Trade Mission to London
London has been ranked number one city in Europe for supporting both startups and scale-ups in the European Digital City Index. 13 tech unicorns are based in London and in the city alone there are over 36 business accelerators as well as over 70 co-working spaces. For Luxembourg this environment is of particular interest regarding the fintech start-up scene.
On April 11-12 over 20 Luxembourg companies were part of a business delegation that for 2 days toured London's burgeoning tech scene and the support systems for the different start-ups. Co-working spaces have become popular worldwide, affording startups instant networking opportunities and camaraderie, as well as a multitude of unexpected encounters that are difficult to recreate in traditional office settings and provide immeasurable value for new businesses. A great co-working space is a collection of minds inspired by the brand that brought them together. As a member, you benefit from the brand that creates the space, and the people it attracts. Not only can a great space provide great ideas, but the association could also lend credibility to an otherwise unknown start-up. Amenities available at different co-working spaces range from free Wi-Fi and coffee to weekly seminars with high-profile guest speakers and shared staff members.
On the first day of the visit, the Luxembourg delegation visited the following co-working spaces/incubators/accelerators:
- Level 39 is Europe's largest technology accelerator space for finance, retail and future cities technology companies. In just three years they have become synonymous with FinTech. The accelerator is rare as it does not take equity in member companies.
- The Hangout is an incubation space that's been designed for student and graduate entrepreneurs from City University London who want to get their idea off the ground. The student members of the Hangout presented their latest projects to the delegation and gave additional information during the networking lunch.
- WeWork is the world's largest network of co-working space, which has grown rapidly to include 27 locations across seven major U.S. cities, London, and Israel. The company's app, which serves as an internal directory and allows WeWork customers to communicate, also provides information on events like regular happy hours-touchstones of the work community it aims to foster. The startup's backers liken it to sharing-economy firms rather than co-working-space competitors.
- Makerversity is a London based working and learning space for start-up, making and manufacturing businesses, and applied learning opportunities. Their members have access to a range of fabrication and prototyping tools ranging from CNC routers, laser cutters and 3D printers, to saws, drills and sanders they also have spaces for events and learning facilities. Makerversity exists to support emerging practice, learning and employability, to provide opportunities for young people.
On the second day of the visit, the delegation visited the Cloud Expo Europe, the world's biggest, best attended and multi-award winning cloud event in London. Mr. Daniel Grogan, Event Director, gave the delegation a 30 minutes guided tour of the fair. The participants also had access to the V.I.P networking lounges and all conference sessions of choice for the rest of the day. The Chamber of Commerce is pleased to confirm that an agreement has been reached with the Cloud Expo Europe for a Luxembourg National Pavilion in 2017. The specific location has already been reserved. The Luxembourg embassy then welcomed the delegation and their contacts for a networking event during which future projects and new ideas were discussed.
