnement’s objectives is to act as a loans
guarantor for promising businesses, helping them get access to funding that might otherwise
be off limits. If Mutualité de Cautionnement decides your idea is promising, it might be able
to help you secure the cash runway you’ll need to get started so that you’ll have more time
and energy to focus on your product.

“The whole idea behind the Mutualité de Cautionnement is to make it easier for entrepreneurs
or potential entrepreneurs to skip going out and looking for the resources they need,” says
Lucien. “Instead, we want them to come to us.”

About
Mutualité de Cautionnement can provide SMEs with access to bank financing by acting
as a guarantor with respect to credit institutions if the entrepreneur’s guarantees are
insufficient. The loan default guarantees are issued for all phases of the SME investment
lifecycle (startup, growth, development and business transfer). There are also products
available to startup companies for their short-term financing needs, e.g., working capital.

[Contact] Email: cautionnement@houseofentrepreneurship.lu

[Links] Web: cautionnement.lu

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Bert Boerman
Cofounder and CEO / Governance.com

Bert Boerman started his career in banking and first came to Luxembourg fifteen years ago
while working for Dutch bank ABN AMRO. He created his company, Governance.com, to help
financial institutions manage massive amounts of data, reports and controls so they can
keep on top of their legal requirements more effectively.

Can you explain what Governance.com does?

Our mission is to enhance internal governance for regulated companies. We believe that good
governance only happens when you have access to all relevant information, and then have
proper processes in place to ensure good decisions. We offer both the technology to make this
possible and a network of support specialists.

What sets us apart is that we make this all really simple. Data and documentation is complex
and is exploding right now, which makes it difficult to manage. Our clients are banks, fund
managers and other regulated companies, and before Governance.com, most of them were
trying to make sense of the data by tying together a whole bunch of spreadsheets, files, emails
and other data sources. We make it simple to manage this by collecting and connecting all the
information, so it becomes extremely simple to navigate.

What gave you the idea for the company?

I founded it together with my twin brother in 2011, when I was still working at the bank.
My brother had already quit his job, and he has a technology background and a healthy interest
in business. I have a business background and a healthy interest in technology, so the match
was good.

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When we started our company, we were building mobile applications for other companies.
In the meantime, at the bank, I was in charge of the fund-depository department, and I was r
eally struggling with how to manage my data and documentation transparently. Upon talking
with others, I came to the conclusion that I was not alone: everybody in the industry was
struggling with the same things. I started looking for a better way to do this. When I couldn’t
find it, I decided to quit my job in early 2014 and build something that would help people to
manage that. That was the moment that we pivoted the company from third-party app
development to building our own product.

How does the new company differ since you pivoted?

The technology behind Governance.com is called Governance.io. It’s a software solution that
we can deploy on-premise or as a cloud solution for clients, letting them manage their own data
documents and controls.

What we didn’t realize at first was that there was a component missing from our offering. Our
technology was a pure technology offering, where our clients can design their own processes
and their own data structures; but we realized that a lot of our clients are also looking for the
other part of the offering, which is the operational support and expertise. Clients were asking
us, “Can you help us to organize our processes in a better way? Can you help us to create the
right checklists in the system to make sure that we’re performing the controls required by the
country we’re in?” We realized that we needed to offer an additional part of the puzzle, which
was the operational support.

The result was the launch of our extended platform, Governance.com, which consists of two
pillars: The first remains Governance.io, which is the technology solution for our clients. The
second part is called Governance.support, which is a global network of support partners that
help our clients to implement the technology, customize it and integrate it with other tools, and
also help them design and operate their processes in the system. It’s a much more complete
offering now because now we can offer a mix of technology and operational support in a
modular way, depending on what each client is looking for. And our network of partners lets
us offer support anywhere in the world.

Expanding internationally is a hurdle, but that’s why we created the network of partners around
us. The partners are experts in the local countries and can advise our clients on how to trans-
form a local regulation into a process in the system. So by doing this we can focus on improving
the system continuously, while allowing partners to provide the regulatory content and support
for our customers.

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 Bert Boerman / Governance.com

What about the original company let you know it was time to pivot?
We did not pivot fast in the beginning – you pivot faster after you’ve done it a couple of times.
You see that the greatest things happen when you’re not afraid to let go of things that don’t
work. You learn to accept that your best may not always work the way you wanted.

The biggest pivot we did was from app development to governance because we basically
closed down a business that was revenue-generating and replaced it with one that needed a
big development while initially producing zero revenue. And all the while, we already had
salaries to pay. So you can imagine the challenges that creates.

While it is tempting to keep your “day job,” I think you need to be fully committed when you
start a business. If you have a job that gives you your income, you don’t have the necessity to
pivot that fast, and you may miss the opportunity by being too late. But if you’re looking at a
cliff, you better start thinking of building a bridge fast. And that cliff, obviously, was cash flow.

What’s been the hardest point of building this company? Was there a point when you
thought it wouldn’t work?
There certainly was a point, especially at the beginning. In early 2016, it was extremely hard.
We already had a very good tech solution, but because we weren’t offering the support and
didn’t have the credibility in the market, it was very difficult to sign clients. Initially, we were
only working with the Luxembourg fund industry, and the fund industry is quite conservative
because it’s so risk averse, so the choice to try an unproven technology is not very popular. It
was very hard to get through that, but fortunately we found a couple of brave first customers
who were willing to take the risk.

We also got a lot of recognition in June 2016 from winning the Luxembourg fintech awards.
Since then, the dialogue with our customers has changed completely. People see that we have
reference customers, that we are a proven solution, that we are building a global brand, and
that we can solve different parts of the regulatory puzzle.

How has starting a company changed your life?

It changed it quite dramatically. A lot of people think that starting your own company means
taking control of your life, but the reality is that as a new entrepreneur, you don’t control much
at the beginning – you’re just experimenting and pivoting. There’s a lot of testing involved until
you get the right positioning and the right solution.

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Also, of course, it’s quite difficult to leave a comfortable job behind. When you have a good
position in a company, it’s not easy to leave that behind for something where you’re completely
unsure if it’s going to work and if you’re going to be able to earn a living. So it is hard in the
beginning, but taking that jump is the only way that you can make it happen. If you’re fully
engaged and committed, things start moving quite quickly.

How do you find Luxembourg as a place to found a company?

Luxembourg has invested a lot in startup support in the last years, with backing from the
highest levels of the government. Especially in the last two years, there have been a lot of
new initiatives. The company nyuko, for example, supports startups (including us) with advice
and training. The LHoFT, where we are a member, is a fantastic ecosystem to bring together
financial sector incumbents and technology companies to foster innovation. And then there are
private initiatives like the Office, which is the coworking center where we actually have
our office.

So there are plenty of support initiatives, supported all the way from the prime minister and
minister of finance all the way down the chain. These initiatives also give you great visibility and
a network. Especially in the beginning when you’re building your company, it’s important to be
in the spotlight and to get your brand out there. Luxembourg provides all the ingredients to
make that happen.

What you also see now is that there are more financing initiatives available, which is good for
startups trying to raise capital. You have a variety of debt and equity instruments available to
you to fund your business, and you have more and more startup programs that can help you
work on your business plan and access these sources. So it’s a pretty good place to start, espe-
cially in our case. We started in a very specific sector – investment funds – and even though it’s
a conservative sector, Luxembourg is the biggest cross-border investment center in the world,
so we have tons of potential customers in this country alone.

