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silicon luxembourg | Nr 26 - 2025

 EUR

Nr 26 - 2025

THE STARTUP MAGAZINE

HEALTHTECH

Small Is Beautiful—Luxembourg may be small, but it’s not thinking small.

While the number of startups strugles to grow signiﬁcantly the real story

is in the shi from quantity to quality. More startups are becoming real

businesses: scaling, hiring, raising funds, and contributing to the economy.

Behind the scenes, the country is laying bold foundations. It’s going all in

to become a data-driven economy—leveraging decades of investment

in digital infrastructure and connectivity. Legal frameworks are being

purpose-built to empower key tech niches: AI, cybersecurity, spacetech,

healthtech, regtech. It’s this smart, targeted approach that sets Luxem-

bourg apart. And it’s starting to show. The country is doing everything it

can to produce entrepreneurs and homegrown ventures, not just aract

foreign startups for EU expansion. Spin-oﬀs from the University of Luxem-

bourg are gaining traction. Global ambitions are baked into every business

model. A new wave of founders is rising—with tools, capital, and a state that

moves fast. Because in Luxembourg, small isn’t just beautiful. It’s strategic.

And it’s working.

Charles-Louis

Machuron

Founder

THE STARTUP MAGAZINE

Cover Story

4 5

Edito

THE STARTUP MAGAZINE

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CEO

Charles-Louis Machuron

EDITORIAL LEAD

Jess Bauldry

CONTRIBUTORS

Charles-Louis Machuron

Jess Bauldry

Nathan Moyse

COVER

Studio Polenta

EDITORIAL DESIGN

Annick Kieer

Claire Ramos

Guillaume Sinopoli

Sara Giubelli

Sarah Lampaert

PHOTOGRAPHY

Stephanie Jabardo

EDITING

press@siliconluxembourg.lu

SALES

sales@siliconluxembourg.lu

PUBLISHING

Silicon Luxembourg S.à r.l.

33, Boulevard Prince Henri

L-1724 Luxembourg

RCS: B253123

VAT: LU33012322

ISSN: 2535-9355

PRINTING

Print Solutions Sàrl

Sponsored by Baker Tilly

Luxembourg’s 2025 reforms support startups

with new tax credits, public funding, talent access,

and AI infrastructure; building strong conditions

for founders to grow and scale locally.

Photo: Silicon Luxembourg

THE STARTUP MAGAZINE

24 25

BRANDVOICE

silicon luxembourg | Nr 26 - 2025

EXOBIOSPHERE WINS

LUXEMBOURG REGIONAL

STARTUP WORLD CUP FINALS,

EYES US EXPANSION

Founded by space entrepreneur Kyle Acierno

alongside Bruno and Olivia, Exobiosphere is

preparing to take its innovation for microgravity

drug development global—with the US ﬁrmly

in its sights.

Exobiosphere, the Luxem-

bourg-based space and

biotech startup, has taken

top honours at the seventh

Startup World Cup regional

ﬁnals in Luxembourg, secu-

ring a coveted spot at the

global ﬁnals in San Francisco.

Pitching on the

World Stage

“This is a great opportunity for us to pitch on

the world stage, especially in front of American VCs,”

said Acierno. “We’re looking to expand into the US,

and this platform gives us the visibility we need.”

The grand prize—$1 million in investment—

would be a major boost for the startup’s

transatlantic ambitions. “If we win, that money

will go directly into supporting our U.S. expansion.

We're already exploring a few states and would use

the funds to hire key staﬀ and establish our footprint,”

the Canadian explained.

Bridging Continents

in Biotech and Space

Exobiosphere is carving out a unique niche at

the intersection of space and biotech. With

ambitions to conduct biotech research in orbit,

the company has partnered with VAST, a next-

generation American space station developer.

“We’ll be launching on VAST’s ﬁrst station.

This partnership means we’re not just a small ﬁsh

anymore—we’re collaborating with major players

in the space industry,” Acierno said.

Rooted in Luxembourg,

Thinking Globally

Despite Exobiosphere’s international aspira-

tions, Acierno emphasised the importance of

Luxembourg’s ecosystem in nurturing startups.

“Here, you can be a small ﬁsh in a small pond,

which means you get noticed. The Luxembourg Space

Agency, the House of BioHealth, and local investors

have been instrumental in our success,” he said.

This isn’t Acierno’s ﬁrst startup in the Grand Duchy.

He previously helped establish the Luxembourg

oﬃce of ispace, a Japanese space robotics company

and later launched a local oﬃce of mining ﬁrm

OﬀWorld. “This is my third company in Luxembourg,

and they all still have a presence here. The government's

support continues to be a huge asset,” he added.

The Power of

a Quiet Ecosystem

While Luxembourg may not yet be globally

recognised as a biotech hub, Acierno praised

the infrastructure and speed with which

Exobiosphere was able to set up operations.

“Not many people know this, but you can build

biotech labs very quickly here. The support from

the House of BioHealth has been phenomenal,”

he noted.

A Shot at the Cup

With the global ﬁnals ahead, Exobiosphere hopes

to make history. “Luxembourg has placed in the top 10

for two years in a row. We’d love to be the ﬁrst to bring

the Startup World Cup back home,” Acierno said.

“But even if we don’t win, we’ll gain exposure,

connections, and investment opportunities that can

help us scale globally.”

Exobiosphere was among 10 ﬁnalists who

pitched at the Startup World Cup Regional Final

at EY Luxembourg on 22 May. In all, some

46 startups entered the 2025 contest. The winner

was chosen by a jury of industry experts. Second

place was awarded to bio health startup Organo

Therapeutics and special mention was given

to fashion tech Essembl.

Kyle Acierno, CEO of Exobiosphere, and the jury of the Luxembourg edition of the Startup World Cup.

Kyle Acierno, CEO of Exobiosphere, and Bill Reichert, partner at Pegasus Tech Ventures.

THE STARTUP MAGAZINE

26 27

silicon luxembourg | Nr 26 - 2025

Pushing BoundariesPushing Boundaries

By: Nathan Moyse

Photo: Stephanie Jabardo

$.BILLION

Global digital health investment

in 2024 (Galen Growth), reversing

two years of decline.

+%

Year-on-year increase in European

digital health investment — the

highest regional growth worldwide.

%

Proportion of health innovation

projects that never reach real-world

implementation.

%

Share of generative AI pilots in

healthcare that reach production use.

%

Percentage of large healthcare

organisations citing internal

resistance to change as a barrier

to adopting innovation.

Turning Connection

Into A Competitive Edge

Innovation alone cannot

transform healthcare.

Without the right conditions,

even the most promising ideas

struggle to reach clinical use.

As Europe moves forward

with the European Health Data

Space (EHDS), the focus is

shifting from isolated advances

to the ecosystems that enable

real-world adoption, where

data, policy, infrastructure,

and collaboration converge.

The disconnect

between ambition

and adoption

Momentum is returning to the healthtech sector.

According to Galen Growth’s 2024 Digital

Health Funding report, global investment rose

to $25.1 billion, reversing two years of decline.

Europe led this rebound with a 27% year-on-year

increase, a sign of renewed conﬁdence in the future

of data-enabled healthcare.

Yet despite this inﬂux of capital and a wealth of

scientiﬁc and technical talent, most innovations still

fail to translate into real-world care. 90% of health

innovation projects never reach implementation—

not because they lack potential, but because they

don’t connect with the right people at the right time.

In healthcare, success depends not just on the

strength of the idea but on the ability to navigate

a fragmented and highly regulated environment.

Founders often struggle to access clinical partners

or investors. Regulatory pathways vary by country.

Hospitals, even when open to innovation, lack the

capacity to test new tools. Interoperability remains

more aspiration than reality.

The result is a growing disconnect between the

scale of investment and adoption. Fewer than

30% of generative AI pilots in healthcare

make it into production. Even in well-funded

environments, over half of large healthcare

organisations report internal resistance to change

as a barrier to implementation.

These are not issues of invention. They are failures

of connection between innovators and institutions,

between potential and practice, and between

the ambition to transform care and the structures

that enable it.

A European

opportunity—

and a local vision

The European Health Data Space (EHDS) marks

a turning point. By making it easier for patients to

access and control their records and for innovators

to use anonymised data securely, the EHDS oﬀers

a shared framework for accelerating care and

research across borders.

But policy alone cannot ensure progress.

The real impact of EHDS will depend on whether

ecosystems are ready to turn this framework

into functioning systems, where data is not

just stored, but actively used to generate insight

and improve care.

