Last year, Luxinnovation teams visited 150 small-to-medium enterprises to assess their potential for innovation and fifteen companies joined Fit for Innovation, a programme to support Luxembourg SMEs, led by Luxinnovation and supported financially by the Ministry of the Economy, according to the annual report presented yesterday by Secretary of State for Economics Francine Closener and CEO Jean-Paul Schular.
In addition to the orientation of companies towards the national R & D aid scheme and their support for European funding programmes, 2016 was also marked by special attention paid to start-ups.
Thanks to the "Fit4Start" program, Luxinnovation, in collaboration with the Technoport incubator, supports innovative start-up companies from the start-up phase by offering financing and coaching adapted to the early-stage needs of companies that are less than one year old and composed of at least 2 persons. In 2016, 230 start-ups from 25 different countries took part in the two competitions organised for admission to the program "Fit4Start".
Fit for Innovation is intended is to help SME managers to improve the performance of their companies. The programme consists of a diagnostic phase followed by a project phase focused on three areas: cost, productivity and timeliness/quality. Since the launch of the programme in 2014, 44 diagnoses and 25 projects have been completed. Participation in the program has made it possible to improve the overall performance of the companies concerned, translating into potential gains of €10 million per year.
As part of the reform of the economic promotion of the country, the construction of a strong image of Luxembourg as a host country for companies and activities with high added value is now part of the new mission of Luxinnovation which also has a new visual identity. In addition to communication and marketing, other new Luxinnovation missions include the identification of relevant foreign investors as well as the oversight of foreign sectors and activities that can create new opportunities for companies already established in Luxembourg and attract new foreign direct investment.
Luxinnovation incorporates the Ministry of Economy, the Chambre des Métiers, the Ministry of Higher Education and Research, the Chamber of Commerce and the FEDIL.
The Luxinnovation 2016 activity report can be found online: http://www.luxinnovation-annualreport.lu/.
Image: Sasha Baillie, Francine Closener and Paul Schuler. Photo Supplied.
