Highly popular: Austrian startup scene improves connections to Asian hotspots
The time in which startups and investors could only be successful in Silicon Valley is long gone. Asian cities buzzing with life are increasingly the targets of promising Austrian startups and investments. This axis also functions well in the opposite direction. GIN has also been promoting cooperation with these hotspots for close to two years.
Austria’s asset in global competition
In recent years Austria has managed to repeatedly be noticed on the radar screen of the international startup scene. Successful exits, a forward-looking crowdfunding law and a pronounced funding system for startups in the early phase have met with a positive response on an international level. (Naturally this is complemented by well-known business location advantages such as the high quality of life, educational level etc.) Nevertheless, global competition for promising startups and investors has intensified dramatically. Not only the established cities such as London, Paris and Berlin are competing for innovative company founders and investors, but almost all countries have realized the positive effects of startups on tax revenue, jobs and innovative strength. For this reason, the Global Incubator Network does one thing: generate bottom-line added value for the benefit of promising startups and investors.
goAustria & goAsia – the name says it all
The go-programs are not the only initiatives but comprise important vehicles for this work. In the meantime, they have emerged as genuine success models. Within the context of the goAustria program, international startups are brought to Austria twice a year for a period of two weeks to make the entry into the Austrian and European market a more attractive option. One example is the young company aniWEAR from Hong Kong. Its smart sensor monitors the health of pets with AI-based methods. During the two-week goAustria program in June 2017, the foundation was laid for a partnership with the University of Veterinary Medicine in Vienna and other R&D collaborations. CEO Joe Mark is currently preparing the establishment of a subsidiary in Austria in order to be able to exploit the potential of the Austrian and European market.
The goAsia programs work in a similar manner i.e. goTelAviv, goHongKong, goSingapore, goSeoul and goTokyo. Innovative Austrian startups along with the partner AUSSENWIRTSCHAFT AUSTRIA (Foreign Trade Commission) are supported in their internationalization efforts and brought together with investors, companies and other cooperation partners in these target countries.
This year, this has already led to a spectacular success. The internationally operating venture capital fund Maxfield, which is also based in Israel, made an investment in the Austrian startup Finnest. GIN was responsible for the initial contact – within the context of an early stage (co-)investment pitch at the Pioneers Festival 2016.
“Money follows talent”
In essence, the underlying principle of GIN is quite simple: “Money follows talent”. GIN provides access to innovative startups through its programs, partners and networks. Despite all this, one thing is obvious. Even if GIN has an indispensable offering in international competition as the contact point for international investors, it still requires innovative, young entrepreneurs as well as the necessary framework conditions to ensure its sustainable success.
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