Luxembourg is already laying the groundwork.

The country has placed healthtech at the heart

of its national innovation strategy, combining

infrastructure, research, and coordinated action.

It is investing in advanced capabilities like the

MeluXina supercomputer (and its future siblings)

and federated data environments that ensure

privacy and accessibility for research.

By: Benjamin Tillier

Photo: Hive Services

“The future of healthcare won’t be

shaped by individual actors, but by

ecosystems designed to work together

and built to deliver lasting impact.”

Institutions such as the Luxembourg Institute of

Health (LIH), the Luxembourg Centre for Systems

Biomedicine (LCSB), and initiatives like the HE:AL

Campus are helping to translate scientiﬁc research

into practical solutions. Meanwhile, national

initiatives like the AI Factory are shaping the

conditions for trustworthy, real-world applications

of AI, including in healthcare.

This shift from invention to connection is where

forward-looking ecosystems make the diﬀerence.

Why ecosystems

matter more than ever

Infrastructure provides the foundation, but

ecosystems determine what’s built on top of it.

Even the most advanced tools and datasets remain

underused unless supported by environments

designed for collaboration. This is especially true

in healthcare, where innovation rarely succeeds

in a vacuum.

The most eﬀective ecosystems facilitate

meaningful, sustained engagement between

all the actors involved: startups, clinical teams,

researchers, regulators, providers and investors.

They enable access not only to technology

but to expertise, decision-making processes,

and early testing environments.

With this connective tissue, ideas can move more

quickly from lab to clinic, from pilot to policy,

and from promise to measurable impact. It is about

building a system that supports innovation at

the right moment, with the right intensity, and for

the right reasons.

At Hive, we believe the next phase of health

innovation will be deﬁned not by isolated

breakthroughs but by the ability to create

strong, strategic connections between people,

organisations, and countries. Ecosystems must

be active partners in helping innovation navigate

complexity, overcome inertia, and deliver results.

Luxembourg provides a compelling model for

this approach. It is small enough to be agile, yet

embedded in European networks that oﬀer scale.

Its public and private sectors are aligned around

a shared vision, and its innovation environment

is increasingly structured to close the gap between

discovery and deployment.

In this way, the country reﬂects what we believe

is the real diﬀerentiator in health innovation going

forward: not who can invent the most, but who can

connect the most eﬀectively—across silos, borders,

and disciplines.

HEALTH INNOVATION: KEY FIGURES:

Benjamin Tillier, co-founder and CEO of Hive Services.

THE STARTUP MAGAZINE

28 29

silicon luxembourg | Nr 26 - 2025

Opinion PieceOpinion Piece

“

”

Based in Luxembourg and co-founded by

CEO Gilles Mangen, Clubee oﬀers an all-in-one

SaaS management platform tailored for sports

organisations such as clubs, leagues, federations,

and governing bodies.

“We realised that sports organisations were managed

in an old-fashioned, amateur way while being

relatively complex organisations with signiﬁcant

budgets,” says Mangen. That realisation led him

and his co-founder to build software that

automates time-consuming operations, from

communication and marketing to ﬁnance, CRM,

and administrative workﬂows.

From Local Beginnings

to International

Ambitions

Launching in Luxembourg presented both

opportunities and challenges. Clubee joined

Fit 4 Start, the government-backed acceleration

programme run by Luxinnovation, and incubated

at Technoport. Both played a critical role in getting

the company oﬀ the ground.

Luxembourg is a relatively diﬃcult environment,

with a limited talent pool and a high cost of living.

Innovation programmes are therefore “must-haves”

rather than “nice-to-haves”, according to Mangen.

“I don’t know if we would still have been in Luxembourg

today if it wasn’t for patriotism and strong government

support,” Mangen emphasises, while praising the

work of the Ministry and Luxinnovation.

With Luxembourg being such a small sports market,

expanding internationally was a “must-do”. But that

path wasn’t without hurdles. “Very early on, we were

active in seven countries simultaneously, but that was

too much too soon with too little budget,” he reﬂects,

admitting a “rookie mistake.”

Clubee is now active in three regions, with a

main focus on DACH, which “works quite well”

for the company.

Federations Over Clubs:

A Shift in Strategy

Early on, Clubee sold directly to clubs using a

B2B outbound model. However, the company

pivoted towards working with federations.

“The B2B outbound sales model with clubs was diﬃcult

to scale while keeping the unit economics in check,

whereas the enterprise sales model of working with

federations was more eﬃcient,” Mangen explains.

This strategic pivot has paid oﬀ. The company

has grown to 20 employees and is experiencing

70% year-over-year growth, all while remaining break-

even and self-sustaining. “We reached self-suﬃciency to

keep on growing 50–100% year-on-year,” says Mangen.

Why Sports Is

a Tough VC Sell

Expanding in the sports industry is tough because

it's a relatively old-school business. Relationships

and insider knowledge are key. There is a need for

local teams on the ground, and that takes money,

explains Mangen. It’s a classic chicken-and-egg

problem, making it hard to grow organically.

Yet, “sport isn’t necessarily the most exciting venture

capital case. It’s an exciting industry for sure, even for

private equity, but for VC, it's tough,” says Mangen.

The sports industry is “an extremely fragmented

market. It’s large, but split into many small segments”.

This makes it harder to scale fast without making

signiﬁcant investments.

AI in Sports: From “Too

Early” to Perfect Timing

Clubee was ahead of its time in adopting AI for the

sports sector. “Funny thing: we marketed ourselves

as AI for sport in 2015 and people couldn’t care less,”

laughs Mangen. “We were a good example of ‘ too soon

to market’. Market timing is super important, and

we were way too early. Today, we are well-positioned

in that regard.”

Clubee’s tools now help federations generate

hundreds of thousands of match schedules and

automate over 400 operational processes, saving

hundreds of hours of work.

The road ahead

Looking to the future, Clubee is doubling down on

its momentum in the DACH region while preparing

to enter new territories. Its streamlined operations

span Luxembourg and a satellite oﬃce in Hamburg,

with plans to enter two new European markets by

the end of the year. “This time, with more budget and

a more selective approach,” notes Mangen.

Despite Luxembourg’s limitations as a sports hub,

Clubee has been able to overcome several hurdles

to reach proﬁtability. With a lean team, strong tech

foundation, and a clear understanding of

the industry's challenges, Clubee is now charting

a course for sustainable growth across the European

sports industry.

Since its founding in

2015, Clubee has been on

a mission to modernise

how sports organisations

operate by simplifying their

day-to-day management

through AI and automation.

SPORTS

ORGANIZATIONS

WITH

CLUBEE: GNI

We were

a good example

of ‘too soon

to market’.

Today, we are

well-positioned

in that regard.

Gilles Mangen, co-founder and CEO of Clubee.

THE STARTUP MAGAZINE

30 31

silicon luxembourg | Nr 26 - 2025

The Long RunThe Long Run

By: Nathan Moyse

Photo: Clubee

Maciej Waloszyk, co-founder, Jean-Christophe Denis, Partner and CTO,

and Declan OhAnnrachain, co-founder of Cascade.

Amid a turbulent economic climate and shifting

regulatory pressures in 2025, Luxembourg-based

RegTech startup Cascade is rapidly establishing itself

as a key player in the ﬁnancial compliance space.

Cascade's

Global

RegTech

Rise

Founded 2019

Seed Round €1M in 2022

Co-founders Declan O’Hannrachain,

Founder &

Managing Director

Maciej Waloszyk,

Founder &

Managing Director

By: Charles-Louis Machuron

Photo: Silicon Luxembourg

THE STARTUP MAGAZINE

32 33

silicon luxembourg | Nr 26 - 2025

Hot & ScalingHot & Scaling

With its recent selection for the prestigious

FinCrimeTech 50 list, the company has added yet

another milestone to its growing list of achievements,

reinforcing its momentum at a pivotal stage in its

international expansion.

“We’re thrilled to be recognised—it couldn’t come at

a better time,” says co-founder Maciej Waloszyk.

“While we are well-established in Luxembourg with

over 100 clients, international markets remain fragmented.

The visibility this recognition brings is incredibly valuable

when approaching new jurisdictions.”

Having launched in 2019, Cascade is building a

reputation for providing ﬂexible, enterprise-grade

compliance and administrative software to small

and medium-sized ﬁnancial institutions. Its solution

replaces a patchwork of spreadsheets and legacy

tools with an integrated platform covering AML,

KYC, corporate governance, and more.

