Luxinnovation presented its annual report for 2022, highlighting its key achievements and strategic details for the year.
In the presence of Minister of Economy Franz Fayot and director of Luxinnovation Sasha Baillie, the presentation was organised at the premises of SolarCleano, an innovative Luxembourg company supported by Luxinnovation and deploying solar panel cleaning robots worldwide.
The presentation focused on the key actions undertaken during the first year of implementation of Luxinnovation’s 2022-2025 strategy.
The report provided insight into the agency’s work in supporting innovation and growth in Luxembourg. It also provided insight into the agency’s work in supporting innovation and growth in Luxembourg, including its focus on sustainability, healthtech, and other key areas of the future economy.
Making innovation happen
“By sharing its successes and plans for the future, Luxinnovation continues to demonstrate its commitment to driving innovation and growth in Luxembourg and supporting the country’s position as a hub for innovation and investment”, said Fayot.
Luxinnovation is a public agency that aims to support innovation in Luxembourg and help businesses gain access to funding, business opportunities, grants, new markets, and more. The agency works closely with the Ministry of the Economy to provide guidance, advice, and assistance to companies at all stages of their development. By offering a wide range of services and support, Luxinnovation has become a vital resource for businesses looking to innovate and grow in Luxembourg.
“With decades of experience in supporting innovation, the agency has also become a catalyst for digitalisation and digital innovation in recent years. In addition, in 2022, it strengthened its ability to help companies become more sustainable through innovation,” concluded the economy minister.
Structured programs
One of the key initiatives that Luxinnovation has developed is the “Fit 4” programmes, providing a structured approach to help companies identify and implement the changes needed to become more innovative, efficient, and competitive. The Fit 4 programmes include Fit 4 Digital, Fit 4 Innovation, and Fit 4 Sustainability, and attracted 210 companies in 2022.
It should also be noted that the Fit 4 Innovation programme has now includes Fit 4 Innovation Healthtech Market, which aims to help companies define their regulatory roadmap in order to obtain CE certification for their new medical and innovative devices.
“Each programme is tailored to the specific needs of different types of businesses and industries, and they are designed to help companies overcome common challenges and barriers to innovation,” commented Baillie.
Regarding the selection of companies and the follow-up of candidate companies to these Fit 4 programmes, Baillie made a point of specifying that only the Fit 4 Start programme was subject to a call for applications. The other applications are studied by the Luxinnovation teams to see if they fit into a Fit 4 programme or if they should be redirected to other programmes such as the SME Packages of the Luxembourg Chamber of Commerce.
Data-driven agency
Luxinnovation is also leveraging data to edit several mappings of industries in Luxembourg and highlight the strengths of each. By analysing data on various industries and economic sectors, Luxinnovation is able to identify areas of potential growth and opportunities for innovation.
The agency is using this data to develop customised strategies for businesses in each sector, helping them to maximise their potential and overcome common challenges. Through its data-driven approach, Luxinnovation is providing businesses with valuable insights and support, and driving innovation and growth in key industries across Luxembourg.
In terms of figures, Luxinnovation supported 88 national grant applications for R&D, innovation and environmental protection. It also helped research centers and companies obtain €74.78 million in funding from Horizon Europe, the European Union’s framework programme for research and innovation.
During the year, 46 startups were launched with the support of Luxinnovation and 20 young companies participated in the 12th edition of the Fit 4 Start acceleration programme.
The agency also identified and approached 257 international companies that might be interested in establishing a presence in Luxembourg and supported the establishment of 16 international companies in the country.
Strategic focus
Through its work with the Ministry of the Economy, Luxinnovation is adapting its strategy to the changing global economy, with a focus on sustainability, climate, healthtech, data and high performance computing, and materials.
These areas are seen as critical to the future of Luxembourg’s economy, and Luxinnovation is actively working to support companies that are developing innovative solutions in these fields. By helping companies access funding, connect with potential partners and customers, and navigate complex regulations and policies, Luxinnovation is playing a key role in driving innovation and growth in these important sectors.
Good news for the ecosystem, supporting startups remains one of the major axis of Luxinnovation’s 2022-2025 strategy. SolarCleano was the perfect example given during this press day.
