The number of startups in Luxembourg is continuing to multiply, so it’s essential that they have access to the right support. There are a number of companies in Luxembourg that help startups in their development, but the services they offer are not always clear or reflective of startups’ needs.
Supermiro is an up-and-coming startup founded in 2015 that helps users discover events and activities happening nearby, while Finimmo is a corporate service provider that helps and supports startups via its FinCorp division. In this interview, we get their opinions on the problems that startups face and the ways they can address them.
What are the biggest hurdles that fledgling startups have to overcome?
E.P. The process of creating a startup is complicated for new entrepreneurs and often fraught with administrative, legal and accounting obstacles. The most difficult thing, however, is knowing where to begin, as well as doing things in the right order and getting your timing right. You then have to find the right people who are capable of giving you the right support.
A.R. It’s true that the first challenge a young entrepreneur will face when they launch their own startup is knowing what to do, as well as when and how to do it. This sort of thing isn’t obvious when you’re making your first foray into the entrepreneurial world, so you need to find a professional who can help you navigate the administrative, legal and accounting pitfalls. For several years, FinCorp has provided startups with a specialized service to support them from day one and help them concentrate on growing their business.
Is it easy for startups to find the help they need?
E.P. Yes and no. There are a number of companies and initiatives dedicated to providing support for startups. It’s easy to get short answers to key questions and feedback based on experience. However, each startup is unique with its own set of problems, and entrepreneurs often find themselves facing these problems on their own. This necessitates a reliable network of experts in the field, provided they offer affordable rates to startups.
A.R. Sound professional support is very important for the development of a startup. In this context, FinCorp endeavors to offer the best package to our clients – with no fees for the first year – and listen to their concerns. We also try, wherever possible, to direct them to other professionals when their needs fall outside our field of expertise.
What advice would you give a young entrepreneur who wants to create their own startup?
E.P. I would say, “Try not to do everything yourself, and surround yourself with competent people. First, you need to recruit the best available talent for your team to help drive the company in the right direction. However, you also need to choose partners (accountants, lawyers, etc.) who listen and aren’t waiting to charge you for every minute of your phone call, as well as partners who are able to listen to and act on the problems faced by new startups.”
A.R. As a corporate service provider, we must always put the client’s needs first. It’s essential for young entrepreneurs that we are always available. In most cases, they have no entrepreneurial experience and can quickly feel overwhelmed by all the accounting and administration that their project may generate. Our goal at FinCorp is, therefore, to support our clients by responding quickly and giving clear, practical advice. We are here to support entrepreneurs in their accounting and administration, allowing them to concentrate on growing their business.