The challenge
With the mandate to stimulate economic growth in Belgium’s Limburg province and help it transform into a thriving hub for the new economy, regional investment fund LRM supports local entrepreneurs and start-ups via loans and coaching, as well as a network and ecosystem.
With a local office on the same campus in Hasselt, PwC is ideally placed to support LRM with its mission, delivering expertise in different areas as required: tax, finance, business consulting, legal, deals and more.
"The entrepreneurs we support are very enthusiastic, but often inexperienced. Our aim is to be the tailwind behind their business and make their life as a start-up easier. PwC helps us achieve that by providing access to the specific expertise they require at the right time," says Stijn Bijnens, CEO, LRM.
It’s all about trust
For LRM, PwC signifies trust, which is crucial when venture capitalists, especially those from outside Belgium, are looking to invest. And having our name associated with a potential transaction supports the flow of funding to what could be considered riskier investments.
"Throughout the economy there needs to be a layer of trust. PwC provides that in all areas of its business. Investors want to be sure of what they’re investing in. Having PwC’s name on an audit confirms the truth of what’s written in the books. The PwC brand is known and trusted," Stijn Bijnens explains.
International from the outset
The global nature of our brand is also a key reason that LRM chooses to partner with PwC. Start-ups tend to think global - and digital from day one, and understand that they’ll need international funding to grow.Our vast knowledge of the Belgian tax regime and how it equates with that of other countries, as well as other areas of business specific to the country, places us in a distinctive position to explain to would-be investors how and why organisations operate the way they do in Belgium.
Calling on our international network - PwC operates in 157 countries around the world - enables us make the required comparisons and create the international network start-ups and scale-ups are looking for to expand their business and grow beyond the country’s borders.
The PwC brand signifies trust. Having PwC’s name on an audit confirms the truth of what’s written in the books.
On hand where start-ups need us
An important undertaking for LRM is to develop the required infrastructure to boost economic growth in the province, including creating incubators and campuses to foster and support entrepreneurship, and make the life of a start-up easier. To date, nine incubators have been established around Limburg, each focused on a specific niche area. Incubators and campuses also afford opportunities for the cross-fertilisation of ideas between enterprises.
PwC’s Hasselt office is on the Corda Campus, a regional technology campus/incubator. Being close to start-ups located on the same site, we’re on hand to help them deal with accounting, legal, human resources and other concerns, leaving them free to focus on their service or product and drive their business forward.
Fostering tomorrow’s knowledge economy
Working with LRM and supporting the entrepreneurs it’s backing enables us to play a role in the crucial economic development of the Limburg province and its transition to the knowledge economy.
Since LRM’s establishment in 1994, unemployment has continued to fall and is currently lower in Limburg than the average across Belgium’s Flemish region. Situated in the middle of the Eindhoven (Netherlands), Leuven (Belgium) and Aachen (Germany) triangle, it’s ideally placed to leverage and work together innovative thinkers emerging from these top knowledge economy areas.
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