Luxembourg will need to reinvent itself to remain economically competitive, according to discussions at the fifth annual Horizon conference, organised by Deloitte earlier this month.
The Horizon conference analysed the future of the financial services industry and highlighted the increasing need for Luxembourg to diversify its economy and foster entrepreneurship. The pace of change is moving rapidly — whether regulatory, digital, or otherwise. Several speakers underlined the need for Luxembourg to think new, go digital, attract talent, and grow a culture of entrepreneurship.
Dare to dream
At the Horizon conference, several speakers stated that Luxembourg’s Achilles heel is that it does not encourage the entrepreneurial spirit and that it is necessary to invest in education about entrepreneurship. The speakers, among which the entrepreneur and businessman, Gérard Lopez, called for Luxembourg to “dare to dream” by fostering a culture of risk-taking that does not equate failing with being a failure. With government investment and changes in education, entrepreneurship, and innovation could be the future of Luxembourg.
“The financial services industry in Luxembourg is still going strong. However, the discussions at the Horizon conference show that there is a general understanding in Luxembourg that we must develop other areas as well. We must scale up our digital capabilities, attract talent, and foster entrepreneurship. The Mind & Market initiative is an important step in this direction,” commented Pascal Martino, Partner at Deloitte Luxembourg.
Some of the main conclusions of the Horizon conference were that Luxembourg must make an effort to reform its educational system, improve the overall perception of Luxembourg, and make the country a more dynamic hub for professionals.
Young entrepreneurs in Luxembourg
As a response to these challenges, the first edition of the Mind & Market forum will take place in the Maison du Savoir in Esch/Belval on Tuesday 30 June. The forum is organised by Mind & Market in Luxembourg, an initiative of Deloitte Luxembourg, Fonds National de la Recherche, Luxinnovation, University of Luxembourg, and Mind & Market ASBL. Mind & Market in Luxembourg aims to facilitate and accelerate the transformation of innovative projects into business applications in Luxembourg and the Greater Region, for the mutual benefit of young innovators and enterprises. Over 50 project owners have signed up for the forum and will outline their early ideas or present their business cases.
