The LMU Entrepreneurship Center (LMU EC) We introduced you to the accelerator some time ago. Now there's some news: The accelerator is introducing a new impact strategy for its startups. We wanted to learn more about it and spoke with Andy Goldstein, Managing Director of LMU EC.
Munich Startup: What does impact mean to you?
Andy Goldstein: For us, impact means holistic added value. It's not just about the economic aspect, but also about the social and ecological added value, and about critically examining the positive and negative impacts of the respective business model. At the end of last year, we received approval for a grant from the EXIST-Potentiale funding initiative of the German Federal Ministry for Economic Affairs and Energy (BMWi). At LMU EC, these funds are primarily channeled into the area of impact thinking.
Munich Startup: What is your new impact strategy for the LMU EC?
Andy Goldstein: At LMU EC, we want to offer every startup, whether already with or without an impact background, the opportunity to define and implement an impact strategy. This can relate to existing or future products or services. Here, we work closely with the Institute for Innovation Management (IIM) at LMU to develop the impact approach programmatically and research-based. We also cooperate with our colleagues at the Social Entrepreneurship Akademie (SEA).
Impact thinking should be integrated into every development stage of a startup
Munich Startup: What does the strategy mean in detail for the startups you support?
Andy Goldstein: Each startup receives impact coaching. In addition, the topic of holistic impact is explored in depth during our monthly Insight Days. These days are specifically about preparing startup teams for investors, further developing their business models, and also with regard to the topic of impact. Of course, we also continue to focus intensively on economic issues. It is important to us that impact is not reduced to a numerical evaluation, but that the idea of impact is fundamentally integrated into every stage of the startup's development. Through our collaboration with the IIM, global research and practical insights related to impact are incorporated, allowing us to provide our startups with important, practice-relevant information.
Munich Startup: The Strascheg Center for Entrepreneurship (SCE) has been focusing on impact for some time now. How do you collaborate with the SCE?
Andy Goldstein: We work very closely together: The SCE and the LMU EC have set themselves the common goal of driving startup impact. The SCE focuses more on the social aspect of impact. We are in close contact here and look forward to moving the ecosystem in this direction together. Together with the Technical University (TU) of Munich, the third largest university in the region, we will be supporting the 'EXIST Potentials' funding initiative to strengthen and internationalize Munich as a center of innovation.Munich B2B Co-Creation Hub' (MCCH) create.
“Business needs to think deeply about what exactly the world needs today.”
Munich Startup: Can startups that don't have an impact focus still apply for your program?
Andy Goldstein: Of course! The LMU EC Accelerator remains open to all teams, with or without an impact focus, and we look forward to tackling the topic of impact together with teams from all areas and sectors.
Munich Startup: What is your goal with the strategy?
Andy Goldstein: Fundamentally, there needs to be a shift in thinking. Businesses need to think deeply about what exactly the world needs today. Addressing and implementing these issues is best accomplished within a startup. This is precisely where we at LMU EC come in, as we are now providing even more intensive support to startups in creating sustainable and socially beneficial value. Accordingly, together with our partners, we have launched the project "Startup Impact Readiness: Enabling Entrepreneurs to be an International Transformational Force," which enabled us to secure a grant from the EXIST Potential funding initiative.
Munich Startup: What are your latest success stories regarding impact?
Andy Goldstein: There are several teams in our current batch of 18 startups that are integrating impact holistically into their business model. These include, for example, MunevoMunevo has developed a proportional head control for electric wheelchairs. It is based on smart glasses and helps people with disabilities achieve independent mobility and greater self-determination. The topic of ecological responsibility is also present in the LMU EC Accelerator: The startup VK Energie, with its patented "Active Heat Storage Management" process and the use of artificial intelligence, focuses on the efficiency of combined heat and power plants, thus advancing the energy transition in Germany.
Pitches, Pizza & Internships
Munich Startup: Apart from the new impact strategy, what else is new at LMU EC?
Andy Goldstein: We are continuously working on developing new initiatives that contribute to our mission of 'Empowering Entrepreneurs'. Feedback from our community plays a key role for us. This is one of the ways our various event series are developed. Our new event, 'It's a Co-Founder Match,' which connects founding teams, now takes place regularly, and our first 'The Legal Event,' which we organized together with our long-standing partner Baker Tilly to share tips and tricks on founding your own company, financing, and internationalization, was also very successful. Since December, students have also had the opportunity every month to get up close and personal with startups, get to know them at 'Pitches, Pizza & Internships,' and ask any questions they may have about startups. More ideas and initiatives are in the pipeline, and we look forward to an exciting year!
