Startups are a vital driver for the development of a country’s economy, the creation of new jobs and the promotion of innovation. According to a report by the Idea Foundation, the number of new companies has grown steadily in Luxembourg from 2003 to 2014.

The startup rate increased from 9.1% in 2003 to 9.7% in 2014. This rate is considerably higher than in Germany (7%) and Belgium (5%) and similar to the rate in France (9.9%), though it falls short of the leading countries in this field, such as the United Kingdom (14%) and Denmark (11%).