STEP USA

STEP USA Ambassador

STEP USA Alumnus Wealthpilot raises 8 mio EUR

Das in München ansässige Fintech Startup und STEP USA Alumnus Wealthpilot vermeldet gute Nachrichten.
Seventure, die Altinvestoren Bayern Kapital und MIG Fonds sowie ein Konsortium von Business Angels investieren 8 Millionen Euro in wealthpilot. 3,4 Millionen Euro stammen dabeim vom neuen Investor Seventure. Das Münchner Fintech-Startup wealthpilot, das 2017 von Daniel Juppe und Stephan Schug gegründet wurde, positioniert sich als Anbieter einer Software-as-a-Service (SaaS) Plattform im Bereich Vermögensmanagement. Bayern Kapital und Co. investierten zuletzt 2,6 Millionen Euro in das FinTech.

STEP USA Alumnus MyPostcard ranks 28th in the Technology Fast 50 – Germany’s fastest growing technology company.

With 267,48 percent growth, STEP USA alumnus MyPostcard ranks 28th in Deloitte’s Technology Fast 50 in 2020, making it one of the 50 fastest growing technology companies in Germany.

Berlin, December 2nd, 2020 – MyPostcard receives the Deloitte Technology Fast 50 Award. Rankings are based on the percentage of sales growth over the last four financial years (2016-2019). MyPostcard achieved growth of 267,48 percent in this period. The self-developed technology of the Berlin company contributed significantly to this sales growth.

The MyPostcard app allows its users to design and send personalized greetings featuring their own photos as real printed postcards. MyPostcard takes care of printing and international delivery. With three million downloads, the Berlin-based company is now the most successful and, with a rating of 4.6 stars, the most popular postcard app, making it the German market leader in the postcard app sector. MyPostcard brings the good old postcard into the digital age.

Marco Hülsmann, COO and CTO of MyPostcard, considers the turnover growth rate of 267,48 percent over the last four years to be particularly positive. “One of our particular strengths has always been our clear focus on technology. However, the last year in particular has shown us that innovation and flexibility are important attributes for scalability. That and our first-class team are the reason why we were able to further expand our market leadership, ”says Hülsmann.

“The winners of the Deloitte Technology Fast 50 show how innovation and entrepreneurial success can be combined through their products and services”, explains Dr. Andreas Gentner, Partner and Head of Technology, Media & Telecommunications EMEA at Deloitte. “I wish our participants and award winners all the best for their entrepreneurial future. Their success makes the future look bright for Germany as a tech location. “

About STEP USA

STEP USA is a 5-day startup boot camp launched and organized by the German American Chamber of Commerce New York (GACC NY). A highly successful program, it focuses on facilitating U.S. market access for young innovative companies and takes place four times a year. It also exists in a virtual format. STEP USA prides itself on having created a network of more than 300 STEP USA alumni, more than 60 U.S. incorporations, and 35 investment rounds. It is tailored to the needs of startups who intent to scale their business internationally.

About MyPostcard

The postcard of tomorrow: MyPostcard is Germany’s most successful postcard app, letting customers send their own photos as real printed postcards. The app is currently available in ten languages and is home to the world’s largest collection of postcards for sale with more than 50,000 designs available. With the help of an international network of printing houses, MyPostcard takes care of printing and delivering the personalized postcards. Founder and CEO is Oliver Kray, a designer and serial entrepreneur. The company is headquartered in Berlin with an additional office in New York and currently employs 30 staff. It is ranked among the top 1000 fastest growing companies in Europe according to the Financial Times, even achieving place 19 in the ecommerce sector.

 

The STEP USA program has opened many doors for us!

STEP USA is a 5-day startup boot camp launched and organized by the German American Chamber of Commerce New York (GACC NY). A highly successful program, it focuses on facilitating U.S. market access for young innovative companies and takes place four times a year in New York. It also exists in a virtual format. STEP USA prides itself on having created a network of more than 360 STEP USA alumni, around 65 U.S. incorporations, and 35 investment rounds. It is tailored to the needs of startups who intent to scale their business internationally. 

The GACC NY is featuring selected STEP USA Alumni, calling these founders “STEP USA Ambassadors”.

“The STEP USA program has opened many doors for us!”

Located in the heart of Hamburg, Nitrobox GmbH was founded in August 2012 and currently employs 40 people. In February 2020, the successful fintech company won Porsche Ventures and NeueCapital Partners as investors, raising a first institutional investment. Nitrobox is growing rapidly and has just won the Deloitte Technology Fast 50 Award – being one of the Top 10 growing software companies in Germany. In March 2019, CEO Henner Heistermann joined us for our STEP USA program in New York. Today he talks with us about their U.S. market plans and their most valuable take-aways from the STEP USA program in New York.