[About] Governance.com is a software and services platform that helps regulated companies
organize data, documents and controls. The company won the Luxembourg FinTech
awards in 2016 and has since been listed on multiple power lists, including the European
FinTech 100, the Global RegTech 100, the FinTech50 Hot Ten list and the CB Insights
RegTech market map.

[Links] Web: governance.com Facebook: governancecom Twitter: @bertboerman

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Mathilde Argaud
CEO and founder / Largowind

Mathilde Argaud, originally from Saint-Étienne, France, has been sailing her whole life.
She had two boating licenses by the time she was sixteen, and spent summers and holidays
building keels with her father. With her company, Largowind, she’s bringing the Internet of
Things to the sailing world.

What brought you to Luxembourg?

I came to Luxembourg because of the work that I do. I’m an engineer, and I was offered a
position as a quality engineer for a company here in Luxembourg. But really, even from the
beginning, the idea was always to have a quiet place that would be more suitable to build my
own company. So that was the plan, and it went according to plan pretty well!

So you always knew you wanted to found your own company, rather than work in a traditional
position?
Yes, I always wanted to build my own company. My dad used to have his own company, and he
inspired me a lot. He was building keels – the part of the sailboat that’s in the water – and since
I was sixteen I worked with him at this company over the summer and during holidays. So since
I’ve been young, I’ve been on boats and surrounded by sailing. When we saw all the new tech-
nology coming with the IoT and things like that, we thought, There’s a lot to do in the sailing
area – new problems to solve and new services to provide. That’s how the company started.
It’s all linked to sailing and new technology.

Your product is really specialized. Can you describe exactly what it does?
Basically, we make a security product for a boat’s anchor. Everyone imagines that when you
have a boat and you put the anchor in a nice creek, it’s all very easy – the anchor will stay
where you put it, and you can go have a beer and have fun. But that’s just the fantasy. In reality,
when you drop your anchor you don’t know what’s going to happen. At any moment, the anchor
can slip from its spot underwater. An anchor is normally able to keep a boat in place, but if you

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anchor in sand, for example, the anchor won’t work that well. And if there’s wind or a current,
the boat can slowly drift away, and you might find your boat on the coast the next day.

It happens more often than you’d think. When we talk to our customers, they all have anecdotes
about problems they encountered when they anchored a boat that slipped away later. It’s a big
problem in the nautical area. During the nautical fair in Cannes in September, one of the super
yachts was anchored outside the harbor. The boat owners left to see the boat show, and his
boat was found on the beach next to the fair later. And this was a boat that cost several million
dollars.

We sell products that you plug next to the anchor and which use force sensors and movement
to sense when the anchor is moving underwater.

You said in an interview with Silicon Luxembourg that you were excited to work with
connected things even before you had the idea for this application. What is it about this area
that interests you?
A few years ago, connected things started becoming a really big thing in the IoT area. But the
sailing area didn’t have any connected devices two years ago, so there was no device that
could solve problems like the one I described. For the mooring problem, there was no real
solution – people just used GPS. And as we all know, GPS is not always very precise.
With the new technology and connected devices, you can connect things that you couldn’t
a few years ago. With the knowledge and technology we’re developing, there are a lot of other
connected objects and services that we can offer to customers in the future in different areas
of the nautical sector.

I’m an engineer, and I was always interested in new technologies and innovations. That’s also
why I wanted to build my own company. I’ve always tried to keep up to date with what’s new
and what the newest technology is and how I could apply it to some area I knew. I didn’t know
precisely what I wanted to do in this case, though – I didn’t have a precise subject in my head.

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 Mathilde Argaud / Largowind

After you founded the company, how did it grow from there?
We started thanks to the Startup Weekend here in Luxembourg. We pitched the idea with my
dad. It was really funny; it was the first time we’d done this, and we prepared the pitch during
the car ride from France to Luxembourg. We were asking each other, “What’s a pitch? How do
you pitch? What should I say? How does this work?” So that’s how we started. But we won the
startup weekend’s pitch contest, and applied to different contests in Luxembourg, which gave
us a lot of chances to succeed. For us, Luxembourg has been a very good place. They are really
pushing you forward to develop your idea and giving you good advice.

The most difficult part was creating the right team. A lot of people were interested, but when
you go through all the details – the shares, position, salary – things start to get more compli-
cated. I selected a lot of the first people myself, and slowly I built the right team. For me, that’s
really essential to getting a good product.

Was there ever a period when you didn’t think your company was going to survive?
I always trusted in the product I wanted to make – I saw a lot of opportunities – and I trusted
my dad’s experience too. But it was difficult refining the product. You have your first idea, and
you go and talk to customers, and it’s always a really involved process. The first and most
important thing is not to develop a product you like but to develop a product customers like. So
we did some proof-of-concept work, 3D-printed the product, went to customers, tested it and
got feedback. Step by step, we saw that people were challenging us on different points, and we
went back to refine those points.

That was a really tough part because I felt like I had something really good in my head, but it
was maybe not quite finished yet. People were interested in our technology and what we were
doing, but we needed more time to develop it. So we were talking with customers, going around
and pitching and going to fairs, and we finally figured out how to make our product complete.
Then we were able to fit it to what customers really needed and wanted. We pivoted a little bit
from a mooring product for the harbor to a mooring product for anchoring in a creek. We did
this a couple of months ago, and since then we haven’t gotten the same challenges anymore.
Instead, we got a lot of traction. This was a really exciting part in the cycle of development.
The decision to move from one kind of product to another is a hard decision, but it definitely
made the product clearer and made sense in this case.

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You created a company around a new physical product, rather than an app or a service.
Was creating the manufacturing supply chain from nothing difficult?
We’re at the industrialization stage of our product now, and it’s very challenging. You need to
make the right choices because when something is physically done in terms of its hardware
and mechanical components, you can’t easily change it afterwards. So we first have to check
everything with beta testers to have all the essential feedback with a very small prototype
series. With their comments, the product will evolve and be a step closer to our final product.

Since we’re working in the sailing area, it’s a niche market, so we have to pick the right
production tools and methods that fit to our market, budget and need. We’re lucky in that we
already have a lot of beta testers waiting to test our product and willing to support us, as well
as some very good options and support for our production path.

You said Luxembourg worked well for your company. What do you think about the startup
scene now?
I really like the dynamism around the startup and innovation scene. It’s also a capital, so there’s
a lot of opportunities, but it’s a small country, so you get to know people very easily and you
can network very efficiently. And the people are really open-minded – they come from all over
the world, so it makes the opportunity even greater.

[About] Largowind is developing its first product, Connected Rope, an innovative solution that
attaches directly to the anchor chain and immediately alerts a ship’s captain and crew when
there are potential anchorage problems, giving them ample opportunity to directly identify
and solve issues. In a nutshell: a convenient and well-designed device to prevent issues with
moorings.

[Links] Web: largowind.com Facebook: ConnectedRope Twitter: @LargoWind

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Virginie Simon
Founder and CEO / MyScienceWork

When Virginie Simon was studying for her PhD in nanotechnology, she realized it was
more difficult than it should be to find and access research from other fields and other
countries. Her work covered several disciplines at once, and there wasn’t a good
platform to make those kinds of connections, so in 2010 she created MyScienceWork
to connect researchers with each other and with work from other areas and fields.

