At the Microlux Entrepreneurial event and conference on April 24, hosted by BGL BNP Paribas and Microlux, Her Royal Highness The Grand Duchess of Luxembourg took center stage in her opening speech addressing and encouraging entrepreneurship in Luxembourg.
Since its inception in 2017, Microlux has been a resource for individuals with innovative ideas but limited access to traditional banking channels.
In her keynote address, the Grand Duchess commended Microlux for providing opportunities to those marginalized by the conventional financial system and encouraged entrepreneurs in their journey.
Global Entrepreneurship Monitor
Cesare Riillo, a senior researcher from STATEC, shared insights from the latest Global Entrepreneurship Monitor (GEM) report. “Luxembourg offers several initiatives to promote entrepreneurship, and this is great for the diversification of the economy. There are challenges, but these can be rewarding,” said Riillo.
Mr. Riillo highlighted the use of (GEM) reports by world-renowned entities like the World Bank, EU, and OECD. He added that most of Luxembourg’s residents are immigrants, with the pressing need to promote resources like the ones offered through Microlux.
While interest in entrepreneurship is on the rise, Riillo highlighted a growing reluctance among potential entrepreneurs to take the plunge, although the creation of new firms outnumbered closures from 2004-2020.
Unified under entrepreneurship
The consensus echoed that there is no one-size-fits-all approach to entrepreneurial success. Instead, mentorship and access to resources, exemplified by institutions like the House of Entrepreneurship, Touchpoints, and Microlux, play pivotal roles in nurturing entrepreneurs.
The roundtable discussion, featuring key stakeholders like Stephanie Damgé, and Fabienne Colling from Touchpoints, alongside seasoned entrepreneurs, presented a two-sided narrative of entrepreneurs and channel key stakeholders. “I always find these types of events very inspiring, as we see the different corners of life that people come from, and we see any entrepreneur can succeed, under certain conditions. You just need courage and the capacity to find solutions to launch in Luxembourg,” said Colling.
”We have an amazing ecosystem here in Luxembourg. We have experts that are here to guide and mentor entrepreneurs through the different steps in developing your idea. Luxembourg beneficial tools that are accessible to businesses and entrepreneurs throughout their journey.”
Stéphanie Damgé, Director of entrepreneurship at the Luxembourg Chamber of Commerce.
The story of three
The three inspiring entrepreneurs featured in the roundtable discussion: Eulecia Monteiro Gomes (EMG Coaching), Kay Weber (CT For You), and Sobhan Naderi (Naderi Photography). Each of these entrepreneurs shared their entrepreneurial journey and experience in Luxembourg.
“Today was a great opportunity for entrepreneurs like myself to see the road, and its opportunities and challenges, while having the business and professional guidance needed. Starting a business alone in a new system can be challenging sometimes, but luckily Luxembourg has made the process easier on entrepreneurs, and has rewarded hard work and dedication,” said Naderi, owner of Naderi Photography.
Their stories etched the diverse paths to entrepreneurship and highlighted the transformative impact of Microlux’s support. Post-conference, H.R.H. The Grand Duchess toured exhibition booths showcasing projects backed by Microlux, witnessing the tangible outcomes of entrepreneurial journeys.
As the premier micro-financing institution in Luxembourg, Microlux remains committed to promoting inclusive economic growth and empowering aspiring entrepreneurs. Through collaborative efforts and unwavering dedication, Microlux continues to pave the way for a more inclusive and vibrant entrepreneurial ecosystem in Luxembourg.
