Setting up a business is no plain sailing. It requires an innovative idea and determination to make it see the light of day.
Luxembourg offers support though organisations such as the House of Startups (HoST) and the House of Financial Technology (Lhoft).
Four business owners talk about their journey to success – what inspired them, the challenges they faced and the rewards.
Lux’Burgers
Laurent Vançon has been a business leader since 1996 but setting up burger restaurant Lux’Burgers in the Gare area of the capital meant stepping in to a new sector. “
I wanted to throw myself a new professional challenge in a field I was discovering and where I could let my creativity run free,” he said.
Laurent Vançon, founder of Lux’Burgers © Photo credit: Marc Wilwert
Vançon has always enjoyed innovating, managing teams and rising up to challenges and obstacles. He set up the restaurant nine years ago and has consistently appeared among Luxembourg’s top-rated eateries on Tripadvisor.
“The biggest challenge was starting with a blank page and creating a longterm concept in a country I didn’t know, and finding the ideal location to develop my business,” he added.
Astartelux Jewelry
Astartelux Jewelry is an ethical and eco-friendly jewellery start-up that launched in 2020. Founder Yasser Dallal works with ethically sourced stones and recycled or fair-minded gold and silver.
Dallal’s journey to entrepreneurship was unexpected. He started as a maritime engineer and spent nine years working in the humanitarian sector in war zones.
Yasser Dallal, founder of Astartelux Jewelry, started as a hobby and grew into a successful business © Photo credit: Chris Karaba
“In the midst of it all, my jewellery workshop became my refuge – a place of healing,” he said. “What began as a hobby grew into a passion. When I moved to Luxembourg, I pursued a Master in Entrepreneurship and Innovation at the University of Luxembourg, and Astartelux, along with its business model, became my master’s thesis.”
The biggest challenge for Dallal was establishing a strong business identity in Luxembourg’s highly competitive luxury jewellery market.
Finologee
After building Digicash – Luxembourg’s mobile payment app and network – Raoul Mulheims and his co-founders went on to create Finologee, a digital platform operator helping financial institutions optimise processes and comply with regulations.
“We had plenty of ideas but the key was assessing product-market fit, complexity and long-term potential,” Mulheims said.
Raoul Mulheims, co-founder of Finologee, previously set up Digicash © Photo credit: Chris Karaba
Luxembourg has a strong support network for innovation, Mulheims said, and he found help through the Luxembourg House of Financial Technology (Lhoft), which provides guidance and networking tailored to financial innovation.
“Luxembourg is generally a great place to start and grow a business, especially in fintech,” he added. “That said, navigating administrative requirements can be a challenge. But if you come well-prepared, these hurdles are manageable. The key is understanding the landscape early on and structuring your approach accordingly.”
Virtual Rangers
Eight years ago, Matthieu Bracchetti founded Virtual Rangers, a studio creating virtual reality experiences, including simulating real-life situations for corporate trainings and creating augmented reality for the construction sector and museums.
Matthieu Bracchetti created Virtual Rangers in 2017 © Photo credit: Guy Jallay
“I always wanted to create, innovate and push technological limits,” Bracchetti said. “Entrepreneurship allows me to explore new ideas and build a team around a vision. The freedom to innovate, the diversity of challenges and the satisfaction of seeing ideas become a reality are key drivers for me.”
When he set up his firm in 2017 virtual reality was not widely known outside the gaming industry. Convincing companies of the technology’s potential, finding financing and recruiting specialists were some of the biggest challenges Bracchetti faced.