Can you explain what MyScienceWork does?

MyScienceWork is a global community of a half-million researchers. Our goal is to
democratize science and make research more open and discoverable. We’re working with
publishers and institutions in several countries to provide better access to research and
better communication between researchers, and to connect people in different disciplines.
Our company works with seventy million scientific publications.

The company also develops a variety of services and works with publishers and institu-
tions to map, structure, manage, measure impact and promote research content. We have
an offering called Sirius, which is an analytics dashboard for researchers; and Polaris, our
main product, is an open-source repository solution that allows institutions to archive,
evaluate and promote their research input.

What gave you the idea for your company?

I was twenty-eight and doing research on the use of nanotechnology for cancer therapy.
During my PhD, I realized that science should be more open, and that scientists needed
tools to access research results, accelerate research and better collaborate. One of the
things I like about nanotechnology is that it mixes work from so many other disciplines.
I work as a biologist, but I have to work with physicists, chemists, computer scientists and
others to create a new way to treat cancer or develop a new treatment for a disease.
I don’t like working in only one discipline, but it was difficult to get an overview of research
in other areas. I first created the company in Paris in 2010, but we decided to relocate
to Luxembourg in 2012.

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What made you move to Luxembourg?

It’s more international. As you might know, French institutions and French people really
love to speak French, and that’s not very helpful for a company that wants to connect
researchers around the world. In Luxembourg, people speak at least three or four
languages, and they’re from all kinds of countries. It’s a more multicultural and more
international environment.

So what inspired you to go from discovering this need to building a company around it?
I was working with lots of people for my PhD – computer science people, chemists, all
kinds of researchers – but it was difficult. We didn’t have the same type of education or
vocabulary or background in science, so collaborating was not easy. I spent more time
during my PhD finding good content and good people than analyzing papers. So during
my PhD, I had the idea to create a global, multidisciplinary platform that could connect
people working in all kinds of different fields, from the hard sciences to things like law,
economics and humanities, so we would have a global thought engine. It would be like
LinkedIn, but for science. You’d put in some keywords – “stem cells,” for example – and
see what research was being done in that area in biology, chemistry, mathematics. So you
can find something, and then have access to the numbers, the research, the researchers
and the institutions. You’d have all the information you needed in a single click, meaning
you could then spend more time reading, analyzing and working. The idea was to save
researchers time.

How was the process of starting the company?

The hard part was not the innovative part; it was creating and growing the communication
platform. We used a lot of social media and worked with scientific journalists directly
at first.

The company was supported at this time by Luxembourgian shareholders and a

Luxembourg investment fund. Since then, we’ve grown internationally. We’re still based
in our headquarters in Luxembourg, but we have our office in Paris too, and in 2014 we
decided to create a subsidiary in San Francisco, so we’re now a company of fifteen in
three different countries.

Is it difficult for a young company to manage offices in three different countries?

Of course, it means that we have to be very organized, but we use all the technical tools we
can: Skype, Google Hangouts. So it’s just a matter of organization. But once you have that
in place, it’s very powerful. It’s really cool to have people working from France, Luxembourg
and San Francisco. It’s dynamic. We have people focusing on all kinds of fields, researchers
working on semantics, machine learning, natural language processing, etc.

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Each office also has its own specialty. The technical and R&D teams are based at the
Luxembourg headquarters, as is all of the intellectual property of the group. The office
in Paris focuses on the commercial and marketing people, and San Francisco is where
the cofounders and key partnership people are.

What’s been the hardest part of building the company?

You’re obviously going to have some bad times over five years and some more difficult
periods. Sometimes recruitment was quite difficult. When you’re a team of fifteen people,
if one person is not committed enough or competent enough or aligned with the vision
of the company, it’s very visible. It affects everyone a lot when the team is that small.
So if one person doesn’t match or you recruited the wrong person, it really takes up a lot
of your time.

How do you prevent that?

It’s so difficult. Of course, we have so many tests, but when you’re hiring, you’re never
sure whether it’s enough, whether someone is really good and efficient. Once we’ve taken
someone on, we’re very clear with them that it’s a small team, it’s a startup, we have to
work a lot. We don’t count our hours; we’re very invested in the company, and the project.
After that, it’s a question of confidence. After four or five months, we can see if someone
will still be here after five years. But sometimes we’ve made some recruiting mistakes,
and that was very painful.

When did you first think the company was really going to work?
In 2012, we raised a lot of money. Since the beginning, we’ve raised €5 million, but in 2012
we raised €1.2 million, and that was definitely a big step. The first launch of the platform
was at the end of 2012 – that was the first version of MyScienceWork. It was a very exciting
moment.

But I would say 2014. That year, we were based in Luxembourg, and we got the news that
we’d been selected to spend four months in Silicon Valley in an accelerator program for
startups called Plug and Play. The team was so excited to go to Silicon Valley and join the
program. It was the first time for us. There were five of us, and it was so great. We had a
chance to check whether our business model was compatible with the US market, and
it was, so at the end of 2014, we decided to open a subsidiary in San Francisco. This was
definitely a great moment. Everyone was so excited – it was a new life, a new way to work,
a new environment.

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What do you like or dislike personally about the founder’s lifestyle?

What I like is to be in a dynamic environment. The people are very positive and dynamic.
The lifestyle can be difficult, but people know why they made this choice, so it’s really
positive. I meet positive people all the time, and I really like that. I need to be in contact
with positive people.

MyScienceWork is really an innovative company. We use a lot of machine learning and

natural language processing, a lot of technology. It’s exciting to be in Silicon Valley
because there are so many geeks. It’s really cool. We can imagine what life will be like in
a couple of years.

I think that it’s difficult to be an entrepreneur, but at the same time, it’s fun. It changes all
the time, so we’re never bored. The time just flies. When I realized the company was creat-
ed seven years ago, I thought it was impossible – it feels like only one or two years ago.

As one negative thing, I would say that as a woman, especially a CEO in tech, I feel lonely. I
always meet men, especially in Silicon Valley, forty- or fifty-year old men who travel all the
time, and I’m just thirty-five and a woman in tech. Most of the time I’m the only one. I would
like to see more women in tech, more women CEOs.

You’ve done some work to promote women’s leadership, right?

Yes, I’m very engaged in promoting women in science, women in tech and female CEOs in
Silicon Valley. I work with many groups, such as Women in Leadership and For Women In
Science, that promote leaders around the world. We make ourselves available to media and
journalists to create positive role models for young people.

This year in San Francisco, I won the first Gold Award for Women Role Models, one of the
French American Business Awards, which was really awesome. I’m being invited to a lot of
conferences to talk about my work and the way I created my company, and about why it’s
so important for young women in tech, and for women who want to create their companies,
to join this network to help young women become entrepreneurs.

[About] MyScienceWork was founded in 2010 by two young graduates with complementary
profiles: Virginie Simon, a biotech engineer and PhD in nanotechnology; and Tristan
Davaille, a financial engineer with a degree in economics. MyScienceWork serves the
international scientific community with a digital promotion platform for research called
Polaris, and with premium access to scientific publications and experts. The whole team
promotes easy access to scientific publications, unrestricted diffusion of knowledge and
open science.

