We invited experts to answer our most frequently questions. Here is what they had to say. Agree? Disagree? Share your thoughts in our comments section.
Ronald van de Meent
Blockchain Solution Architect
To be honest, this is not as much as Luxembourgish issue as it is a global issue. There is absolutely no denying the fact that all traditional business models are being replaced by technology-first models. If Luxembourg wants to be a technology-first player in its current industries (banking, fund management, international contract law, accounting and audit), Luxembourg should provide legislation that makes those industries move in that direction. Once the companies in the relevant industries realize the only way forward is technology first, they have realized that IT is not just a cost center, but an investment in its future. They can then formulate competitive remuneration packages to accompany it, because without IT talent you can’t compete in this race.
In order to become a startup nation, I believe that Luxembourg needs to offer a legal and regulatory framework that is as attractive as possible to entrepreneurs. Luxembourg also has to promote new investments in technology and the relationships between the large, established companies settled here and local startups. Finally, Luxembourg has to strengthen its overall appeal in order to attract foreign entrepreneurs.
Luxembourg needs local VCs that are solely investing in startups based here. Luxembourg City should focus on ridding itself of a tax-evasion reputation and bringing management/investment teams of VCs to Luxembourg.