GACC NY: Henner – congrats on your investment! Tell us about what Nitrobox does and what makes you so successful?

Henner Heistermann: Good seeing you again – it’s been a while since we were in New York. Generally speaking, we are a fintech company located in Hamburg. We develop a SaaS solution that enables our enterprise customers to monetize digital business models such as subscriptions or pay-per-use very quickly. Nitrobox is a smart technology that combines all the necessary functions in a central platform and thus enables companies to handle their digital revenue and accounting processes from anywhere in the world – almost in real-time and very cost-effectively. Customers love about our product that they can integrate our software into their existing systems. We use state-of-the-art API interfaces that make it possible to quickly extract and process the necessary data from existing financial systems and providers.

GACC NY: How are things working out for Nitrobox in the current economic crisis?

Henner Heistermann: The Corona pandemic is taking its toll on all of us, both in our private and business lives – no doubt about that. In the beginning, our greatest concern was what impact the crisis would have on our customers. Because if they were affected, so would we. Some of our most important customers are well-known automobile manufacturers and mobility providers. And as we all know – the crisis had a massive impact on this industry. On the other hand, however, the crisis has boosted many digital projects in the automotive world.

GACC NY: Are there things going better for you than you expected?

Henner Heistermann: Oh yes, this also surprised us at first. Our customers’ digital projects, in which we had already been involved in the planning and expansion, all of a sudden experienced a real boost. Even additional projects such as online car sales were brought forward so that the crisis did by no means have a negative impact on our business. We are of course very pleased about this.

GACC NY: That’s really wonderful to hear. What do you consider the greatest success in your company’s history?

Henner Heistermann: About two years ago, we won Porsche as a new customer. Porsche recognized the importance of digital business models early on and saw our solution as a strategic building block for their company. During the initial talks, it very quickly became clear that we share the same ideas and visions. The implementation of various projects went very smoothly. It’s a great feeling that such a renowned company has chosen our product, believes in our vision and continuously handles further digital business models via our platform. In early 2020, Porsche together with a US venture capital fund invested in our company This is, of course, a fantastic success for the Nitrobox and a tremendous vote of confidence.

GACC NY: Looking back, is there ‘a lesson learned’ that you can share with us?

Henner Heistermann: Sure! For our product, we initially had a completely different target group in mind. At first, we didn’t offer our solution to the large enterprise companies that we count among our customers today. We were very active in the midmarket segment. But that was not as successful as we had hoped, because our solution suits large companies much better. Our product-market fit was simply not ideal. When we realized that, we had to completely realign our marketing and sales processes. That was a tremendous challenge, which we, fortunately, managed to master in a short time. In retrospect, we should have focused on large enterprises right from the start. That was an important learning experience for us.

GACC NY: Thanks for sharing this! Can you please tell us why the U.S. market is important for you?

Henner Heistermann: Well, in Germany, many companies are very reluctant to adopt new business models – although they should do so particularly right now. They still tend to rely more on so-called “good old German engineering”.

Companies in the U.S., however, are generally more open to new ideas. This is probably due to the fact that they recognized early on that new business models will establish themselves very quickly because customers are increasingly demanding flexible digital services. The most important thing on the US market is 100% customer happiness, a unique selling proposition that every company strives for: returning, happy customers who are then also willing to buy more.

Companies like Uber, Netflix, and Amazon are excellent examples of what the subscription economy has produced and made successful. We at Nitrobox are going a step further. We are enabling “pay by use” business models. Conventional American software products in that segment tend to usually be cumbersome, often too expensive, not very flexible, and designed for only one use case. Nitrobox, however, can be used worldwide in any language, in any currency, and with high flexibility to adapt – for any new business model. The best part is that there is no need for lengthy and cost-intensive adaptations to the client’s existing software systems.

As a result, we help our clients save up to 75% of their costs in the order-to-cash process – money they can invest in new digital business models. Many American companies are quick at starting innovative projects. In my estimation, Germany still needs about one to two years in this process.

GACC NY: Is that why you joined our STEP USA program in March 2019?

Henner Heistermann: Yes, absolutely. When we heard about the STEP USA program, my co-founder Sven and I were immediately thrilled. Within that one week I spent in New York, we got an excellent overview of the U.S. market. In the course of the STEP USA program, we got important introductions to potential partners and investors. When we came to New York, we already had the first customers using our product in the U.S. and it was clear to us that we wanted to enter the world’s largest market for business software in the medium term.

GACC NY: What is your most valuable takeaway from the STEP USA program as an entrepreneur?

