Franz Fayot, Luxembourg's Minister of Development Cooperation and Humanitarian Affairs and Minister of Economy, says in a newly released video that Luxembourg should be proud of the talent the StartUp community shows.

Fayot praises their ability to "demonstrate outstanding innovation in difficult times."

The minister goes on to highlight the manner in which the mindset has altered and the business adapted to "help our economy, our families, our society, to overcome these times."

From hundreds of applicants, which in itself suggests the huge steps forward Luxembourg has made in supporting and fostering innovation, Fayot had to make shortlist of those that would receive a financial injection.

The Economy Minister makes it clear that the decision was not an easy one, before thanking partners.