Turning Luxembourg into a digital nation
The creation of an entrepreneurial culture in Luxembourg is not an easy task. The high public-private sector wage gap combined with the high wage in the financial sector makes it hard for other sectors of the economy to attract skilled workers, let alone for policy makers to encourage entrepreneurship. The lack of affordable office or co-working spaces and the shortage of skilled workers notably due to the low number of science and engineering graduates does not make the situation any easier. The level of entrepreneurial activity in Luxembourg could have stayed low, had it not been for the initiatives of bold individuals dedicated to turning Luxembourg into a digital nation.
The city of Luxembourg constantly needs to reinvent itself to secure economic growth and sustainable prosperity. In the 1970s, the country of Luxembourg shifted from an industrial economy strongly relying on the iron and steel industry to a service economy led by financial services. Nowadays, building on its position of global financial hub, Luxembourg remains dependent on the financial services industry. However, with the rapid pace of change in ICT and technological advances, the city of Luxembourg is confronted with the need to achieve greater inter- as well as intra-sectoral diversification.
The development of an entrepreneurship culture, the creation of start-ups and the focus on digital skills are perceived as critical parts of the solution for the diversification of the Luxembourgish economy. New initiatives are therefore being developed to attract digital talents and entrepreneurs in Luxembourg.