The Lux Future Lab will be closing its doors in January 2021. The news is thunderous in these times of crisis where the valuable support of such structures is vital to many startups. BGL BNP Paribas decided to pivot and establish itself as a financial partner for startups, instead.
Initially launched in 2012 to support the BGL BNP Paribas’ bank intrapreneurs, the incubator has quickly become an emblematic place in Luxembourg’s tech scene and a pioneer of the “Startup Nation”.
The Lux Future Lab startup incubator has constantly developed its offerings and positioning to meet the needs of the startup ecosystem in Luxembourg. The bank is changing its formula by closing its flagship base and concentrating on financing startups.
“Over the last few years, this ecosystem has undergone a strong evolution. Numerous structures hosting services have been set up, largely meeting this primary need of startups. BGL BNP Paribas has actively supported these developments and eventually created the Luxembourg House of Financial Technology (LHoFT), which hosts many fintechs today”, details the officials.
The bank states in a press release that “as a result of these developments, the greatest value add that the bank can offer has pivoted to supporting startups as a financial partner. Through its Innovation Pole, which acts as an exclusive point of contact for startups, BGL BNP Paribas provides them with experts who are fully conversant with the particular needs of startups in the process of creation or development and which can direct them towards products and services, from account opening to the preparation of an account capital increase through various banking solutions.”
“In addition, the Innovation Cluster’s teams use the InnovFin program to support the development of startups. This programme, set up by the European Investment Fund in partnership with the European Commission, enables the bank to improve access to financing for innovative SMEs in the country. BGL BNP Paribas has already granted loans amounting to approximately 38 million euros under this programme.”
“BGL BNP Paribas’ Innovation Division teams specialise in the ICT, Fintech, the circular economy and Greentech. They are currently supporting some 160 startups. In addition to tailored financial and banking solutions, startups benefit from access to the international network of the BNP Paribas Group and the close ties that BGL BNP Paribas has forged with the Luxembourgish ecosystem.”
This news is prompting some 20 hosted startups to find a new hub to continue their activities. The Lux Future Lab team is already active with other existing structures in the city and the country to support these startups by the end of the year.