Scaling smartly

Cascade’s technology is now in use across more than

25 jurisdictions, with signiﬁcant investments being made

to strengthen footholds abroad. The UK has been a

particular focus, where demand for AML solutions is

high—not just from clients, but also from an investment

perspective. A potential Series A funding round is planned

for 2026, and the ﬁrm sees its traction in mature markets

as a key factor in attracting serious capital.

With the rise in regulatory expectations and complexity,

especially within ﬁnancial hubs like Luxembourg, Cascade

is well-positioned to scale. “Luxembourg’s standards are

among the highest globally, and that plays to our strengths,”

says Waloszyk. “Often, international providers can’t meet

the bar here, which gives us an edge. Increasingly, we see

headquarters of multinational ﬁrms taking note of what their

Luxembourg branches achieve with Cascade—and requesting

the system themselves.”

Adapting to a rapidly

evolving landscape

In response to 2025’s increasingly dynamic regulatory

environment, Cascade has evolved quickly. The team

is actively integrating new product capabilities that

meet the changing needs of compliance teams. Two key

enhancements include a secure digital communication

portal, facilitating automated data exchange, and

the BI Connectivity Pack, which oﬀers robust

reporting functionality for internal management

and regulatory requirements.

Perhaps most notably, development is well underway

on Cascade 2.0, the company’s next-generation

platform. It is being built from the ground up with

advanced architecture, AI integration, and modular

compliance features designed to serve both SMEs and

large international ﬁrms.

“Our upcoming release reﬂects six years of market experience,”

explains Declan OhAnnrachain second co-founder

of Cascade. “It’s not just an upgrade—it’s a new system

designed to support more complex and global operations

with ease and ﬂexibility.”

Riding the AI wave

While artiﬁcial intelligence dominates the current

tech discourse, Cascade takes a pragmatic approach.

“There’s a risk of AI becoming a buzzword,” warns

Jean-Christophe Denis Partner and CTO at Cascade.

“We’re focused on ambitious, meaningful use cases where

AI adds real value without inﬂating costs unnecessarily.

Our AI-driven functionality will cut through low-value

tasks, allowing compliance oﬃcers to focus on the holistic,

360-degree picture, always remaining in the driver’s seat.”

One such initiative is the automation of ﬁrst-line

defence processes, like the treatment of name screening

alerts, data input automation, and auto summarizations,

which are often resource-intensive. This will enhance

both eﬃciency and accuracy, a critical balance in

regulated environments

Expanding strategically

While the ﬁrm has expanded its capabilities to serve

larger institutions, its core market remains SMEs—an

underserved segment that Cascade has supported from

day one. “Our platform was built with smaller ﬁrms in

mind, and we won’t abandon them,” says Waloszyk.

“That said, we’re now fully capable of supporting enterprise

clients—and Cascade 2.0 is a testament to that.”

Backed by strong local investors such as Expon Capital,

LBAN, and Project Rise, and recognised with awards like

Young ICT Revelation of the Year and the APSI Start-Up

Award, Cascade is one of Luxembourg’s most promising

tech ventures. The €1 million funding round it raised in

2022 has been instrumental in growing the team and

accelerating product development.

As the regulatory technology sector faces both headwinds

and opportunities in the next 12 to 18 months, Cascade

is laser-focused on execution. “Our clients are navigating

constant change. Our job is to help them do so with clarity,

automation, and conﬁdence,” OhAnnrachain concludes.

“Recognition like the FinCrimeTech 50 validates our mission—

but more importantly, it gives us momentum to build what

comes next.”

Luxembourg’s standards are among

the highest globally, and that plays

to our strengths.

MACIEJ WALOSZYK

– co-founder

We're focused on ambitious,

meaningful use cases where

AI adds real value without

inﬂating costs unnecessarily.

JEAN-CHRISTOPHE DENIS

– Partner and CTO

Our clients are navigating

constant change. Our job is to

help them do so with clarity,

automation, and conﬁdence.

DECLAN OHANNRACHAIN

– co-founder

THE STARTUP MAGAZINE

34 35

silicon luxembourg | Nr 26 - 2025

Hot & ScalingHot & Scaling

THE

DARK

It’s a weekday evening in a sleek Luxembourg

home. Around a candlelit dinner table, guests

in suits laugh about investments—until the

host, with a dramatic breath, places a laptop on

the table. A pitch begins: a revolutionary crypto

project, poised to change the world. Crypto is

everywhere. Even at dinner parties.

What is crypto?

You might not be getting crypto Tupperware invites

just yet—but most of us hear or read

the word “crypto” on a weekly, if not daily, basis.

Cryptocurrency is a digital form of money that

uses cryptography to secure transactions. Unlike

traditional currencies, most cryptocurrencies

operate on decentralised networks, meaning no

single authority—such as a central bank—controls

them. Like tokenisation (the conversion of real-

world assets such as art, stocks or property into

digital tokens), crypto transactions are recorded

on a blockchain: a tamper-proof public ledger.

Bitcoin and Ethereum are the most well-known

cryptocurrencies, but by January 2025, Statista had

recorded over 10,500 active cryptocurrencies—

up from just a few hundred a decade ago.

Who is buying it?

A 2024 Swissquote survey of Luxembourg residents

found that nearly half of Gen Z respondents had

invested in crypto, compared with 36% of Gen X

and just 11% of those aged 59 and over. The data

points to a generational shift in risk appetite and

investment habits. Digital currencies ﬁrst emerged

in the 1980s with early electronic cash systems like

eCash. But it was the launch of Bitcoin in 2009

that triggered the modern crypto era.

Fifteen years later, the popularity of crypto

continues to soar. One driving force is the increa-

sing focus on personal ﬁnancial independence,

especially amid concerns over the long-term

viability of state pension schemes. Swissquote

found that nearly two-thirds of Luxembourg-based

crypto investors were motivated by the desire to

grow their wealth. Other accelerants include the

ﬁrst COVID lockdown in 2020, when furloughed

workers suddenly had time—and disposable

income—to explore speculative investing.

Finﬂuencers were quick to exploit this, ﬂaunting

lavish lifestyles online to sell the promise of quick

proﬁts and creating intense FOMO among ﬁrst-

time investors.

Inside the

crypto meetup

On a dark, rainy Tuesday in January, the streets

of Luxembourg City are empty. One bar on Place

d’Armes, however, is buzzing. I step inside and

a dozen men in jeans, shirts and sleeveless padded

coats turn towards me.

“I’m here for the monthly blockchain meetup,” I say.

One man, still wearing a woollen coat and scarf

indoors, nods and introduces himself as Jean.

I’d guess he’s in his early thirties. He’s polite

and compliments my French as I explain that

I’m a beginner wanting to understand crypto

better. “How did you start?” I ask.

“I began about eight years ago,” he says, adding

that he focuses mostly on the two main

cryptocurrencies: Bitcoin and Ethereum.

I join a group of two women and a man roughly

in his ﬁfties. The latter jokes: “If you want to make

a million in France, you have to start with two million.”

He’s unimpressed by the crippling tax regime in the

neighbouring country. Luxembourg, he points out,

is far more favourable.

Gains from selling crypto assets held for more

than six months are generally tax-exempt—

provided the activity is not considered professional

trading. I already know that Luxembourg is home

to a number of crypto trading platforms, either

licensed locally or operating under EU regulation,

which lowers investor risk. But that doesn’t mean

locals haven’t lost money. “Everyone has horror

stories,” the event organiser tells me before I leave.

He doesn’t elaborate—whether he’s referring to

badly timed investments or outright scams remains

unclear. Either way, he’s reluctant to say more.

$12 billion lost

to scams

Crypto’s appeal lies in its speed, low fees, anonymity

and global reach. But these same traits make it a

magnet for fraud. According to crypto research

ﬁrm Chainalysis, scam-related activity has grown

by 24% globally every year since 2020. The ﬁrm

forecast that 2024 would be a record year, with

scams draining $12 billion from unsuspecting

investors—fuelled by AI-generated personas and

increasingly complex schemes.

SIDE

THE

CRYPTO

PARTY

With its high standard of living and tech-savvy residents,

Luxembourg is a prime target for both legitimate crypto

investments and elaborate scams.

By:

Jess Bauldry

If you don’t

understand

how it works,

then don’t do it.

If you want to

earn money,

it’s always beer

to pay for advice.”

