Creating and establishing an innovative business, i.e. a company that contributes to advancing the state of the art in its field, is a particular challenge. An innovative business sells new products or services, often based on new technologies or discoveries from scientific research. As in may cases these products or services have not yet been finalised, the company has to raise funds, in order to finance the developmental phase, before being able to launch its products or services. It faces a risk of technical failure as the product may not be able to be used as planned, as well as of commercial failure as there may not be any interest in the product, once it is on the market. Careful preparation is thus required.
Any entrepreneur should take administrative steps: choose the legal form of the company, request a business permit, etc.
Developing a business plan is also very useful. This document helps to clarify and structure the business ideas and facilitates the communication of these ideas to others. In addition, it may also be required for other purposes, i.e. when applying for financial aids or when raising funds.
The new company needs to find accommodation suitable to its needs. Luxembourg offers several interesting possibilities: incubators, which provide flexible facilities as well as regular follow-up, and economic parks, which offer land or ready buildings to businesses.
In order to maximise his or her chances for success, the entrepreneur may also benefit from personalised support from experts in various areas: formal procedures, financing, business plans, etc. Several initiatives are dedicated to the support of entrepreneurs in Luxembourg.
Competitions for entrepreneurs are also organised in Luxembourg: the interregional competition 1,2,3 Go brings together participants with innovative ideas for launching a business and provides them with personalised support for developing their business plans, while the Creative Young Entrepreneur Luxembourg Award (CYEL) rewards young entrepreneurs for their creativity and dynamic approach.