[Links] Web: mysciencework.com Facebook: MyScienceWork Twitter: @MyScienceWork

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 founders

Charles-Louis Machuron
CEO and Editor-in-Chief / Silicon Luxembourg

Charles-Louis Machuron originally comes from Paris but was lured to Luxembourg by
the prospect of working in its growing startup community. Eight years later, he’s
bringing attention to the country’s ecosystem with Silicon Luxembourg, a print and
online magazine with a circulation of five thousand people in thirty countries that
he founded and still edits.

How did you have the idea to start Silicon Luxembourg?

I’d been working for startups in Luxembourg for a few years, as well as at a media
company, and I wondered why there was no media focused on startups here. I met lots
of entrepreneurs starting their own startups but didn’t know of any media outlet focused
on them. So I decided to launch a website focusing on startups in 2013. In four years, it
has become the main source of news on startups in Luxembourg. Today it’s a website with
almost twenty-five-thousand page views per month. It’s also a quarterly magazine, which is
shipped in thirty countries. The idea is really to spread the word about the local ecosystem
for startups. That’s why all the content is in English, to spread the word outside
Luxembourg. It’s a tiny country, and the magazine is meant to spread visibility at a
European and worldwide level. It started as a side project, but now I’m leading a media
company.

The idea was really to share the success stories of entrepreneurs, and to organize
meetups and conferences. We have great entrepreneurs and smart ideas in the
Luxembourg ecosystem – and not only in the finance industry, but across all sectors –
but in other ecosystems, there’s media to talk about the startups. In France, Germany,
Estonia or Spain, there’s media focusing on startups. We’re focusing on startups here.

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 founders

What got you interested in Luxembourg’s startup community?

I’m originally from Paris, but I really wanted to work at an e-commerce startup. In 2009,
I met an entrepreneur who was launching a business in Luxembourg, and I thought the
project was great, so I moved here and worked for the startup for a few years.

Then in 2012 I was working at an independent media company in Luxembourg about

economics and news. In 2014, I mixed my backgrounds to create a magazine for startups.
It makes a difference to entrepreneurs that I have past experience working for a startup
and get what their concerns are, so I can really understand how they think about startups.

I also understand how it is to work at a media company. I try to give startups the most
visibility possible. I love Silicon Luxembourg because it’s exactly what I needed when
I worked at a startup: I needed more visibility, and it was not possible then.

But why startups at all? Why not work at an established e-commerce company?
I’m really curious about and fond of innovation. It was at this point of my life where I’d just
come back from a long stay in Canada, where I’d been working for a French company and
helping them start their business there, and when I came back to France and then
Luxembourg, I felt I was in need of a different experience.

The company I was working for in France is called Smartbox, and it’s one of the most
famous companies in the leisure industry there. They started as a startup, so I got in touch
with that world. When I left, they were about four hundred people. So I thought, yes, I’d
like to work for startups. I like the startup environment, I like being agile and doing a lot
of things at the same time. I’m not good at focusing on one thing; I like focusing on lots of
things. So I had a look at the ecosystem, and when I met this entrepreneur I liked the
project. So I thought, yes, let’s just try. It was like four months after I came back from
Canada to France.

How is Luxembourg’s ecosystem today?

What I like is the way it’s really an international community. You have entrepreneurs from
New Zealand, Russia, England, Germany, France. There are about 150 nationalities in
Luxembourg, and the city is only 100,000 inhabitants. So it’s really the strength of
Luxembourg: if you’re a startup and you want to expand your business on a European or a
global level, you have all the languages here; you don’t need to hire from Poland or Sweden
or whatever.

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 Charles-Louis Machuron / Silicon Luxembourg

On the other hand, one of the weaknesses is that we don’t have enough talent here. It’s
a financial ecosystem, for one. The second thing is that the university is really young.
It’s only ten years old, so most of the students study abroad, they start with their first
internships and first jobs abroad. If they come back to Luxembourg, they start working
for banks or big firms or governmental bodies.

So we need more students and more entrepreneurs in Luxembourg, and people who like to
take risks. There’s money in Luxembourg, but of course people tend to be risk averse, and
I’ve particularly noticed this in Luxembourg.

A second strength is that it’s a small ecosystem. Everyone knows everyone; there’s a really
short path between the government, the startups and the investors. Everyone is involved.
There are dozens of new initiatives, and at least one new incubator or program for startups
each week.

It’s really surprising when you don’t know Luxembourg to see that there is such a vibrant
community of entrepreneurs and people launching their own businesses. So this is the
second thing: the small community and that everyone knows everyone.

Also, the government is pushing really hard to build a digital, startup nation, and they’re
good at finding the right niche market. The country is too small to focus on all the
industries, so they’re good at finding the right industry. They turned from farming to
industry and finance, and now they’re turning to digital. The decisions they’re making
today are for the next forty years. That’s the strength of Luxembourg.

What was the hardest thing about starting this magazine?

The most difficult part at first was to define the format, the content, the structure and the
right frequency, and finding the right people to shed light on. It’s a quarterly magazine, so
I need to foresee what will be going on ahead of time. I’m currently writing the next issue,
and it’s the same problem: finding the right people and going for it.

I built the network myself. I sent the magazine to all the people I knew in Luxembourg to
begin with, and then people started to register directly online to receive copies. I built
the distribution list, presented it at all the incubators and accelerators, and promoted it
abroad. I also have some commercial partners, and I’ve sent them copies of the magazine
so that they could distribute it to other entrepreneurs.

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 founders

The structure has evolved over time, and the last issue that came out is a really new maga-
zine. The focus is on important entrepreneurs and about showing what we have in the
ecosystem. It could seem crazy to launch a startup magazine; there are dozens of
magazines. What’s great is that it became more and more popular. I get more and more
requests to be featured. It might sound crazy to have a print magazine about the digital
sector and innovation, but the Luxembourg market is a really good place to launch one.
Printed magazines are really popular in Luxembourg.

One of the strengths of the magazine is you can also read it online. If there’s an article
about you in the magazine, you’re in the print edition, the online edition, and in the social
media and all the newsletters. The most difficult part now is the logistics and maintaining
the best distribution list to be sure that the magazine will reach the right places and be
read by the right people.

The ironic effect of the growing success of the magazine is that all main newspapers in
Luxembourg now have pages dedicated to startups; people understood that they have to
talk about startups. I was the first to launch a magazine dedicated to startups.
Luxembourg is small, so everyone talked about the magazine from the very beginning.

In terms of your personal life, what do you like or dislike about the startup lifestyle in
Luxembourg?
Luxembourg is not that far from where I come from. I can be back in Paris in two hours.
Second, it’s a great city to live in. I like that there’s not much stress – commuting to Paris
every day was different. In Luxembourg, I don’t have that stress.

I also like the fact that it’s an international city. My friends and the people I meet every
day here are all from different regions. It’s great. I don’t know how to say it in English, but
Luxembourg is a microcosm of Europe, so you can discover all the countries of Europe and
many others in a single day.

I can also run and bike – even in the city – for dozens of kilometers without crossing any
roads. It’s really green, and there are lots of forests. I like outdoor activities, and it’s the
perfect location for my kids too. I feel safe, and when you have a family and you’re running
your startup at the same time, it’s a perfect match. I’m really happy to live in Luxembourg.

[About] Silicon Luxembourg is Luxembourg’s leading magazine for startup news. It’s a quarterly
magazine, shipped in thirty countries. The idea is to spread the word about the local
ecosystem for startups.