– Igor Loran, technical coordinator at Bee Secure

THE STARTUP MAGAZINE

silicon luxembourg | Nr 26 - 2025

Trend TrackerTrend Tracker

In response to the growing cyber threat

and the ongoing digitalisation of servic-

es, the European NIS 2 directive (Net-

work and Information Security) aims to

harmonise and strengthen cybersecurity

requirements, in order to better protect

businesses and, through them, the citi-

zens affected.

“NIS 2 was adopted in 2022 but will

be implemented this year following its

transposition into national law. It follows

the 2016 NIS 1 directive, expanding its

scope and objectives to provide even

greater protection,” explains Sheila

Becker, Head of Network and Informa-

tion Systems Security (NISS) at the Lux-

embourg Institute of Regulation (ILR).

Expansion of the sectors

covered

More specic and more ambitious, this

new directive introduces a number of

key changes.

The rst? A signicantly broader range of

companies are now affected. All entities

are by default classied under two new

categories: essential entities -- mainly

businesses operating in highly critical

sectors -- employing at least 250 peo-

ple, or generating an annual turnover

exceeding €50 million, or with an annual

balance sheet total over €43 million; and

important entities, employing at least

50 people or with a turnover or balance

sheet total of at least €10 million.

This new classication comes with

a signicant expansion of the sectors cov-

ered: “The space sector, manufacturing,

online marketplaces, and food produc-

tion, among others, are now included.

The full list is available on our website

ilr.lu, where you’ll also nd a detailed

FAQ. Companies are welcome to send

their questions via our dedicated email

address: nis2@ilr.lu,” notes Sheila Becker.

Registration and Incident

reporting to the ILR

All affected companies must take the in-

itiative to register themselves with their

competent authority, namely the Luxem-

bourg Institute of Regulation (ILR) or the

Commission de Surveillance du Secteur

Financier (CSSF) for companies in the -

nancial sector.

Once registered, they are required to re-

port any incident that could signicantly

impact cybersecurity within 24 hours.

“This could be an attack, a mishandling,

human error, a malicious act, a small

explosion in the server room, or even

a truck hitting an electronic communi-

cations distribution cabinet… In short,

anything that could compromise IT

systems and the data processed by the

company,” explains the Head of Net-

work and Information Systems’ Security.

Responsibility of management

bodies

Another key change under NIS 2 is the

accountability of company management.

Cybersecurity is no longer solely the re-

sponsibility of the IT department. Execu-

tives are now expected to stay informed,

undergo training, and ensure their staff

are also trained on cybersecurity mat-

ters. They must understand the stakes

and implement a risk analysis and IT

system security policy.

It’s important to note that failure to com-

ply with the directive may result in pen-

alties ranging from a formal warning to

nes of up to €10 million or 2% of the

company’s total global turnover.

NIS 2 :

New Measures To Strengthen Corporate

Cybersecurity

The European NIS 2 directive, which addresses corporate cybersecurity, now targets a broader

range of companies and sectors, and holds company management accountable for cybersecurity.

Here is an overview of the new requirements and the steps to take.

e full list is available on our websiteilr.lu,

where you will also nd a detailed FAQ.

Companies can also send us their questions

via our dedicated email address:nis2@ilr.lu

Luxembourg is not immune. Its aﬄuence and

high internet penetration make it an attractive

hunting ground. The country’s cybercrime unit has

investigated 58 crypto scams since 2021—a ﬁgure

that only scratches the surface. “There are certainly

cases which have not been reported to the police at all,”

a spokesperson conﬁrmed.

There’s no typical victim proﬁle. “People of diﬀerent

ages and professions have been victims of fake crypto

trading platforms, after having been lured in by speciﬁc

advertisements on social media or as a result of a love

scam,” the police said. “Quite often, 5- to 6-digit sums

are lost in these schemes.”

According to Bee Secure—a free, anonymous

helpline for online safety—the most vulnerable

group is people over 60, many of whom have

substantial savings. “In one case, the individual

who called us lost over €200,000 in a scam.

They borrowed money from friends and family

and then went to the bank,” said Igor Loran,

technical coordinator at Bee Secure. “The bank

alerted lawyers and then the police got involved.”

The price

of ignorance

Loran explained that the caller had been caught

in a case of money mauling—a form of money

laundering where people unknowingly transfer

illegal funds through their own bank or crypto

accounts. Other scams include pump-and-dump

schemes, where the price of a token is artiﬁcially

inﬂated through hype, then sold oﬀ at a proﬁt—

leaving other investors with worthless assets.

His advice: “If you don’t understand how it works,

then don’t do it. If you want to earn money, it’s always

better to pay for advice.”

Will regulation

save us?

In December 2024, the EU’s Markets in Crypto-

Assets (MiCA) regulation came into force,

bringing tighter rules for crypto-asset service

providers (CASPs). These include mandatory

licensing, stricter anti-money laundering measures,

and controls to prevent market abuse.

But regulation is only part of the solution.

Unlicensed operators will continue to ﬁnd new

ways to appear credible. That’s why education

remains critical. “If an investment promises

guaranteed high returns, it is likely fraud,” Loran

warns. “Do not believe the guy, who is 20 years old,

promising you €100k+ per month, having a villa,

shiny jewellery, sitting in a Lamborghini or a yacht,

surrounded by models or travelling across the world!”

As crypto moves further into the mainstream,

so too do the risks. In this digital gold rush,

scepticism may be the most valuable currency of all.

If an investment promises

guaranteed high returns,

it is likely fraud.”

– Igor Loran, technical coordinator at Bee Secure

THE STARTUP MAGAZINE

Trend Tracker

It All Started with

a Coin and a Call

It began with Dr James Mulli. Calm, kind, and

endlessly patient, we ﬁrst met back in 2018 when

he helped students at Luxembourg’s International

School create a student token called ISLcoin.

Seven years later, I got in touch again to see

how things had progressed. These days, he’s the

academic dean and president of the European

Business Institute of Luxembourg.

As ever, he was passionate about demystifying

crypto—not just the buzzwords, but its

potential uses.

“In my courses, it’s mandatory, everyone has to create

a coin. You’re all going to be millionaires. Of course

it’ll be worthless!”

We both laughed. Then he added, more seriously:

“I can give you links if you like.”

Enter JessCoin

The link took me to Bitbond, a platform that lets

you mint your own personalised ERC20 token

on Ethereum. JessCoin had a nice ring to it.

This could be fun.

To create my own coin, I needed a wallet.

Metamask was not enabled so I opted for Coinbase.

Setting up an account felt familiar enough—

name, ID, upload a document to prove my address.

That’s where I hit the ﬁrst wall. Our household bills

are in my husband’s name, so I uploaded a credit

card statement. Rejected. I tried again. Still no joy.

The system told me to wait 24 hours before trying

once more.

I did. Still nothing. I tried a residence certiﬁcate—

an oﬃcial document issued by the Luxembourg

state. Rejected again.

Eventually, I took a break. I had other articles to

work on. A few weeks later, I sat down with my

husband to give it one last go (sometimes having

an “alpha male” in the room makes platforms

behave better). We tried to ﬂag it with Coinbase’s

customer service. We got caught in a loop of

circular FAQs and an unhelpful chatbot that

may as well have been made of sponge. No option

to speak to a real person.

By this point, my original credit card statement

had expired. So I shelved the project—and went

back to research.

Meanwhile, Over in

MemeCoin Land…

That’s when I stumbled on the story of a teenager

in the US who’d put $350 into a memecoin called

Gen Z Quant—a joke coin with no real utility

beyond generating hype. He livestreamed its launch

on Pump.fun, and people started piling in. The price

surged. He cashed out with $30,000 and, during

the livestream, ﬂipped the bird at his audience.

It’s what’s known as a “soft rug pull”. Not illegal,

but widely frowned upon in crypto circles.

Then he did it again. Twice. He created two more

coins—im sorry and my dog lucy—and raised

another $50,000 in one evening. Some investors

were furious and started doxxing him. Others,

bizarrely, decided to take revenge on his behalf

by buying up Gen Z Quant again and pumping

the value to $72 million—just to prove a point.

After reading this, all I could think was: How was

it that easy for him?

One Last Try

I gave Coinbase another go. I logged in, uploaded

a fresh bank statement… and suddenly I was in.

I messaged my husband to share the victory.

His reply came back instantly: “Di d you ﬁnd a crypto

scammer to help you?”

No Coin, No Campaign

Technically, I was now ready to mint JessCoin.

But I didn’t.

After the slog of just joining the platform, I realised

I wasn’t ready for whatever came next. Even if I did

create a coin, I’d need people to buy it—and for that,

I’d need an actual campaign. A following. Hype.

