The Luxembourg City Incubator will provide advice and services to startups in various sectors, such as those in the creative industries and those founded by social and female entrepreneurs, according to a 7 July press release.
The city council said it is backing the project to help cement Luxembourg City’s position as a dynamic and open European capital. The chamber said it wanted to continue promoting the country’s entrepreneurial ecosystem.
Both the city and chamber will provide €495,000 in annual funding for the next six years.
The incubator will be housed in the chamber’s future “House of Start-ups”, expected to open in 2018 in the Gare district.
Lydie Polfer, the DP mayor of the capital, said initial plans to build the incubator at a rue Glesener location were cancelled after cost estimates mounted, according to Paperjam.
Sources told Paperjam that space inside Le Dôme complex, along avenue Charles de Gaulle, is likely to be selected for the House of Start-ups site.
Nyuko, the startup support centre currently located in Hollerich, and the Luxembourg House of Financial Technology promotion group, currently based in Kirchberg, will both relocate to the House of Start-ups. The new facility will aim to host between 150 and 200 startups alltogether.