[Links] Web: siliconluxembourg.lu Facebook: siliconluxembourg Instagram: siliconluxembourg

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 founders

Genna Elvin
Cofounder / Tadaweb

A native of New Zealand, Genna Elvin founded her first company – a US government–backed
project designed to bring solar energy to a remote group of Pacific Islands – at only
eighteen. After a stint working for the New Zealand government, she cofounded Tadaweb
in 2011 to help clients automate computer analysis, making big data small enough to use.

You went to school in Kent and New Zealand. How did you get to Luxembourg?
I met my cofounder, who’s my husband, in New Zealand about ten years ago. He’d been building
up this technology for years. We never thought we’d work together, but after we moved back
to Belgium, where he’s from, I started my master’s degree at Kent, focusing on international
conflict analysis and politics; and I realized that my skill set in law and psychology was actually
highly complementary to his skill set in technology. We decided to move to Luxembourg and
start our company.

You founded your first company at eighteen, right?

Yep. We got funding from the US government to do a project that would bring solar energy
to a group of small islands that did not have electricity before. It enabled them to have street
lighting and refrigeration for the first time.

At that age, what made you think, “I can do this”?

Well, when I came in, I just thought I’d help with writing the government reports, which is some-
thing I knew I could do. The previous year, I’d traveled for a year, which gave me a lot of insight
and confidence to do something and just throw myself into a project.

How does Tadaweb work? What does it do?

Basically, we focus on small data. In a world where everything is about big data, the vision of our
technology is to enable a computer to interact with web and online information like a human.

170
 founders

Our technology enables end users to create human processes. For example, every morning
I go on the US patent office website to see what patents were deposited by Microsoft, and who
deposited them. I track them like that. That’s a human process, right?

What we do is we enable users to replicate that process and teach Tada how it works, so it can
basically replay that process every thirty seconds or every day or every week. We focus on the
human aspect of interacting with information.

How did the company grow after you founded it?

My cofounder, a developer and I started out in late 2011 with the classic story of FFF funding,
and that lasted us about a year. It was interesting for us. We were still very much a technology
company, so we required a lot of R&D before we could go to market. In order to do that, you
need to have investors who believe in your vision for the technology, because not many will
back you for ideas like that.

We decided to start in Luxembourg, and we were fortunate enough to find angel investors that
believed in the vision for our technology and in our potential. So for the first two years of our
company, we focused heavily on R&D without even having a product on the market. Then we
started to test out the market. We worked with a bunch of accelerators, including Google,
Plug and Play and Microsoft, to really start to figure out our market. However, I think one of your
questions is going to be about big mistakes.

It will be. Was there something you did at this point that you regret?
One of our big mistakes was because we’re a technology platform that can focus on basically
any market – B2B, B2C, anything really – we created a sort of Swiss Army knife of a platform
that could target B2B, B2C, B2B2C, any sort of vertical. And we got a lot of users, we got an
article in TechCrunch, and we raised investment, but it was based purely on vanity metrics that
didn’t provide information about the biggest markets for our platform. So that was a massive
learning curve for our company. We decided at that time that we weren’t getting enough
valuable market research or understanding why people were using us or where the biggest
value could be.

So we decided to remove our sales team and focus on a market that I come from, where my
husband Francois is strong as well, which is government. We just focused in on one particular
vertical, with one particular product, and grew within that. So I think that was a massive

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 Genna Elvin / Tadaweb

changing point for the company, when we started to get that laser focus. I always use this
example: you can either fire a machine gun into a bunch of pigeons, which we were doing
originally, or you can have a sniper focus. I think achieving that sniper focus two-and-a-half
years ago enabled us to grow as a company. Since then, we’ve grown to thirty-eight employees,
we’ve raised series A investment, and we’ve got an incredible board made up of ex-Google and
ex-Microsoft people. So that’s kind of our story.

What’s been the biggest challenge in forming a big tech company with a new idea? How has
it differed from forming a solar panel project?
It’s almost impossible to benchmark when there’s nothing else similar to you. You constantly
have this battle of going to VCs or investors and saying, “Yeah, we’ve got a completely disrup-
tive technology that no one else is using”; and they say, “Same shit, different day. We don’t want
to hear it.”

What we had to do was knuckle down and prove ourselves so much and get that traction
before we could seriously think about series A. That was a tough point. We had to invest so
much in R&D and in things that other companies that aren’t so new don’t have to focus on.
We had to work a lot on proving ourselves and gaining traction, and actually find a different
way around the VCs and the VC community.

You’ve founded a few companies now. Do you think that’s been harder than working
“normal” jobs?
I think the first one was easier because I was at university and it was sort of a side project.
And we had a nice bit of funding from the US government, so it wasn’t like we were reporting
to investors or anything like that.

The challenge I’ve really enjoyed is building a culture. We were really young as a company –
we’d been open about six months – when we went to Silicon Valley. We visited Google and
Twitter, and the difference was just black and white; Luxembourg is dominated by banks, by
finance, by hedge funds – super traditional environments where you turn up at work and you
work nine to five. So what we wanted to do was build this culture that was like the Valley in the
heart of Luxembourg. And people have sort of thought that was cliché, but a culture is not just
about office space or having a ping-pong table or beer tap. It’s really making people feel safe
and happy so they want to come to work and want to work those hours. I think that’s been a
really interesting challenge for me, building that in such a cliché corporate, traditional country.

175
 founders

You said your husband is from Belgium. So why found in Luxembourg?

We tried starting the company in Belgium five or six years ago, but it was right when there was
no government. The country went the longest in history without a government – it beat Iraq by
about a year. So trying to start something in Belgium was very hard. We were fortunate enough
to be invited to a conference in Luxembourg, and we discovered just how much the
government is trying to diversify from banking and finance and invest in tech. So the timing
was sort of perfect for us, and we decided, okay, Luxembourg is a great place for us to start a
technology company.

How has the ecosystem changed?

We’ve had a pretty good view of it. We started in one of the incubators, which used to be in
this really old, crappy building before it moved to Belval, where we decided to stay even after
leaving the accelerator. They call it the City of the Future of Luxembourg. So we’ve already
seen the transition and seen the incubators and accelerators increase hugely over the past
five years. The number of startups has also been increasing, along with the number of events.
I think there’s even more think tanks, and the data coming in has really been increasing. It’s a
good time for Luxembourg, because the government is seeing now that they do need to start
investing in technology and startups. So I think it’s changed a lot over the past five years.

What advice would you give someone founding a company?

I would say base everything on research. Research everything about the market beforehand.
Keep metrics – and not vanity metrics, but metrics that give you a clear indication of whether
your business is failing or not. You need to learn and you need to fail super quickly. If I was
starting out again, I’d spend a lot more time working out what my market was, and whether
my product was in line with that, and whether it was a great fit. I can’t preach the importance
of product-market fit too much.

[About] Tadaweb is pioneering the field of small data by replicating and scaling human intelligence
when interacting with online information. It provides human-level access to information.

[Links] Web: tadaweb.com Facebook: Tadaweb Twitter: @tadaweb

176
 founders

Alexandra Fernández Ramos

Chief Product and Sales Officer / Travelsify

Alexandra Fernández Ramos has worked in Luxembourg’s startup and tech scene for ten
years, mostly with the telecom and media sectors. A trip to the Consumer Electronics Show
in Las Vegas convinced her there was a niche for a service that provided smart product data
to hotel-booking platforms to make more relevant and individualized hotel recommendations
– and in 2015, she and her two cofounders started Travelsify to create Hotel DNA™.

