Finding funds in Luxembourg is most often like an obstacle course for entrepreneurs who want to finance the launch or growth of their startup. To help them in their research, Maximilien Schuh created Funding.lu, a website to inform them about the funding options available around.
What is the purpose of Funding.lu?
Funding.lu provides a mapping of the financing landscape in Luxembourg with the purpose to make life easier for finance searching entrepreneurs in Luxembourg and the Greater Region.
It indexes and reconciles the funding options available for businesses in a transparent, concise and searchable way.
Why did you decide to launch that mapping?
When you work with startups and entrepreneurs, you often come across similar questions one of which usually involves funding opportunities.
There is information available here and there but most of the data is scattered and takes time to put together as you figure out whether you or your sector are eligible, what the amounts are on offer or what conditions apply and whether there are extra criteria you might need to consider.
Often you may find yourself spending weeks or months finding and going through different options.
Thus, to save time for entrepreneurs and for the actors in the ecosystem giving out the same information to a growing number of people, we created Funding.lu, an aggregator of information.
To you, is there a lack of funding opportunities in Luxembourg?
Once you start using Funding.lu, you will notice that there are sectors which are clearly lacking funding opportunities or where the criteria is so strict that not many people can apply. Let’s take a restaurant or a hairdresser for example. There are very little options available to them, especially when it comes to finding alternative funding possibilities versus companies in FinTech; for example, where there are growing opportunities. The tool is thus also able to highlight opportunities but also gaps in the market for ecosystem players and ministries.
As an early-stage startup, how to get funded in Luxembourg?
Really depends on the sector! Every startup is early stage but every sector is different. The tech industry is best funded and has many incubation and acceleration programs. This is different to the more traditional or niche sectors where funding options and support is more scarce or even inexistent.
We recommend that your business plan takes the minimum amount of external investment into account to make it viable and only use external investment when absolutely necessary. Nothing is free in life and external funding always has a cost. Thus choose wisely and don’t forget the power of bootstrapping. If you are in need of more than just our database, give us a call and we’d be happy to schedule a bespoke meeting with you.
Photo by Nick Fewings on Unsplash