Henner Heistermann: The STEP USA program was a great experience for us as entrepreneurs. We had the chance to learn firsthand what is important when establishing a subsidiary in the States, where the special challenges lie, and where to get support. A real highlight was the STEP USA Pitch Night at the “Deutsche Bank Labs” directly on Broadway in New York. As a comparatively young start-up from Germany, we had the unique opportunity to put all the experience and input we gained from participating in the STEP USA program directly into practice in order to convince potential partners and investors at the pitch. And, this much I can say, exciting discussions and contacts have developed, which now need to be intensified. We are therefore very confident about our business activities in the U.S. market.

GACC NY: In your opinion, what do startups generally underestimate when coming to the U.S.?

Henner Heistermann: I am convinced that the best way to be successful as a German company in the U.S. is by having a sustainable network with good local partners. I think that is underestimated by many entrepreneurs at the beginning of their U.S. business start. In all industries, the companies there are very well connected and form alliances to benefit from each other. As a German company, it is often not easy to find the right “door opener”. In addition, as a non-American, you first have to learn and understand the market, the culture, and the way of doing business. The U.S. market has many rules of its own and many unwritten laws that you have to know and understand. A local business partner can be very helpful and save you from unnecessary harm.

GACC NY: Is there a success story that has its roots in the STEP USA Program?

Henner Heistermann: Whenever we talk to potential customers from the U.S. today, the knowledge from the STEP USA program is of great benefit to us. In the course of the program, we have learned a lot of practical tools that work very well, such as: How do you pitch your company to an American investor? How does a conversation with an interested American business partner work? What legal hurdles could there be? This knowledge in the back of our minds helps us a lot in business conversations today and has already opened the door for more projects. I believe that without this important experience from the STEP USA program, we would have learned things the hard way much more. We are very grateful for this.

GACC NY: Wow, that’s wonderful to hear! So, what are your next steps?

Henner Heistermann: We have many plans for the upcoming year. Among other things, we will focus more strongly on the U.S. market. To this end, we are planning on opening an office in New York City. This is of course a big step for Nitrobox. Besides Hamburg, Stuttgart, and Cracow, New York would be our fourth location. That’s a big deal for us, and one in which we could certainly use some know-how and support. We also looking into strategically expanding our network in the United States, creating awareness for our company and our smart solution. We appreciate very much having the opportunity of being part of the STEP USA Ambassador Club. Thank you – that makes us very proud.

GACC NY: Henner, thanks so much for taking the time for this interview and all the best for Nitrobox!

“Change – it’s a chance, not a threat!”

STEP USA is a 5-day startup boot camp launched and organized by the German American Chamber of Commerce New York (GACC NY). A highly successful program, it focuses on facilitating U.S. market access for young innovative companies and takes place four times a year. It also exists in a virtual format. STEP USA prides itself on having created a network of more than 300 STEP USA alumni, more than 60 U.S. incorporations, and 35 investment rounds. It is tailored to the needs of startups who intent to scale their business internationally. 

The GACC NY is featuring selected STEP USA Alumni, calling these founders “STEP USA Ambassadors”.

“Change – it’s a chance, not a threat!”

STEP USA Ambassadors Claas Blume and Thomas Vorsatz, both co-founders of Berlin-based Clous GmbH, join us for this interview on their current business situation. Being a Fraunhofer spin-off, Clous GmbH was founded in November 2019 and currently employs 6 people. In December 2019, Claas and Thomas joined us for our STEP USA program in New York. Today they talk with us about their U.S. market plans and their most valuable take-aways from the STEP USA program.

GACC NY: Claas and Thomas – it’s great talking to you! How are things working out for Clous in the current economic crisis?

Claas Blume: Nice being in touch again! It’s hard to believe that it has been almost a year since we joined the STEP USA program in New York. So much has changed in the mean-time. The mechanical engineering industry around the globe is suffering enormously from the COVID crisis. For us, as a newly founded company, it is already difficult as such to win new clients. But the fact that many of our potential customers have empty order books themselves makes our situation even more challenging. However, to end on a positive note, we expected raising venture capital for our growth phase to be more difficult at this time, but our investor relations work very well – even during this lockdown. This is definitively a good sign.

GACC NY: Thomas, what does Clous exactly do?

Thomas Vorsatz: The core of Clous is our technology, which automatically fragments complex CAD designs into smaller and independently solvable tasks and reassembles them after successful processing. This way, we open up completely new perspectives, especially for medium-sized companies in mechanical and plant engineering. A new type of collaboration makes it possible to optimize internal processes, to seamlessly integrate service providers from all over the world, and also to meet the new requirements for remote work.

GACC NY: What do you consider the greatest success in your company’s history?