What does Travelsify do?

Travelsify creates the Hotel DNA™ of every hotel in the world, providing intimate knowledge
about a hotel “experience” that goes beyond the usual basic information like number of stars,
amenities, descriptions or user ratings. Each Hotel DNA™ is made of thirty-four experience
attributes that matter to travelers when booking hotels: cozy, spacious, nightlife, stylish,
original, design, vintage, quiet, waterfront, etc. This is important today because if you’re looking
for a hotel in Paris or London, you’ll have a list of hundreds of options. Users feel lost and spend
a lot of time reading up on hotels to find the one that best matches their taste, with varying
success. We simplify this.

Travelsify’s Hotel DNA™ reveals what each hotel’s experience is about, so we help large hotel
groups and booking platforms provide users with more relevant and personalized results. Our
Hotel DNA™ is trustworthy, since it’s based on other travelers; it’s not the hotel talking about
itself or the platform trying to sell you something; it’s real information coming from the
experience lived by other travelers like you and me. We started with the Hotel DNA™ but we
now also have the Restaurant DNA™, which we announced last September in New York at Skift
Global Forum.

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 founders

What made you want to found a company?

I’ve worked in startups before in and around Luxembourg. I’ve really worked for startups since
2005 or 2006, when I helped create a music-streaming platform that was a predecessor of
Spotify. I’ve also worked with a big company as a bridge between large corporations and
startups, and I worked with startups in Silicon Valley and Israel.

So, I was doing that before, and I still have this entrepreneur mindset. Then in 2015, we – me,
our CEO Bruno Chauvat and our CTO Alexander Weber, both cofounders – started thinking
about the idea of Travelsify. I think it was a natural path for me.

How did you come up with the idea?

Bruno and I came up with the initial idea. We were at the CES in Las Vegas, and we were facing
this problem as users that the booking platforms we were using had a lot of information about
us, our booking history and so forth, but they weren’t doing a good job in personalization. Since
we’d implemented personalized services in telecom – we were the first to really introduce
personalization in the set-top box we designed for a telecom operator – we started digging into
that and thought, “Why aren’t they capable of making relevant recommendations for us? We’re
traveling a lot; they should be more accurate.”

We started trying to understand the problem, and discovered that online booking platforms
were missing one key part of personalization. Personalization is like a coin with two sides: on
the one side there’s the user, on the other side there’s the product. And we need to understand
the product just as much as we understand the user. In this case, the product is the hotel and
its experience attributes. We saw that the online travel industry was focusing on gathering a lot
of user data, which was really good, but it lacked in-depth product information: the hotel data
needed to be able to make accurate recommendations.

So, we started to see if we could generate this Hotel DNATM based on what other travelers were
writing and saying. Since there’s a lot of information out there – a lot of reviews over years now
– we decided to give it a try. And we built the first prototype of Travelsify.

The idea really came from a pain point that we had as travelers. Then we started to see if we
could solve that pain point in a very dedicated and focused way. We built the prototype, and
then we thought, “This could be big. This could interest a lot of players around the world.” At
the start, we were in bootstrapping mode. Then we started fundraising in late 2015 and finished

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 Alexandra Fernández Ramos / Travelsify

our first seed round in spring of last year. Since then we’ve continued to build the team here
in Luxembourg. The company is very natural in the way we’ve built it – starting with the pain
points, then checking the feasibility, then building the team.

Do you like to travel yourself?

Here at Travelsify, it’s the very first question in job interviews: we ask if people like to travel. It’s
mandatory for a job. I truly believe that if we don’t have interest in what we’re doing and in the
data we’re looking at every day, we can’t be very good. We could be average, but not very good.
Skills are important, experience is important, but on top of that there’s this passionate motiva-
tion for the industry we’re working in. Passion for data and passion for travel are essential.

You’ve helped create a few companies now. What’s been the hardest part?
Before we started Travelsify, we wanted to answer a very specific question: is it the right
moment? In the past, we had great ideas – the music-streaming platform that was a
predecessor to Spotify, for example. But, obviously, we were too early for the market. At that
time, we were talking about streaming, but everyone else was talking about downloading.
Today, nobody questions streaming technology; everybody is using it. Internet and wifi are
everywhere. But at that time, this wasn’t the case, and we struggled to get people to support
us and believe in our vision. So when we started Travelsify, the very first question we wanted
to answer was, “Is the timing right?” If you’re right before everybody else, it’s the same as being
wrong. Travelsify is a bit in advance in terms of the market, but it is the right time. From an
investor standpoint that’s good. We’re ahead of the market in terms of innovation, but at the
same time we have a great product-market fit.

So, what I’ve really learned is to pay attention to the timing. Timing is essential. And today with
Travelsify, we have the right timing – the right idea at the right time. That’s why we’re growing
so fast.

How did the company grow after you founded it?

Many people think that a startup is just having an idea and turning it into a product, but build-
ing a company is more than that. There are many different things to take care of. I’m glad we
have a team of three cofounders. We’re very experienced and very complementary, in the sense
that we cover the short, middle and long term. That’s something that’s very important about
building a company that works for today and is stable tomorrow. I’m thankful for my cofounders
every day.

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 founders

We began by bootstrapping, as with many companies. After the first seed round, we had the
ability to hire more people to help us industrialize our product line. Over the last year, we’ve
been building our brand and attending the big conferences in online travel. We’re getting great
results, and we’re now part of the international travel-tech scene. We’re known in the US and
Europe and Asia as well. From Luxembourg, we’re able to talk to people from North America,
South America, Europe, Asia, Australia.... It’s amazing what technology can help us achieve
today. We’re able to deliver our data around the globe, managing everything from Luxembourg.
It wouldn’t have been possible ten years ago.

A lot of founders talk about the importance of the team composition. Can you tell me a little
more about your different roles?
Bruno, our CEO, is really the strategic mind. He has a lot of proven experience in that, so we’re
able to count on him to set the way forward and decide what we should focus on. My role is
to translate that vision into a mid-term plan to turn it into a product and a sales pipeline, and
figure out the best way to build this product and sales strategy for the company. Meanwhile,
the starting point of Alex, our CTO, is the present – the reality – and that is essential in building
our plan. We’re very complementary, and we respect each other a lot. Once Bruno has set the
vision and the best strategy, he’ll tell us why we should move into this direction, and Alex and I
will make a plan for delivering this strategy. So my role is really to make a bridge between today
and tomorrow, and Alex’s job is to pay attention to the details that matter – to make sure we
have all the technologies we need to build that plan.

I think it’s important for investors as well to know we have a team that will cover all these time
horizons. And for us, it’s peace of mind to know we have all these different ways of looking at
situations, and that we’re bringing different points of view to the table and trying to build the
best plan for all the time horizons. We sometimes think about developing some new product,
and realize we have to say no because it doesn’t fit our mid- or long-term plan. All these
discussions are easy between us. That’s why we’ve been able to grow Travelsify so quickly.

[About] Travelsify, the world’s first travel-product DNA platform, powers next-generation personal-
ized search thanks to its trustworthy, user-relevant and differentiating database of Travelsify
Hotel DNA™, Restaurant DNA™ and Travel Destination DNA™. The company delivers its
exclusive suite of travel-product DNA to online booking platforms, hotel groups, artificial
intelligence or voice-based travel bots, and targeted advertising platforms. Travelsify
product DNA data are platform and software agnostic. Travelsify is based in Luxembourg
and New York.