A reason for anyone to care. I didn’t have the time

(or energy) to orchestrate a full-blown FOMO

moment for JessCoin.

I looked back at my notes from the call with

Dr Mulli.

“It has to have a value and a utility and once it has

those two qualities it will gain traction and acceptance.”

He was right. A random coin without purpose is

just another piece of digital ﬂuﬀ.

The Small Print

In case you’re wondering—yes, you’re legally

allowed to create your own cryptocurrency in

Luxembourg. But there are rules, especially under

the European Union’s new Markets in Crypto-

Assets Regulation (MiCAR), which comes fully

into force in 2025.

Here’s the basic breakdown:

— Asset-Referenced Tokens (ARTs):

Pegged to a basket of assets

— E-Money Tokens (EMTs):

Pegged to a single currency

— Other Crypto-Assets: Everything else

(including your typical memecoins)

Depending on what you create, you might need to:

— Publish a White Paper explaining

your token’s function and risks

— Register as a Crypto-Asset Service Provider

(CASP)

— Meet Anti-Money Laundering (AML)

and Counter-Terrorist Financing (CFT)

requirements

Break the rules, and you could face ﬁnes of

up to €15 million—or even a prison sentence.

So far, Luxembourg hasn’t penalised anyone

for minting a dodgy token. But I had no intention

of being the ﬁrst.

“I think if you did a survey you’d ﬁnd the same people

who are buying cryptocurrencies are dabbling with

making it as well,” Dr Mulli had told me.

Good luck to them, I thought.

“It has to have a value and a utility and once

it has those two qualities it will gain traction

and acceptance.”

– Dr James Mulli, Founder, Program Director and Academic Dean of the European Business Institute (EBU)

Is it really as easy as they say?—I had the perfect headline

in mind: “How I Became a Crypto MillionaireOvernight!”

A tongue-in-cheek take on how anyone can create their

own cryptocurrency these days thanks to no-code tools

and a bit of online magic. The reality turned out to be

a little more... stubborn.

CRYPTO 3.0:

By: Jess Bauldry

Coin

My Own

To Mint

I Tried

How

(and Failed)

THE STARTUP MAGAZINE

40 41

silicon luxembourg | Nr 26 - 2025

Trend TrackerTrend Tracker

From bold beginnings to building breakout

tech success stories, Expon Capital has

become a key player in shaping Luxembourg’s

startup landscape. With over €90 million

invested across 33 companies and a clear

focus on B2B SaaS, AI, and sustainability,

the ﬁrm has proven that even small markets

can fuel global ambitions.

Alain Rodermann,

Jérôme Wittamer,

Lily Wang and

Marc Gendebien,

management team

of Expon Capital

Where does Expon Capital stand today in its journey?

Expon Capital was founded with a clear understanding of Luxembourg's

early startup scene. We had followed the journeys of pioneers like

Athome/Monster.lu, EuroDNS/Datacenter and others while actively

engaged in tech venture. Expon Capital’s founders are from the same

generation as the entrepreneurs that shaped Luxembourg’s

ﬁrst wave of tech successes. Jerome had been active as

an investor in Luxembourg in a success like VOXmobile

(sold in 2007 to Orange) while Alain previously served as a

partner at a leading European VC in Paris. Despite knowing

Luxembourg's startup market was neither broad nor deep

(i.e. too small), the team recognized the potential for

signiﬁcant tech growth and partnered with the Ministry of

Economy to turn Luxembourg into a seed-stage tech hub.

The Digital Tech Fund’s initial strategy was intentionally

focused, demanding, and disciplined—never meant to

function as a soft capital but rather as a competitive venture

fund designed to win on market terms. Let’s be frank, with

so few startups, the odds of backing the kind of breakout

success a VC fund needs even once—let alone multiple

times—were low.

While supporting the local ecosystem and delivering

impact are core to our mission, we ﬁrmly believe that the

fund’s success—and itFs long-term credibility—depends

on achieving strong ﬁnancial returns for its investors, over

half of which are corporates, family oﬃces and HNWI.

While supporting the local ecosystem and delivering impact

are core to our mission, we ﬁrmly believe that the fund’s

success—and itFs long-term credibility—depends on

achieving strong ﬁnancial returns for its investors, over

half of which are corporates, family oﬃces and HNWI.

Today, Expon Capital stands as a highly active venture ﬁrm

within Luxembourg's borders, and was recently ranked as one of the

most active in Europe by FT’s Sifted. With the Digital Tech Fund, we’ve

backed over 20 startups with total investments close to €30 million.

Our three funds— Vintage I, II, and III—each have their

own personality:

— Vintage I : the ﬁrst DTF supported 6 promising startups, including

Salonkee and Passbolt, allowing us to reﬁne our investment approach.

— Vintage II : was about pursuing exploration, adding 7 more successful

companies, demonstrating our ability to consistently identify

promising opportunities.

— Vintage III : currently active and focused on emerging tech sectors

such as AI, digital health, and sustainability. We've already made

7 investments, with several more expected soon.

Given typical seed-stage failure rates (70-90%), the fund has just

experienced two failures to date, a notable outcome at these early stages.

While it will take time for the full results to materialize, we’re optimistic

about upcoming exits and expect solid returns from Funds I and II, given

the strong growth across many portfolio companies. Fund IV is already

programmed for 2026 to pursue the successful strategy.

What are the

main success

stories from your

various funds?

Salonkee—a B2B

SaaS platform for

hair/beauty salons that

grew from fewer than

10 employees to over

250 today (with 100

in Luxembourg alone),

sustaining over 100%

annual revenue growth

for 6+ years—stands out

as a signiﬁcant success

within the Digital

Tech Fund. The fund

invested seven years ago, following the team's graduation

from Fit 4 Start. The company had a great team, promising

KPIs and a market of one million potential clients, Tom

Michels (CEO) and his team stood out as very attentive to

coaching, disciplined and eager to succeed in what was

a tough market to crack, that was enough to convince

Expon Capital to back the project.

Marketleap.ai, another standout, evolved rapidly

from inception into a fast-growing critical ecommerce

partner serving over 50 global brands. The founders,

with backgrounds from Amazon and Rocket Internet,

exemplify the qualities Expon Capital seeks: intelligence,

ambition, and a strong drive. This combined with a

substantial market opportunity positions Marketleap.ai

for promising performance.

The DTF invested into other notable ‘successes in

the making’ across strategic sectors, including Next

Gate Tech (Fintech), Coinhouse (Crypto), HydroSat

(SpaceTech), and of course Passbolt (Cybersecurity).

Each of them is a leading company in its ﬁeld, guided by

highly capable founders.

By: Charles-Louis Machuron

Photo: Expon Capital

Ask an Insider

“Let’s be frank,

with so few startups,

the odds of backing

the kind of breakout

success a VC fund

needs even once—

let alone multiple

times—were low.”

– Expon Capital founders

Ask an Insider

THE STARTUP MAGAZINE

BETTING ON BOLD FOUNDERS

THE STARTUP MAGAZINE

42 43

silicon luxembourg | Nr 26 - 2025

Ask a VCAsk a VC

What total amount

have you invested

to date, and in

how many startups?

Over the past nine years, Expon

Capital deployed €90 million

across 33 companies in 14

countries—building a portfolio

that spans the full lifecycle of

venture capital, from pre-seed

to growth. While Expon Capital’s

reach is pan-European, our

activity has intensiﬁed over the

last ﬁve years, particularly in

Luxembourg, reﬂecting our

growing conviction about the

quality of local opportunities.

The Digital Tech Fund has become

one of the useful instruments of Luxembourg’s innovation

economy. Through it, we’ve deployed nearly €30 million across

20 startups—including 13 born in the country and one spun out

of public research institution LIST. The fund was built on

a simple but bold thesis: that with the right support, ambitious

tech companies can be built in small markets. Today, that thesis

holds true. With a focus on B2B SaaS, the DTF has backed startups

in sectors that matter—ﬁntech, space, cybersecurity, health,

climate, and AI.

Being often the ﬁrst institutional investor, The Digital Tech Fund

helps companies implement solid corporate governance, enhance

credibility with customers, and connect with experts to scale

eﬀectively from early-stage ideas to globally competitive businesses.

