Luxembourg’s Secretary of State for the Economy, Francine Closener, has presented the results of Fit 4 Innovation’s mid-term review.
Secretary of State Closener revealed the excellent results to business managers involved - or indeed those who would like to get involved - in Fit4Innovation, the national programme dedicated to the improved competitiveness of SMEs which was launched in 2014.
The aim of the programme is to provide SMEs in Luxembourg with the necessary tools and resources to engage in innovative approaches and optimise their organisation. Fit4Innovation looks at three different areas: cost reduction, increased productivity and improved quality, thus allowing a full analysis of businesses and their activities. As a result, SMEs have the opportunity to be guided by expert advisors in organisation and how to drive change.
At the moment, the programme encompasses 41 diagnostics and 21 carried out projects. It involves two main steps or phases, the first of which is a full analysis lasting four to six weeks, and the second is the implementation of recommendations coming from the first stage, which can rake between six and twenty-four months.
All businesses which have taken part in the programme saw a significant improvement in their performance, including increased productivity and sales, as well as increased customer satisfaction, to name but a few examples.
These projects have provided almost €15 million annually to SMEs in the Grand Duchy, thus giving them a return investment of 430%. The programme has also saved SMEs a €1.5 million as a result of subsidies.