[Links] Web: travelsify.com Facebook: travelsify Twitter: @travelsify

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 directory

directory
Startups Programs SAP – Startup Focus Program
2, rue Hildegard von Bingen
Aiva Technologies 1282 Luxembourg
6zero1 startups.sap.com
198b, rue de Hamm 115a, rue Emile Mark
1713 Luxembourg 4620 Differdange
aiva.ai Technoport
6zero1.lu 9, avenue des Hauts-
APATEQ Fourneaux
Digital Luxembourg 4362 Esch-sur-Alzette
2, rue Kalchesbruck 5, rue Large
1852 Luxembourg technoport.lu
1917 Luxembourg
apateq.com digital-luxembourg.lu Tomorrow Street
CarPay-Diem (Kwalyo) 15, rue Edward Steichen
Fit 4 Start 2540 Luxembourg
270, Route d’Arlon 5, avenue des Hauts
8010 Strassen tomorrowstreet.co
Fourneaux
carpay-diem.com 4362 Esch-sur-Alzette Women in Digital Initiatives
fit4start.lu 80, Val Sainte-Croix
Fox Beer (Luxembourg)
S.à r.l. 1370 Luxembourg
The LHoFT wide.lu
82, rue de l’Egalité 9, rue du Laboratoire
1456 Luxembourg 1911 Luxembourg
foxbeer.lu lhoft.com
JOB TODAY Luxembourg Business Angel
Spaces
203, Route d’Arlon Network 1535° Creative Hub
1150 Luxembourg 7, rue Alcide de Gasperi 115, rue Émile Mark
jobtoday.com 2981 Luxembourg 4620 Differdange
lban.lu 1535.lu
LuxAI
59, Boulevard Royal Luxembourg-City Incubator Bamhaus
2449 Luxembourg 9, rue du Laboratoire 18A/18D, rue de la Cimenterie
luxai.com 1911 Luxembourg 1337 Luxembourg
cityincubator.lu bamhaus.lu
Nektria Luxembourg
59, Boulevard Royal Luxembourg National Re- House of Startups
2449 Luxembourg 9, rue du Laboratoire
search Fund
nektria.com L1911 Luxembourg
Maison du Savoir 2 (8th Floor)
Avenue de l’Université houseofstartups.lu
Nomoko
4365 Esch-sur-Alzette
Paul Wurth Incub Lux Future Lab
fnr.lu
5, rue de l’Industrie 59, Boulevard Royal
1811 Luxembourg 2449 Luxembourg
Microlux
nomoko.world luxfuturelab.lu
39, rue Glesener
1631 Luxembourg
Supermiro The Office SARL
microlux.lu
29, Boulevard Grande- 29, Boulevard de la
Duchesse Charlotte Grande-Duchesse Charlotte
nyuko
1331 Luxembourg 1331 Luxembourg
9, rue du Laboratoire
supermiro.com theoffice.lu
1911 Luxembourg
nyuko.lu
Paul Wurth InCub
5, rue de l’industrie
1811 Luxembourg
indu.tech

186
 Useful Addresses

Experts Tadaweb Flats and

House of Entrepreneurship
1, avenue du Swing
4367 Belvaux
Rentals
14, rue Erasme tadaweb.com Chambre Immobilière du
1468 Luxembourg Grand-Duché de Luxembourg
houseofentrepreneurship.lu Travelsify 7, rue Alcide De Gasperi
63-65, rue de Merl 1615 Luxembourg
House of Startups 2146 Luxembourg cigdl.lu/membres
9, rue du Laboratoire travelsify.com
L1911 Luxembourg
houseofstartups.lu

House of Training Accountants Relocation

7, rue Alcide de Gasperi
1615 Luxembourg More information:
Agencies
houseoftraining.lu Ordre des Experts- 1st address Relocation
Comptables 135, avenue du X septembre
Luxinnovation 7, rue Alcide De Gasperi 2551 Luxembourg
5, avenue des Hauts- 1615 Luxembourg (+352) 621 320 645
Fourneaux oec.lu info@1staddress.lu
4243 Esch-Sur-Alzette 1staddress.lu
luxinnovation.lu
AB-LUX Relocation services
Mutualité de Cautionnement
14, rue Erasme
Banks Luxembourg
17, rue Saint Ulric
1468 Luxembourg More information: 2651 Luxembourg
cautionnement.lu The Luxembourg Bankers’ (+352) 26 18 76 46
Association info@ab-lux.com
abbl.lu/directory ab-lux.com

Founders European Relocation Services

87, rue de Luxembourg
Governance.com – 2Gears
17 Boulevard Prince Henri
Expat Groups L-8077 Bertrange
(+352) 26 64 99 22
1724 Luxembourg
governance.com
and Meetups info@erslux.lu
erslux.lu
Angloinfo
Largowind angloinfo.com/luxembourg Management Mobility
9, avenue des Hauts-Four- Consulting
neaux InterNations Community 31, rue d’Oradour
4362 Esch sur Alzette internations.org/luxem- 2266 Luxembourg
largowind.com bourg-expats +352) 28 77 28 70
info@relocation-luxembourg.
MyScienceWork Just Landed com
35a, avenue John F Kennedy justlanded.com/english/ relocation-luxembourg.com
1855 Luxembourg luxembourg
mysciencework.com Santa Fe Relocation Services
Just Arrived 17, rue Louis Ackermann
Silicon Luxembourg justarrived.lu L-1899 Kockelscheur
C/o Charles-Louis Machuron (+352) 48 44 22
8, rue George C. Marshall luxembourg@santaferelo.com
2181 Luxembourg santaferelo.com
siliconluxembourg.lu

187
 directory

Team Relocations
32, rue Jos Kieffer Insurance Mediaset Investment
25C, Boulevard Royal
L-4176 Esch-sur-Alzette
(+352) 44 22 52
Companies 2449 Luxembourg

lu@teamrelocations.com More information: Rising Tide

teamrelocations.com Luxembourg Insurance and 10A, rue Henri M. Schnadt
Reinsurance Association 2530 Luxembourg
12, rue Erasme risingtide.eu/about.html
Important 1468 Luxembourg

