Young foreign entrepreneurs don’t always have an easy time taking what may be a successful idea in their home country and duplicating the results in the lucrative U.S. market. German startups now have the opportunity to make the transition a little simpler with some help from German government and a new program in New York City following a successful go in Silicon Valley.
The German Accelerator New York operates out of a trendy Soho building in NYC where German startups can rent out space to work, allowing for a more hands on experience in understanding the American startup business. Support for the program is being provided by Germany’s Economy Ministry, the German-American Chamber of Commerce, and numerous German and American companies.
Several German startups have already taken advantage of this shared space opportunity, including WyWy, Stagelink and Intraworld. Not only are these companies able to build off each other’s experiences, but they can also work together with several American entrepenours that also operate out of the same location run by New York University.
A startup has to be selected by a jury, in what was called “a high pressure process” by one of the current entrepreneurs already selected. Once selected, the startup can work in the location for three months and will be guided by a mentor during that time.
WyWy’s Tobias Schmidt commented to DW about the program, saying the “mentor network is decisive. You can rent office space anywhere – but it’s contacts that count.”
A new set of startups will be making their way to the German Accelerator in January, but with over 80 applicants already, the competition is heating up for the limited spots.