🚀The secret sauces of Silicon Valley - Day 4 of the high-flyer trip

At the German Consulate General we met today with Oliver Schramm and Franciska Obermeyer and also discussed current economic policy developments and the close ties between Germany and the USA.

Mani Honigstein (Honey Ventures) gave us detailed feedback on our pitches and business models. With Start2Group at the German Accelerator and in conversation with Dr. Kai Westerwelle we understood even better why so much innovation is possible in Silicon Valley and what secret ingredients we can take away from it for ourselves:

Mindset:

• Pivots are positive - they show a willingness to adapt the business model when better opportunities arise.
• Mistakes are not a problem, but part of the learning process
• In the Valley, "conservative" is less popular - courage and dynamism are what count here.

Financing:

• Not every startup wants the rapid growth that VCs often expect.
• VCs from the Valley often invest locally
• "Follow the money" - Follow investors to see who might be interested in your start-up

Network & Diversity:

• Successful founders share their experience without direct benefit in return
• Share your network and always be open to new contacts
• Work in a team, promote and utilize diversity

"Silicon Valley Sprint speed vs. German precision" - with Jock Breitwieser we looked at the differences in communication, decision-making hierarchies and agility. The bottom line: combine the best of both worlds and involve employees from your target markets at an early stage.

A day with plenty to talk about at the German American Business Association's "NextGen Meets Overachievers" event, where we were able to present the Overachiever competition and talk to young entrepreneurs and scientists.