Luxembourg positions itself as a “startup nation” yet early-stage, self-funded startups face structural barriers that exclude them from critical public innovation support.
Like many founders, Marc Delcourt* bootstrapped his startup. The money he earned as a consultant, he poured into R&D instead of taking a salary. To remain debt-free he sought to apply for Luxembourg subsidies for research and development. But he hit a snag. “The company doesn’t have any debt to anybody except the founders, but it is viewed as a company in…

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