Government aca.lu/en/aca/our-members Saphir Capital Partners SA

35a, avenue John F. Kennedy
Offices Investors 1855 Luxembourg
saphircapitalpartners.com
Important information about 2be.lu Venture Investments
SNCI
all Government Offices 4, rue Jean Engling
7 rue du St Esprit
guichet.public.lu/entreprises/ 1466 Luxembourg
1475 Luxembourg
en/index.html 2be.lu
snci.lu
The Bierger Center BIP Investment partners
Sofina Ventures
(Welcome desk for citizens) 1, rue des Coquelicots
8a, Boulevard Joseph II
44, Place Guillaume II / 2, rue 1356 Luxembourg
1840 Luxembourg
Notre-Dame bip.lu
sofina.be
2090 Luxembourg
btov
Communal Administrations
42, Place Guillaume II / 2,
59, Boulevard Royal
2449 Luxembourg Language
État-Civil
2090 Luxembourg
btov.vc Schools
Digital Leaders Ventures More information:
Grand Duchy of Luxembourg 5, avenue Gaston Diederich Lifelong Learning
luxembourg.public.lu/en/ 1420 Luxembourg lifelong-learning.lu/do-
index.html dlv.vc maine-de-formation/langues/
langues/en
The Guichet (Citizens) Encevo
guichet.public.lu/citoyens/en/
index.html
2 Domaine du Schlassgoard
4327 Esch-sur-Alzette
Startup
The Guichet (Business)
encevo.eu Events
guichet.public.lu/entreprises/ EQT Ventures Entrepreneurs’ Days
en/index.html 23, rue Aldringen entrepreneursdays.lu
1118 Luxembourg
Luxembourg City Commune Eqtventures.com Fintech Hotline by LHoFT
vdl.lu lhoft.com/events
Groupe HLD
Ministry of Foreign Affairs 25 rue Philippe II Pitch Your Startup
and Immigration 2340 Luxembourg pitchyourstartup.eu
Immigration Directorate exponcapital.com (lowercase)
26 Route d’Arlon Silicon Business Club /
1140 Luxembourg Luxembourg Future Fund Startup Apéro /
gouvernement.lu/maee 96 bd Konrad Adenauer CEO Only Cocktail
2968 Luxembourg siliconluxembourg.lu/club
Ministry of Justice
13, rue Erasme Mangrove Capital Partners Startup Grind Luxembourg
2934 Luxembourg 31, Boulevard Joseph II startupgrind.com/luxembourg
mj.public.lu 1840 Luxembourg
mangrove.vc Startup Weekend
Luxembourg
communities.techstars.com/
luxembourg
188
 glossary

glossary
A Burn Rate
The amount of money
networks, computers,
programs and data from
Accelerator a startup spends attack, damage or
An organization or program unauthorized access
Business Angel
that offers advice and
resources to help small
An experienced entre-
preneur or professional
D
businesses grow Dealflow
who provides starting or
Acqui-hire growth capital for Term for investors to refer
Buying out a company promising startups to the rate at which they
receive business proposals
based on the skills of its
staff rather than its service C
or product Deeptech
C-level Companies founded on
Angel Investment Chief position a scientific discovery or
Outside funding with Canvas Business Model meaningful engineering 
shared ownership equity A template for developing innovation
ARR new or documenting
existing business models Diluting
Accounting (or average) A reduction in the
rate of return: calculation Cap Table ownership percentage of
generated from net income An analysis of the founders’ a share of stock caused by
of the proposed capital and investors’ percentage the issuance of new shares
investment of ownership, equity
B dilution and value of equityE
in each round of investment
Elevator Pitch
B2B
CMO A short summary used to
(Business-to-Business) quickly define a product
Chief marketing officer
The exchange of services, or idea
information and/or products Cold-Calling
from a business to a The solicitation of Exit 
business potential customers who A way to transition the
were not anticipating ownership of a company to
B2C another company
such an interaction
(Business-to-Consumer)
The exchange of services,
information and/or products
Convertible Note/Loan F
A type of short-term
from a business to a debt often used by seed Fintech
consumer investors to delay Financial technology
establishing a valuation
Flex Desk
BOM
for the startup until a
Shared desk in a space
(Bill of Materials)
later round of funding or
where coworkers are free
The list of the parts or
milestone to move around and sit
components required
to build a product Coworking wherever they like
Bootstrap
To self-fund, without
A shared working
environment I
outside investment CPA Incubator
Cost per actionFacility established to
Bridge Loan nurture young startup firms
A short-term loan taken CPC during their early months
out from between two Cost per click or years
weeks and three years
pending arrangement of Cybersecurity Installed Base
longer-term financing The body of technologies, A reliable indicator of a
processes and practices platform’s popularity
designed to protect
190
 glossary

IP (Intellectual Property) Startup

Intangible property that is Pitch Deck Companies under three
the result of creativity, such A short version of a years old, in the growth
as patents, copyrights, etc business plan presenting stage and becoming
key figures profitable (if not already)
IPO
(Initial Public Offering) PR-Kit (Press Kit)
The first time a company’s Package of pictures, logos SVP
stock is offered for sale to and descriptions of your Senior Vice President
the public services

K Pro-market
A market economy/a T
KPI capitalistic economy Term Sheet/Letter
(Key Performance of Intent
Indicator) R The document between
A measurable value an investor and a startup
that demonstrates how Runtime including the conditions
effectively a company is The amount of time a for financing (commonly
achieving key business startup has survived non-binding)
objectives
S
L SaaS
U
Later-Stage Software as a service Unicorn
More mature startups/ A company worth over
companies Scaleup US$1 billion
Company that has already
Lean validated its product in a USP
Refers to ‘lean startup market, and is economically unique selling point
methodology;’ the method sustainable
proposed by Eric Ries in UX
his book for developing Seed Funding (User experience design)
businesses and startups First round, small, The process of enhancing
through product early-stage investment user satisfaction by
development cycles from family members, improving the usability,
friends, banks or an accessibility and pleasure
provided in the interaction
M investor
between the user and the
M&A Seed Investor product
(Mergers and  An investor focusing on the
Acquisitions)
A merger is a combination
seed round
V
of two companies to form a Seed Round VC (Venture Capital)
new company, while an  The first round of funding Outside venture capital
acquisition is the purchase investment from a pool
of one company by another Series A/B/C/D of investors in a venture
in which no new company The name of funding capital firm in return
is formed rounds coming after the for equity
seed stage
MAU Vesting
Monthly active user Shares Employee rights to
The amount of the employer-provided assets
MVP
company that belongs over time, which gives the
Minimum viable product
to someone employee an incentive to
P perform well and remain
Solopreneurs with the company
P2P (Peer-to-Peer) somebody developing their
A network created when own personal brand; not a
two or more PCs are company to hire employees
connected and sharing
resources without going
through a separate server
191
 how we make the books

About the Guide

Based on traditional guidebooks that can be carried around everywhere,
Startup Guide books help you navigate and connect with different startup
scenes across the globe. Each book is packed with useful information,
exciting entrepreneur stories and insightful interviews with local experts.
Today, Startup Guide books are in more than thirty cities in Europe, Asia,
the US, Africa and the Middle East, including Berlin, London, Singapore,
New York, Cape Town and Tel Aviv.

How we make the books:

To ensure an accurate and trustworthy guide every time, we team up with local partners
that are established in their respective startup scene. We then ask the local community
to nominate startups, coworking spaces, founders, schools, investors, incubators and
established businesses to be featured through an online submission form. Based on the
results, these submissions are narrowed down to the top one hundred organizations and
individuals. Next, the local advisory board – which is selected by our community partners
and consists of key players in the local startup community – votes for the final selection,
ensuring a balanced representation of industries and startup stories in each book.
The local community partners then work in close collaboration with our international editorial
and design team to help research, organize interviews with journalists and plan photoshoots
with photographers. Finally, all content is reviewed, edited and put into the book’s layout
by the Startup Guide team before going for print in Berlin.

Where to find us:

The easiest way to get your hands on a Startup Guide book is to order it from our online
shop: startupguide.com/shop or by visiting our team at our Lisbon or Copenhagen offices:

Rua do Grilo 135 Borgbjergsvej 1,

1950-144 Lisbon, Portugal 2450 Copenhagen, Denmark
lisbon@startupguide.com copenhagen@startupguide.com

Want to become a stockist or suggest a store?

Get in touch here: sales@gestalten.com

193