[Beyond Luxembourg, Expon Capital’s growth fund backed companies

that are redeﬁning industries across Europe: HelloBetter in Germany

is leading the mental health revolution with digital therapeutics;

Sympower in the Netherlands is helping balance the electric grid

for a renewable future; and Refurbed in Austria is building a circular

economy platform for consumer electronics. Each one is a category

leader, tackling complex challenges with conviction, and building the

kind of resilient, scalable companies that deﬁne the next generation

of European tech.]

What motivates you to invest in a startup?

We seek extraordinary founders who combine global ambition,

unique insights, boundless energy, and strong storytelling

skills. We prioritize clear business models

with potential for signiﬁcant proﬁtability

at scale, backed by a systemic view of

market opportunities.

What role do your Entrepreneurs

in Residence play?

Our EIR program, now in its sixth year,

hosts exceptional entrepreneurs such as

Benjamin Blasco, founder of Petit Bambou.

EIRs contribute invaluable deal sourcing,

critical evaluation, and fresh perspectives

on market dynamics. They enjoy an

exclusive view of what’s going on inside

the VC reactor, see our investment

processes in action, enrich our strategic

discussions and sometimes enhance

portfolio value.

What advice would you give to startups seeking

to raise funds today?

We are highly optimistic about Luxembourg’s software ecosystem,

primarily because we believe the next major wave of innovation

will come from AI-driven agents

and the automation of complex,

high-value workﬂows. Luxembourg

is uniquely positioned to lead in this

transformation for two key reasons:

First, it is a strategic operational hub,

home to essential middle-oﬃce

functions for many global organizations.

This has created a deep reservoir of

operational expertise and intimate

knowledge of critical processes, exactly

the kind of workﬂows now becoming

ripe for AI-driven automation.

Second, Luxembourg boasts a

highly educated workforce skilled

at understanding, dissecting, and

optimizing these intricate processes.

With their deep expertise, they’re

exceptionally well-equipped to identify

automation opportunities, and design

and deploy sophisticated AI agents

that will profoundly boost productivity

and eﬃciency across industries. We’re

right here to support the entrepreneurs

developing those highly powerful

vertical agents.

Finally, access to funding for startups

has been tough for years and we believe it will remain like this

until the next bubble. So our advice to founders is to pragmatically

secure available capital, target quick wins with a good enough

product while working on the ideal product over the long-

run, maintain clear paths to proﬁtability as soon as you can.

The current market favors startups resilient enough to sustain

themselves through smart strategies rather than solely relying

on external funding.

How do your international VC peers and partners

perceive Luxembourg?

Five years ago, Luxembourg barely registered on Europe's startup

radar. Today, the rise of a new generation of founders and strategic

investments, including those through the Digital Tech Fund, have

led to increased participation from top VCs across Europe and,

at the growth stage, the US in local deals. Expon Capital hopes this

trend holds despite the challenging VC climate.

How do you perceive the evolution of the tech

and startup ecosystem in Luxembourg?

Building a startup ecosystem requires both urgency and patience,

typically over multiple decades. Luxembourg's ecosystem,

launched around 2015, has grown impressively thanks to crucial

state involvement, private-sector participation, incubators,

accelerators, and international investors.

We believe there’s good reason to celebrate

what all stakeholders have accomplished—

Luxembourg’s startup ecosystem has made

remarkable progress over the past decade.

But to generate lasting economic impact,

the ecosystem must triple in size—ideally

to around 1,000 active startups. Given the

high failure rates inherent to early-stage

ventures, building a thriving startup ecosystem

is ultimately a numbers game. Success

depends on enabling the emergence of rare,

unpredictable outliers—the few companies

that will go on to create high numbers of

jobs, generate substantial tax revenue, and

elevate the country’s global standing. The

challenge, of course, is that no one can predict

in advance which startups will become those

outliers. That’s why policies that encourage the

broad proliferation of seed-stage ventures are

essential: they increase the odds of producing

breakthrough successes that drive long-term

innovation and economic vitality.

The local presence of global companies like

Amazon has been critical in signiﬁcantly

enriching the talent pool in critical areas

like tech, sales, marketing, and operational

excellence. Companies like Spire, Talkwalker, and Paypal have

further diversiﬁed and deepened available expertise. We see this

development as absolutely key as it brings breadth and depth

in the relevant talent pool necessary for startups to thrive.

After experiencing vibrant European ecosystems from Barcelona

to Tartu, we recognize Luxembourg’s distinct advantages and

uniqueness: its international mindset, outward-looking ambition,

and uniquely experienced founder base. Many Luxembourg

founders are seasoned professionals with deep operational

insights, oﬀering grounded and committed leadership. They tend

to be more ready than younger entrepreneurs.

“The fund was

built on a simple

but bold thesis:

that with the

right support,

ambitious tech

companies can

be built in

small markets.”

– Expon Capital founders

“The local presence

of global companies

brings breadth

and depth in the

relevant talent pool

necessary for

startups to thrive.”

– Expon Capital founders

44 45

silicon luxembourg | Nr 26 - 2025

THE STARTUP MAGAZINE

Ask a VCAsk a VC

In today’s ﬁercely competitive talent

landscape, companies often attribute

hiring diculties to external factors

such as employer branding, shifting

generational expectations, or market

saturation. But according to seasoned

headhunter Enrica Pellegrini, many

organisations are overlooking a much

earlier—and far more controllable—

failure point: recruitment.

TALENT RETENTION STARTS (AND

SOMETIMES FAILS) AT LETTER A

Enrica Pellegrini,

Founder & CEO-

Independent

Headhunter/Recruiter

“Retention doesn’t start on an employee’s ﬁrst day,” says Pellegrini. “It starts long

before that, at the very beginning—at letter A, with the recruitment process.”

From rigid hiring procedures to unclear communication and a lack of transparency,

businesses often undermine employee engagement before a new hire even sets

foot in the oﬃce. Pellegrini has observed this trend repeatedly over the course of

her career, and she argues that these early missteps are frequently the root cause

of later resignations.

By: Charles-Louis Machuron

Photo: Matassa Recruiting

Ask an Insider

Understanding the real reasons behind resignations

Not all resignations are equal, Pellegrini explains. “There are

essentially three types. Early departures typically result from rushed

hiring or a misalignment between the job as presented and the actual

day-to-day reality. After about a year, resignations may reﬂect unmet

expectations or a poor cultural ﬁt—often because the candidate’s

intrinsic motivations or working style were never fully explored.

And then there are natural resignations,

which occur when an employee simply

reaches the end of a growth cycle.”

Critically, many of these resignations

could be avoided. With clearer

communication, realistic expectations,

and a more thoughtful hiring process,

the foundations for long-term commit-

ment can be laid from the outset.

Recruiters: trusted advisors

or mismatched intermediaries?

At the heart of successful recruitment

lies the recruiter’s role—not merely as a

vacancy-ﬁller, but as a strategic advisor.

“It’s not just about selling the job,” says

Pellegrini. “It’s about creating alignment.

The recruiter must strike the right balance

between attraction and transparency. When

that balance is missing, retention suﬀers.”

This becomes especially evident when

candidates feel misled. A lack of clarity

about a role’s responsibilities, the team

dynamic, or company culture can lead

to early disengagement once the initial

honeymoon period wears oﬀ. “Candidates may accept the oﬀer,

only to feel disillusioned later. This sense of betrayal damages trust

and can trigger premature exits,” she notes. Beyond individual

departures, the reputational impact—through negative word-

of-mouth—can erode the company’s broader employer brand.

When recruiters don’t know their clients

One of the most common pitfalls in the recruitment process

stems from the recruiter’s lack of real understanding of

the hiring company. This is particularly problematic when

recruitment is outsourced to ﬁrms with limited client

interaction, or international agencies unfamiliar with local

culture and expectations.

“In markets like Luxembourg, where relationships and cultural nuance

matter, recruiter proximity to both client and candidate is critical,”

Pellegrini emphasises. “If the recruiter doesn’t understand the client’s

long-term vision, team dynamics, or inter-

nal culture, there’s a signiﬁcant risk of

placing the wrong candidate—even if they

look perfect on paper.”

Best practices for

long-term hiring success

So how can companies and

recruiters turn the recruitment

process into a genuine driver

of retention and engagement?

For Pellegrini, it’s all about getting

the basics right. “The recruitment

experience must be positive and

authentic. Small details often make

the biggest diﬀerence.”

She outlines two non-negotiables

for success: First of all, transparency

and open communication. These

are essential for building trust.

A recruitment process rooted in

honesty lays the groundwork for

a strong, enduring relationship

between employer and employee.

