The Luxembourg Trade and Investment Offices (LTIOs) build a strong network of economic ties with Luxembourg all around the world. Operating at the very heart of high-tech innovation, LTIO San Francisco is introducing pioneering companies to the diversity and resourcefulness of the Luxembourg business environment.
LACC has met with the team of Consul General Pierre Franck to discuss the office’s mission and networking activities, innovation in Silicon Valley and the ambition of the American mindset.
LACC: How would you describe your team and its role in the fast-paced milieu of San Francisco’s start-ups and tech companies?
LTIO-SF: Our role is to connect Luxembourg with Silicon Valley entrepreneurs, innovators, scientists and creative minds. Many innovations and technologies which are omnipresent in our daily lives have their origins in the San Francisco Bay Area. As a government organization we focus on priority areas of Luxembourg’s economic promotion strategy such as Space, Finance, ICT, Automotive, Digitization, Cleantech and Healthtech.
We are trying to identify pioneering companies that would like to expand to the EU. We are building the bridge that connects those entrepreneurs, innovators, and scientists with the Grand Duchy, introducing them to its resources as a financial and technological hub.
On the trade side, we help Luxembourg companies to expand their activities in the US by connecting them to relevant players and professional advice in the Bay Area.
LACC: What does the daily routine at LTIO San Francisco look like? Who are the people and companies that you are interacting with?
LTIO-SF: Our daily routine centers on promoting a continuous exchange between Luxembourg and the US West Coast– in innovation, tech, science, business and financial matters. We leverage the potential of Luxembourg in Silicon Valley through our outreach and communication activities and are the contact point for exchanges in both directions.
We are thus participating in networking events and perform research, through conferences or seminars, to follow the emergence of trends and technologies. This allows us to expand our network and present Luxembourg’s assets to innovators in Silicon Valley and beyond: companies, universities, think tanks, research centers, business fora and start-up accelerators... Our office hosts ministerial working visits and other State visits, and facilitates exploration missions of business and research delegations from Luxembourg that foster ideas, projects, and partnerships between Luxembourg and Silicon Valley.
LACC: Most recently, NVIDIA, a leading company in the development of artificial intelligence, has announced a long-term collaboration with the University of Luxembourg. What makes the Grand Duchy a unique partner for international collaboration – as opposed to other European hubs?
LTIO-SF: Luxembourg’s track record in attracting international companies speaks for itself. The country has proven its adaptability to emerging trends and changing industries over the past decades and its most recent initiative– the launch of SpaceResources.lu – strongly underlines its innovative stance.
The ingredients of the country’s recipe for success range from its political and social stability, business friendly legal and regulatory environment, quick access to key professional resources and decision makers to outstanding quality of life, first-in class digital infrastructure, skilled multilingual professionals, technical talent and its focus on research.
LACC: With a global range of activities, the Luxembourg Trade and Investment Offices facilitate the expansion and soft-landing of companies in Luxembourg – every new company adds to its multinational culture. What can Luxembourg entrepreneurs learn from US companies and the American mindset?
LTIO-SF: The success story of the American dream derives from a very specific mindset that is best embodied by Silicon Valley’s highly energetic and contagious entrepreneurial climate. It requires you to think big and pursue your ambitions while cultivating a culture of failure that may increase your readiness to take risks. The Silicon Valley mindset sets the parameters for innovation that are matched by an abundant availability of angel and venture capital – including specialized technology banks. Luxembourg has created a rewarding environment for startups and tech-companies that reflects its American counterpart in many ways. Its lasting success is increased by Luxembourg’s commitment to perfecting its attractiveness for STEM talent and spurring the availability of angel and venture investment sources.
Most recently, the LHoFT Foundation (Luxembourg House of Fintech) and Silicon Valley based Venture Capital firm, Parkpine Capital, have signed a deal to hold the Global Venture Summit (GVS) for the first time in Europe bringing over 100 leading Silicon Valley VCs to Luxembourg to meet and network with their European counterparts and, critically, connect with Luxembourg and European start-ups aiming to raise funds.
LACC: Thank you for this conversation!
Bob Dieschburg, LACC