Strong innovation focus evident at Nexus 2050

Over 5,000 people from 60+ countries attended the annual tech conference Nexus 2050 in Luxembourg. Luxinnovation, a key institutional partner of the event, was present to discuss the digital, innovation, sustainability and funding needs of companies poised for their next strategic leap.

“Innovation emerges as our best ally towards a brighter and more promising future,” underlined Prince Guillaume, Hereditary Grand Duke of Luxembourg, emphasising the need to embrace technological advancements for resilience.

Luxembourg is fostering the transition of our companies towards digital, data and AI.
Minister of the Economy, Lex Delles

Minister of the Economy, Lex Delles, pointed out the nation's devotion to supporting companies. Programmes like the Fit 4 Start accelerator and the European Innovation Council (EIC) fund hosted in Luxembourg since 2020, have been supporting the growth of innovative companies over the years. “Luxembourg is fostering the transition of our companies towards digital, data and AI, which is becoming a key factor of competitiveness,” mentioned Minister Delles. The Ministry of the Economy has supported numerous projects in these fields with R&D and innovation funding.

Fit 4 Start Graduate Showcase

As part of Nexus, Luxinnovation organised a ceremony to celebrate the success of startups that took part in the Fit 4 Start #14 edition. This graduate showcase was an opportunity for these growing enterprises in the digital, healthtech and space fields to pitch their solutions, while also attracting local and foreign investors and future partners.

Minister Delles highlighted the dynamism of the startup scene, “from fintech to healthtech, ICT and cleantech to space”.  Entrepreneurs from across the world have benefitted from the country’s unique ecosystem via this programme managed by Luxinnovation.

A data-driven economy

Innovations needs the right policy and regulatory environment to thrive. The importance of embracing artificial intelligence and ensuring the quality of data to drive the technological revolution were reiterated at Nexus 2050. Romain Hansen, Vice President, EMEA Product Development at Goodyear envisions AI further enhancing its tires through intelligent technologies and sensors. At the same time, CEO of e-commerce operating platform MarketLeap, Mamoun Benkirane, pointed out that: “As AI becomes more democratised, it requires data as fuel that must be stored and organised properly.” 

In order to be prepared for the future, the human factor and the transition of people from traditional to digital work methods becomes increasingly apparent. “Skills are the key for reaching 2050. The combination of traditional and augmented skills is what will contribute to breakthroughs,” said Arnaud Lambert, CEO of LuxProvide.

Building trust in AI

As more businesses adopt data-driven business models, establishing robust processes to build customer confidence in new technologies and ensuring data integrity throughout the value chain with strong governance is also critical.

“Technologies such as AI are only game changers if they are enabled in a secure and regulated manner. Then AI can create value for patients, research and industry,” stated Jasmin Schultz, Strategic Programme Lead, Luxembourg Institute of Health.

Skills are the key for reaching 2050.
Arnaud Lambert, CEO of LuxProvide

The EU Artificial Intelligence Act, expected to come into force in 2024, provides a legislative framework to foster trustworthy AI in Europe and beyond. Speakers at one of many panels supported by the Ministry of the Economy and Luxinnovation, explained why AI regulation is important in clear terms.

“We don’t regulate to prevent citizens and businesses to benefit from AI, but we do see the risks and want to avoid negative effects. Our aim is to develop a trustworthy AI package, based on the ethical principles of the EU,” clarified Jolanda van Eijndthoven, Head of the Unit responsible for Space Data Economy and International Cooperation at the European Commission.

Turning data into business insights

“The value of data is in what you can do with it,” summed up Bert Verdonck, CEO of the Luxembourg National Data Service. The Supercomputing Day, another side-event co-organised by Luxinnovation, raised awareness about Luxembourg’s national supercomputer and how it contributes to transforming data into valuable business insights and innovative solutions.

The value of data is in what you can do with it.
Bert Verdonck, CEO of the Luxembourg National Data Service

 “Meluxina is part of a national strategy to guarantee digital trust and sovereignty,” emphasised Mr Lambert. “From the beginning LuxProvide has been geared towards to whole business ecosystem,” he added. SMEs, startups, large enterprises and researchers can access its resources with the assurance of complete trust and confidentiality of their data.

Support for companies to meet 2050 goals

Following the success of Nexus, the national innovation agency in its mission will continue to empower individual companies to reach their objectives and contribute to filling ecosystem innovation gaps.

 “We’re really pleased to see so many people here. So many people who are very advanced in tech. There have been some wonderful discoveries, and we, as an innovation agency, want to work with them and explore ways of creating real collaborations in Luxembourg between players from the private sector, research, government and Europe,” asserted Sasha Baillie, CEO of Luxinnovation, in an interview.