A deep understanding of company culture and team dynamics –

“A good recruiter does more than match CVs to job specs. They get

under the skin of the business—its environment, its people, and its long-

term goals. The aim is not simply to ﬁll a position, but to place the right

person in the right context.”

In conclusion, if companies want to win the war for talent, they need

to look inward—starting with the very ﬁrst interaction. Recruitment

is not just a tactical necessity; it’s a strategic opportunity. Done right,

it not only secures great hires—it keeps them.

“Transparency

plays a

critical role

in shaping

how candidates

perceive

a company.”

Cover Story

silicon luxembourg | Nr 26 - 2025

Ask an Insider

THE STARTUP MAGAZINE

VISUAL

POETRY

I’m a cinematic portrait

photographer based in

Luxembourg. When I do

photography I become quiet

to hear the music of my

subjects and then I translate

that feeling into what I call

visual poetry.

In this series, she takes us on a journey through

one of the cities that speaks most to her heart.

A place where she says her heartbeat syncs

with the rhythm of the streets. You can sense it

in her photos—the way she captures a pass-

ing gull, the light on stone, the in-between

moments that most people miss.

“

In this series I captured one of the most poetic

cities I’ve ever visited. It’s a place where I feel

my heart beats in rhythm with the city itself.

I loved exploring it through my lens, watching

seagulls ﬂy and almost ﬂying with them.

”

Marie doesn’t shoot to document. She shoots to

imagine. To stretch time. To ask: what if we were

standing here decades ago? Inspired by icons

like Saul Leiter and Henri Cartier-Bresson, her

work slips between eras, giving us glimpses of

stories that could’ve happened yesterday or a

hundred years ago.

There’s magic in how she sees — and lucky for

us, she lets us see it too

There’s something quietly magnetic

about the way Marie Romanova

photographs the world. Based in

Luxembourg, she’s not just a portrait

photographer—she’s a visual poet.

The kind who doesn’t need words to

tell you how someone feels, or what a

place holds in its silence. When Marie

picks up her camera, she goes still—

listening, observing, almost like she’s

waiting for a song only she can hear.

And once she hears it, she translates it

into images that feel timeless.

MARIE

ROMANOVA

Respire Respire

THE STARTUP MAGAZINE

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silicon luxembourg | Nr 26 - 2025

THE STARTUP MAGAZINE

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silicon luxembourg | Nr 26 - 2025

Respire

CLICKS

Yasmine Meziane doesn’t just work in digital communication—

she lives it. As Marketing & Communication Manager and Digital

Communications Lead at PwC Luxembourg, she’s the kind of

voice that turns strategy into story, and clicks into connection.

From newsletters to podcasts, from bold

campaigns to quiet insights, she’s shaping a digital

world that feels less corporate and more human.

One scroll at a time.

For companies that haven’t

fully embraced social media yet,

what’s your go-to advice to help

them get started with conﬁdence?

Start by pausing and thinking about the content

you would like to create, if you have the internal

resources to do it properly, and the topics you

would like to be known for. Consistency is

deﬁnitely key in an online presence, so you

should choose a frequency you can keep up with.

You don’t want to create too much content for

one week and then leave your audience without

anything for the three following weeks. Our

recommendation would be to plan the topics you

would like to cover, establish a realistic calendar,

and create a format accordingly. For example, if

video creation is too time-consuming on a short-

term basis, instead favour taking good quality

pictures that could also have a positive impact.

Once you settle for a strategy that works for you

and helps you deliver on a regular presence,

you can consider exploring other formats

such as blogs or videos.

What are 2–3 easy things any

business can do to build a consistent

and credible online presence?

1. Go beyond your business topics by

showing the human side of your company.

Today, online users want to see human

faces and get to know the people behind

the scenes. This also includes showcasing

the positive initiatives your organisation

implements internally.

While your business topics tell your audience

what you do, what your expertise is, or target

the challenges of your clients, people-related

content shows who your employees are,

what kind of leadership they embody, or

what values, as a company, you stand for

(i.e. societal shifts such as Diversity, Equity

& Inclusion, Sustainability, Wellbeing),

and that’s an aspect people increasingly care

about and are more likely to connect with.

In a digital world where AI can have a massive

impact on content creation (and sometimes

a bit deceptive), we believe that authentic

posts make a diﬀerence and really create

long-term engagement with your audiences.

2. Diversify your formats. Today’s users show

diﬀerent behaviours in terms of content

consumption: some prefer to read articles or

to watch videos, while others prefer to listen to

podcasts. If you want your audience to engage

with your channels, you also need to adapt to

their needs. That being said, this requires time

and resources. But once you get there, you can

propose diﬀerent content experiences to your

audience, and they’ll engage even more and

be loyal to your social media accounts.

3. Put eﬀorts into your community management.

Social media is mainly about interactions,

so it’s crucial to build connections with your

audiences/followers by nurturing conversations

with them, which is increasingly valued by social

media algorithms. This could take many forms:

answering comments (it may sound basic;

however, we notice that many companies leave

the comments section unattended), posting

a welcoming message on new hires’ posts, or

creating engaging Instagram stories like wishing

your followers a good start to the week or a nice

weekend. These small gestures of attention

toward your audiences can help your brand

stand out and foster a real sense of community.

How do you recommend companies

track if their social media is actually

helping their business?

This depends on your business goals (increasing

sales or donations, converting leads, acquiring

new markets, raising awareness or brand visibi-

lity, etc.), and your type of company (B2B, B2C).

However, one useful tip is creating compelling

reports and dashboards that consider all

your digital channels (social media, website,

podcasting/videos platforms to name a few).

This approach helps you to have a view on your

marketing & communication ecosystem and

better connect the dots with the performance

of your campaigns and the relevant metrics

(follower’s growth, engagement rates, website

visits, downloads, event registrations, brand

mentions, sentiment analysis etc.).

What’s one common social media

mistake you often see—and how

would you ﬁx it?

One opportunity for improvement is when

brands use the same content and tone across

all social media channels without tailoring them

to each platform’s unique audience. Even if

the lines seem a bit blurred, each social media

channel requires a clear and deﬁned content

strategy that adapts to what people usually

expect on the platform. By customising your

posts (whether in format, message, or tone)

you create stronger connections and more

meaningful interactions with your followers.

People are constantly bombarded with posts,

therefore making the most of their time by

creating social media content that aligns with

platform trends and best practices is essential

to capture and hold their attention. Our recom-

mendation is to focus on the channels where

you have strong expertise and understand what

formats and content perform best. For example,

avoid investing time in TikTok unless you have

a clear brand positioning and the knowledge to

create eﬀective posts for this platform, otherwise

this could be detrimental to your reputation.

What’s one digital format (reels,

newsletters, podcasts, etc.) you think

more companies should try—and why?

Explore reels and speciﬁc formats such as

“A Day in the Life” videos. For employer branding

content, this is a perfect opportunity to showcase

roles within your company and give a concrete

glimpse of what a typical day or week looks like,

going beyond the job description. This authentic

approach helps people envision themselves in

the role, highlights other internal projects or

initiatives they could join, and demonstrates how

they can balance professional and personal life.

Use this as an opportunity to promote the

diversity of proﬁles within your organisation,

proﬁles that future talents might not expect to

see. It helps attract candidates who may not be

aware of the job opportunities you oﬀer. This

series has proven very eﬀective and successful

on our social media channels, especially on

Instagram and TikTok. We’ve received positive

feedback from both employees and candidates.

“Authentic posts

make a diﬀerence

and really create

long-term engage-

ment with your

audiences.”

From

with

By: Stephanie Jabardo

Photo: PwC Luxembourg

Yasmine Meziane,

Marketing & Communication

Manager and Digital Communi-

cations Lead at PwC Luxembourg.

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silicon luxembourg | Nr 26 - 2025

How to Social MediaHow to Social Media

Marco Houwen, founder.

Why do you believe now is

the right moment to launch

the Luxembourg chapter of the

Conscious Business Foundation?

Luxembourg is at a tipping point. For decades,

it has stood as a beacon of economic stability

and international trust. Today, the foundations of

our economic strength are being tested by talent

shortages, rising costs, and increasing complexity

on all levels. Meanwhile, we’re facing global waves

of disruption—from AI to climate change to

evolving stakeholder expectations. These aren’t

just challenges for individual companies; they

are calls for a deeper, systemic rethinking of what

business is truly about.

This is where the Conscious Business Foundation

comes in—not as a consultancy but as a

movement. Business is no longer just a vehicle for

proﬁt; it must become a platform beyond proﬁt.

