{"id":64880,"date":"2020-10-07T09:07:00","date_gmt":"2020-10-07T07:07:00","guid":{"rendered":"https:\/\/cms.munich-startup.net\/?p=64880"},"modified":"2024-05-08T11:03:52","modified_gmt":"2024-05-08T09:03:52","slug":"going-global-the-usa-welcomes-companies-of-all-sizes-and-shapes","status":"publish","type":"post","link":"https:\/\/cms.munich-startup.net\/en\/64880\/going-global-the-usa-welcomes-companies-of-all-sizes-and-shapes\/","title":{"rendered":"Going Global: The US welcomes companies of all sizes and shapes"},"content":{"rendered":"
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Image: US Consulate General Munich<\/figcaption><\/figure><\/div>\n\n\n\n

Meghan Gregonis has served as U.S. Consul General in Munich since July 2018. Prior to her role in Germany, she served as Deputy Director for Public Diplomacy in the Bureau of European and Eurasian Affairs at the German Federal Foreign Office, where she led and expanded public diplomacy efforts in Western Europe. Before joining the Foreign Service, she worked at a venture capital firm in her hometown of Philadelphia.<\/p>\n\n\n\n

Munich Startup:<\/strong><\/em> Ms. Gregonis, you have been the highest-ranking representative of the United States in Bavaria since 2018. Have you had the opportunity to get to know the Munich startup scene better?  <\/strong><\/p>\n\n\n\n

Meghan Gregonis:<\/em> Absolutely. Just recently, three promising aerospace companies from Bavaria \u2013 Isar Aerospace<\/a>, Mynaric<\/a> and Quantum Systems<\/a> \u2013 as part of a small gathering organized by our Foreign Trade Service. They are truly impressive and rapidly growing companies. I'm excited that they're all building technological bridges to the United States! I also know there are many other companies like them, in many different industries.  <\/p>\n\n\n\n

With LMU and TUM, Munich indeed offers excellent conditions for young, innovative entrepreneurs. The Munich environment not only supports spin-offs from universities, but also offers talent in the form of highly qualified employees who are just starting out and willing to take risks.<\/p>\n\n\n\n

\u201cInnovation Bridge\u201d between the USA and Bavaria<\/h2>\n\n\n\n

We have good contacts with the startup center UnternehmerTUM<\/a> and to initiatives like MUCSUMMIT, so I can definitely say there are great resources for young companies here. We are also committed to promoting a kind of "innovation bridge" between Bavaria and the United States to strengthen partnerships and exchanges between innovative forces in the United States and Bavaria. Transatlantic relations are strong and deep, and we can build on them by bringing together the young, dynamic, and innovative generation on both sides of the Atlantic. I see limitless potential for partnerships here. Collaboration across the Atlantic offers opportunities for both Bavarian and American startups.  <\/p>\n\n\n\n

Munich Startup:<\/strong><\/em> How do you assess the startup ecosystem in Munich?<\/strong>  <\/p>\n\n\n\n

Meghan Gregonis:<\/em> I know the title of Germany's "startup capital" is hotly contested between Munich and Berlin. I can't decide who wins here, but I have to say I'm very impressed by Munich's startup ecosystem. I've been particularly impressed by the technical expertise and innovations I've seen here. As the U.S. Consul General to Bavaria, I may be a bit biased, but there's a unique dynamic here that enriches the entrepreneurial environment.  <\/p>\n\n\n\n

Munich Startup:<\/strong><\/em> Many Munich-based startups might be interested in tapping into the US market. What should startups generally consider?<\/strong><\/p>\n\n\n\n

Meghan Gregonis:<\/em> According to the Global Entrepreneurship and Development Institute, the United States is the world's leading entrepreneurship agency. We welcome businesses of all sizes and shapes. Across the US market, there are a multitude of private incubator and accelerator programs. They are often industry-specific and geographically located near innovation clusters and centers. The recipe for successful investments is finding the right location. The old adage "location, location, location" still applies.<\/p>\n\n\n\n

How Munich companies are getting into the USA<\/h2>\n\n\n\n

Munich Startup:<\/strong><\/em> In Germany, there are programs like German Accelerator that support startups in their expansion into the United States. Are there programs in the US that help startups gain a foothold there? What do these programs look like?  <\/em><\/strong><\/p>\n\n\n\n

Meghan Gregonis:<\/em> Our SelectUSA Tech Program offers tremendous resources for startups and technology companies looking for the right location and contacts for a successful corporate presence in the United States. SelectUSA also hosts educational events, workshops, and networking events for entrepreneurs from abroad. Some programs are specifically aimed at female entrepreneurs. We also invite startups and young companies from around the world to our SelectUSA Investment Summit in Washington, DC. Here, they can present their products or services, network with investors, and meet influencers from some of the most successful technology ecosystems in the United States.  <\/p>\n\n\n\n

