Dan Choon, Founder and Managing Director of venture capital fund house Cycle Group, delivered the keynote address at the Fit 4 Start #14 Graduate Showcase. He reflected on Luxembourg’s strengths as a location for startups, but also pointed out the need for stronger cohesion and tighter connections in the ecosystem in order to support startups efficiently.
Mr Choon came to Luxembourg in 2015 with the idea of setting up a deeptech fund. Today, he is running Cycle Group together with his partner Clelia Beck aiming to finance eco technologies. Here are some insights that he shared with the Fit 4 Start graduates.
“Choose Luxembourg knowing that it is not your final destination as an entrepreneur – although, as an individual or family, you might fall in love with the country just like me and decide to stay. However, from a business point of view, being situated here means that you can reach out anywhere. People here speak so many different languages. On top of that, if you operate out of Luxembourg, you are forced to think internationally from the very beginning.
If you operate out of Luxembourg, you are forced to think internationally from the very beginning.
Dan Choon, Cycle Group
Luxembourg is attracting talent from all over Europe and the world, and its potential is constantly evolving.”
“As a Fit 4 Start graduate, you have obviously prepared your pitch for tonight with care. This preparation provides an excellent opportunity to reflect on how far you have come and where you want to go with your company in the future. But graduating from Fit 4 Start is just the start and – I’m going to be very honest with you – from now on, it will just get harder.
In reality, the journey is really hard and can be lonely. You need to be strong and resilient to make it.
Dan Choon, Cycle Group
This type of accelerator programme forces you to narrow your path and define the message that you want to convey. But now you have to go out there and fight to win customers, retain employees and find investors when you run out of cash. You will have to overcome rejection by investors and customers. This is the harsh reality of entrepreneurship that we don’t speak a lot about in Luxembourg. Your startups generate much value, but you are also taking big risks. This is often not understood: for some, business success seems to happen overnight, but in reality, the journey is really hard and can be lonely. You need to be strong and resilient to make it.”
“So what is the key to succeeding with this challenge? It’s finding people willing to give you a helping hand.
I’ve been through this myself, and I was lucky to find several mentors who bashed all my initial ideas but helped me move forward. You need to build a network of people who really listen to and understand what you want to do and are willing to give you advice – also the hard advice that can be tough to hear at the time but help you avoid some wrong turns. It is better to get feedback early on in your journey, rather than waiting until the problems hit you full on.
You need to build a network of people who really listen to and understand what you want to do and are willing to give you advice.
Dan Choon, Cycle Group
So when things are difficult, take the courage to reach out to your friends. We are not used to showing vulnerability, but in my experience, when we do so, people are generally more than willing to help.”
Photo credits: Luxinnovation/Shine
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