In today’s world, trust, alignment, and authenticity

aren’t optional add-ons—they are the only

foundations on which lasting success can be built.

Now is the time because more and more business

leaders in Luxembourg already feel this shift. Yet

many feel isolated in their thinking. The chapter

creates a home for these pioneers. It connects

them, ampliﬁes their voices, and gives collective

weight to a new kind of leadership that many

have been practicing quietly—until now.

What are your main concrete goals for

the Luxembourg chapter in its ﬁrst year?

Our goals are both structural and cultural.

We want to lay the foundation for a lasting

ecosystem while building momentum.

That means:

— Forming a core circle of Conscious Business

Ambassadors—leaders rooted in their business

realities who openly share their experiences

with peers.

— Creating awareness through events and

gatherings that go beyond networking—

immersive experiences where people drop the

mask, exchange challenges, and co-create new

possibilities for their companies, sectors, and

society.

— Guiding organizations through the process of

discovering or reﬁning their conscious business

journey—aligning people, strategy, and impact.

— Ultimately, our aim is to support the trans-

formation of businesses from the inside

out—by building community, not pushing

a top-down agenda. The strength of this

movement lies in its relationships.

In an era shaped by AI, climate urgency, and evolving values, traditional

business models are falling short. Conscious business oers a new

path—and it's gaining ground in Luxembourg. Marco Houwen, founder

of Zentrapreneur.com, explains why now is the time for purpose-driven

leadership and how the Conscious Business Foundation aims to drive

change from within.

CONSCIOUS

BUSINESS

AS THE

ONLY WAY

FORWARD

By: Charles-Louis Machuron

Photo: Zentrapreneur

How do you plan to engage leaders

from Luxembourg’s tech and ﬁnancial

sectors—industries traditionally driven

by performance—in adopting conscious

leadership principles?

We believe that conscious business drives high

performance—just redeﬁned. The leaders we

want to reach are already searching for something

deeper: better retention, more aligned teams,

and long-term resilience. Many just don’t have

a name for it yet. That’s where we come in.

We won’t try to sell them philosophy. We’ll show

them how the ﬁve pillars of conscious business

reduce friction, improve decision-making, and

foster environments of trust.

We’ll also establish conscious circles—private

roundtables and curated peer conversations—

where high-level leaders can talk openly about

what they’re grappling with, without pressure

to posture or pretend. These aren’t lectures;

they’re invitations to be human again.

Most importantly, we’ll invite them not just

to consume conscious business—but to help

shape it. Because once performance becomes

conscious, the game changes for good.

What types of individuals or

organizations are you looking to

attract to the Conscious Business

community in Luxembourg?

We’re building a community, not a club.

That means we’re not ﬁltering by job titles—

we’re ﬁltering by mindset. We want people

who care. Who are ready to introspect and

create solutions from within. Who believe

business can—and must—be a force for good.

This includes:

— Entrepreneurs who want to grow

with integrity, not burnout.

— Executives who are done pretending

and ready to lead from a place of truth.

— Investors who value long-term sustainability

over short-term exits.

— HR and innovation leaders looking

to shift culture from the inside.

And importantly, we welcome next-generation

voices—those who may not hold power yet

but already see the world diﬀerently and want

to help shape what’s next.

Our role is to connect these voices and give them

a platform—to spark cross-sector collaboration

and remind everyone: you are not alone. This is

a movement, and movements grow when people

ﬁnd each other.

How does your work with

Zentrapreneur.com complement

the mission of the Conscious

Business Foundation, especially

within a rapidly evolving

European landscape?

Zentrapreneur is about transformation at the

individual and organizational level. It guides

leaders to rethink the basics: Who are we?

What do we stand for? Why do we do what

we do? To have the lasting impact we envision

at Zentrapreneur, one element is missing:

community. The Conscious Business Foundation

brings these individual journeys into a shared

experience—where aligned leaders ﬁnd

each other, support each other, and co-create

new ways to run businesses that reﬂect the

inner shifts they’ve undergone.

“THE FUTURE

OF SUCCESS

BELONGS TO

CONSCIOUS

BUSINESSES.”

What is your mantra?

THE STARTUP MAGAZINE

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silicon luxembourg | Nr 26 - 2025

How to Lead How to Lead

BOOK

CLUB

ZERO TO ONE

Peter Thiel

A classic for thinking dierently

from the very beginning. This

isn’t a how-to manual but an

invitation to build something

radically new—where nothing

exists yet. Thiel urges you to

sidestep competition and aim

for true innovation. A powerful

wake-up call for anyone looking

to start with real ambition.

THE HARD THING

ABOUT HARD THINGS

Ben Horowitz

Nothing glamorous here—

just the raw, unﬁltered reality

of entrepreneurship. Ben speaks

frankly about loneliness, doubt,

and impossible decisions.

It’s a bible for anyone who is—

or will be—“in the arena.”

Essential reading to stay

grounded and mentally strong.

LET MY PEOPLE GO SURFING

Yvon Chouinard

The anti-handbook of traditional

capitalism. Chouinard, founder

of Patagonia, champions leader-

ship that aligns with the planet

and one’s values. It’s refreshing,

honest, and deeply inspiring.

He proves you can build a global

brand while staying true to

your ideals.

START WITH WHY

Simon Sinek

Simple yet fundamental: if you

don’t know why you do what you

do, why should anyone follow

you? This book helped me clarify

the intent behind my projects and

engage teams around a shared

sense of purpose.

QUAND LES DÉCIDEURS

S’INSPIRENT DES MOINES

Sébastien Henry

Less well-known, but spot on.

Henry explores the connection

between inner wisdom and

eective action. It’s a blend

of introspection and manage-

ment that strongly resonates

with today’s challenges of

conscious leadership.

Benjamin Blasco, entrepreneur, investor and

independant board member, shares here the essential

books that have shaped—and continue to support—

his journey as an entrepreneur and leader. These are

must-reads that will guide you in your decision-making

and help you grow, both professionally and personally.

ESSENTIAL BOOKS

Enjoy

the

read

CONNECTING TOMORROW:

Exploring Luxembourg’s

Digital Infrastructures

“

Connecting Tomorrow

” is more than just a conference

title, it’s a commitment to showcasing a digital future

that is intelligent, inclusive, and inﬁnite in potential.

As Luxembourg accelerates toward a smarter, faster,

and more connected society, our event explores the

forces shaping that transformation, from 5G and ﬁbre to

quantum networks, next-gen satellites, and the sustain-

able and ethical impact of artiﬁcial intelligence.

We begin the journey with a welcome from Julien Larios,

CEO of MyConnectivity, followed by opening remarks

from Minister Delegate to the Prime Minister for Media

and Connectivity, Elisabeth Margue, setting the tone for

an afternoon of bold ideas and frontier technologies.

Each chapter of the conference reveals a one dedicated

dimension of innovation:

The Seamless Dimension:

Wireless Futures kicks o with insights into Luxembourg’s

leading 5G and 6G research, a look at the national NB-IoT

network, and a bold vision from on the power of open,

collaborative networks.

The Velocity Dimension:

Fixed & Fibre Frontiers showcases Europe’s ﬁrst AI-ready

ﬁbre network, examines the challenges and opportunities

of cross-border connectivity, and dares to ask: what lies

beyond 100% ﬁbre?

The Possibility Dimension:

Quantum Internet dives into one of the most transform-

ative technologies of our time. National strategy leaders

and global researchers present a collective vision for

Luxembourg’s quantum leap.

The Inﬁnity Dimension:

Next-Gen Satellite introduces innovations that defy terres-

trial limits. Learn how satellite connectivity, including the

ambitious european IRIS2 program, can support resilient,

global communications.

The Catalyst Dimension:

Data Centres & Cloud explores the infrastructures powering

our digital world. Discover how Luxembourg is protecting

its data sovereignty with cyber-defence clouds, and how

hyperscalers see the future of datacentre and clouds.

Finally, The Impact

Dimension:

Sustainability in an AI Era grounds us in reality. Through

presentations by Amy Peck and Fedra Fateh, followed

by a candid ﬁreside chat between them, we face the envi-

ronmental and ethical questions posed by our techno-

logical ambitions.

Each moment of Connecting Tomorrow is designed to

illustrate Luxembourg’s dynamic ecosystem, challenge

assumptions, spark dialogue, and connect minds across

disciplines. Whether you're in government, tech, academia

or business, this is where tomorrow’s connectivity takes

shape and where we start to connect today with tomorrow.

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