Munich Startup:<\/strong><\/em> In addition to the US market, many startups are also interested in American investors. Which platforms can they use to attract attention or connect with investors?  <\/strong><\/p>\n\n\n\n

Meghan Gregonis:<\/em> Thank you for the question. The venture capital industry was invented in the United States. We are and remain the most attractive venture capital market in the world. In 2019, venture-backed companies received $136.5 billion from U.S. investment firms and recorded 237 mega-deals, an 11.8 percent increase over 2018.  <\/p>\n\n\n\n

Alternative private equity-funded mechanisms\u2014such as large investments from a business angel or small investor groups, as well as small investments through crowdfunding\u2014are also attractive options, particularly for smaller innovators in the United States.\u00a0\u00a0<\/p>\n\n\n\n

Support from the consulate<\/h2>\n\n\n\n

Munich Startup:<\/strong><\/em> How can the US Consulate General in Munich support startups? <\/strong> <\/em><\/p>\n\n\n\n

Meghan Gregonis:<\/em> We are fortunate to have a Foreign Trade Service here at the U.S. Consulate General in Munich for these tasks. Our colleagues can support potential Bavarian companies through SelectUSA. We can also point companies in the right direction or establish contacts with relevant networks and multipliers, such as the members of the Council of American States in Europe and its 15 member states. They are all extremely well connected and closely monitor the startup scene in Bavaria.  <\/p>\n\n\n\n

Munich Startup:<\/strong><\/em> What are the differences between German and American corporate culture? Germans are said to be very thorough, which Americans often perceive as too slow, to name just one frequently cited example. Have you experienced something similar yourself?<\/strong>  <\/em><\/p>\n\n\n\n

Meghan Gregonis:<\/em> The innovation culture in the United States\u2014deeply rooted in collaboration and knowledge sharing, respect for diversity, adaptability, and flat organizational structures\u2014is a true catalyst for opportunity. By fostering entrepreneurship and risk-taking, and even encouraging the risk of failure, our innovation culture provides an additional competitive advantage for business in the United States. In my opinion, the benefits of risk-taking\u2014even if it involves potential failure\u2014are sometimes underestimated in Germany.  <\/p>\n\n\n\n

Munich Startup:<\/strong><\/em> Are there important customs and traditions that startups from Munich should definitely pay attention to?  <\/strong><\/p>\n\n\n\n

Meghan Gregonis:<\/em> Corporate culture in the United States has evolved over the past decades. It's now less formal and hierarchical, especially among startups. Employees often address each other by their first names, have better access to superiors, and generally maintain a more relaxed style of communication and dress. We've even adopted some of this culture at the U.S. Consulate General in Munich.<\/p>\n\n\n\n

\u201cDon\u2019t underestimate cultural differences\u201d  <\/h2>\n\n\n\n

Munich Startup:<\/strong><\/em> Is there anything you should definitely avoid?<\/strong>  <\/em><\/p>\n\n\n\n

Meghan Gregonis:<\/em> Don't underestimate cultural differences. We are similar and share a number of common values, but there are also differences.  <\/p>\n\n\n\n

When we introduce something new, we focus on the big picture, such as how the customer can use the product or benefit (financially) from it. The technical details follow; we don't start with those.   <\/p>\n\n\n\n

Munich Startup:<\/strong><\/em> What advice would you give to German companies that want to be successful in the USA?  <\/strong><\/p>\n\n\n\n

Meghan Gregonis:<\/em> Successful innovators seeking a presence in the United States or seeking partners there need a fundamental understanding of our legal system, cultural and societal differences, and diverse business practices.  <\/p>\n\n\n\n

You can find out more about the cultural and social differences.  <\/p>\n\n\n\n

However, knowing the differences in legal systems (codified law versus common law) and using a good lawyer are important to avoid costly mistakes when negotiating contracts and operating in the international business world.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

As the home of numerous unicorns, the USA is a dream destination for many startups. Not only can investment sums be raised there, sometimes enormous by German standards, but success in the US is also considered a badge of honor in the startup industry. But where do you start? For our "Going Global" series, we spoke with US Consul General Meghan Gregonis.<\/p>","protected":false},"author":33,"featured_media":64883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1091,5637,5638,1083],"tags":[4047,628,132],"acf":[],"yoast_head":"\nGoing Global: Die USA hei\u00dfen Unternehmen in jeder Gr\u00f6\u00dfe und Form willkommen - Munich Startup<\/title>\n<meta name=\"description\" content=\"Als Heimatland zahlreicher Unicorns sind die USA f\u00fcr viele Startups ein Sehnsuchtsort. 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