Ioanna Schimizzi: During a keynote address at Nexus2050 on Wednesday 26 June on international market opportunities for Luxembourg companies, you stressed the need not to rush into anything.

Daniel Kahn: Yes, you don't go to the United States, Asia or the Middle East if you’re not ready. The product has to be finished, there have to be customers, repeat customers, you don’t go international with cobbled-together products. If you’re looking to sell a product, you need to look at the country or zone where there is the greatest demand for the product, and where there isn’t too much competition, or at least where you think you’re better than the competition.

Is there potential for Luxembourg companies?

Of course, and you don’t go abroad just to sell a product, but also to find additional investors or partners. And depending on your motivation and the market, i’'s in your interest to go to a particular area.

Are there certain sectors where Luxembourg has a better chance of developing internationally?

Space, a sector in which the country has many companies, since it was a priority sector for the previous government. Clearly, they are going to have to expand internationally, as Luxembourg is not a big enough market for them to develop. We also have a real strength in fintech and insurtech, and there are real areas to develop internationally, including cybersecurity.

But before attacking Asia, the United States or the Middle East, you first need to develop in Europe?

Most of the time, yes. It’s better to already have a presence in several European countries, because it’s a lot simpler and it.s right next door. And then you expand out of Europe.

What do you mean when you say that the product has to be ready?

You really need to have repeat customers, and I think you need to have already been in several European markets, because it’s really another world internationally.

Do you get the impression that young entrepreneurs or startups are too quick to think internationally?

Some do, and you shouldn’t go too soon. People have the impression that you can go to the United States and open an office like that, but no, that's something you have to think about, plan ahead and have the money to do it. If you’re not going to do it well and fall flat on your face, there’s no point. You need to surround yourself with good consultants, good experts who can help you, and have local people who are good professionals in the sector.

Originally published in French by and translated for Delano