Claas Blume: The sum of the many small successes is certainly our greatest success. We were able to create a great product and convince investors of our idea despite tough circumstances. We are particularly pleased that we were able to win APX, one of the leading accelerators, for our company.

GACC NY: Looking back, is there ‘a lesson learned’ that you can share with us?

Claas Blume: Absolutely! At the beginning of Clous, we trusted every spoken commitment given by investors or clients. Meanwhile, we have learned it the hard way that a commitment is only a commitment when the ink on the contract is dry.

GACC NY: Thanks for sharing this! Can you please tell us why the U.S. market is important for you?

Thomas Vorsatz: There are several reasons for that. First of all, the mechanical engineering industry in the U.S. is very strong and the market size is immense. And the industry is facing the need to digitize business as well. It is not a secret that the mechanical engineering industry is quite conservative, especially here in Germany. Even though the industry understands that something has to change, many companies refuse to see the need to adapt their business models. We feel that companies in the U.S. are much more open to new technologies and are seeing change as a chance, not as a threat.

GACC NY: Is that why you joined our STEP USA program in December 2019?

Claas Blume: Yes, absolutely! It was the perfect opportunity to get to know the U.S. market in a compact way, to make first contacts, and to develop a strategy for a future market entry.

GACC NY: What is your most valuable takeaway from the STEP USA program as an entrepreneur?

Claas Blume: Our biggest takeaway from the STEP USA program is the number of valuable contacts we gathered. We now know where to turn to if we want to found a U.S. subsidiary or if we have tax-related questions. We also met with investors, enjoyed U.S. pitch training, and learned a lot on how to shape our U.S. product-market fit.

GACC NY: In your opinion, what do startups generally underestimate when coming to the U.S.?

Claas Blume: It depends on many factors, but in general I would say that the sheer size of the market and its competitiveness can be overwhelming in the beginning. It’s hard to get enough visibility if you only have a limited budget.

GACC NY: So, what are your next steps?

Claas Blume:  Our next big milestone is to expand business within Germany and get through the COVID crisis in good shape. We are also continuing to implement our market entry strategy. This means we are entering a specific market segment – the tool and die makers in Germany – providing them with great added value. If we have a certain relevance there and also get a 5/5-star rating, we will grow into broader markets. In addition, we are planning to get another business angel on board in March 2021 in order to leverage great financing from Landesbank Berlin (IBB).

GACC NY: Last question: On Nov. 7, 2020, Joe Biden won the election as the 46th U.S. President. Does that have any implications for your business?

Claas Blume: I hope that the election of Biden will improve the transatlantic relationship and above all that the U.S. as a deeply divided country will be able to overcome their current challenges. Stability, a reliable legal framework, and intact business relations are important factors for us once we are ready to take the step into the U.S. market.

GACC NY: Claas, and Thomas, thanks so much for taking the time for this interview and all the best for Clous!

Thinking big: STEP USA inspired us to define a greater company vision!

STEP USA is a 5-day startup boot camp launched and organized by the German American Chamber of Commerce New York (GACC NY). A highly successful program, STEP USA focuses on facilitating U.S. market access for young innovative companies and takes place four times a year. It also exists in a virtual format. STEP USA prides itself on having created a network of more 300 STEP USA alumni, more than 60 U.S. incorporations, and 35 investment rounds. It is tailored to the needs of startups who intent to scale their business internationally. 

The GACC NY is featuring selected STEP USA Alumni, calling these founders “STEP USA Ambassadors”.

“Thinking big: STEP USA inspired us to define a greater company vision!”

STEP USA Ambassador Jennifer Schwade is CEO and founder of SHAPE ME GmbH. SHAPE ME GmbH currently employs 5 people and is located in Munich. In March 2020, Jennifer joined us for our STEP USA program in New York. Today she talks with us about her U.S. market plans, her most valuable take-aways from the STEP USA program, and explains how a pivot in her company’s history changed her as a founder.

GACC NY: Jennifer, it’s great to see you again! How are things working out for SHAPE ME in the current economic crisis?

Jennifer Schwade: Good to see you as well. I can’t believe how lucky we were to be able to participate in the last STEP USA program that took place just moments before the Corona crisis outbreak. We flew back to Germany on one of the last flights…The economic crisis has had its effect on us as well. Our business has a strong seasonal focus such as weddings or the spring and summer season. We, therefore, experienced a massive fallback in sales, and in addition to that, we had panic returns from customers who had purchased our products before the pandemic and now did not have a need for them anymore.

But over time, our situation has improved. We expected to have a long dry run during COVID. With small events and parties being possible again, our sales went up.

GACC NY: Jennifer, what does SHAPE ME exactly do?

Jennifer Schwade: We are the number one leading brand and online shop for shapewear in the DACH region. It’s a great story: When I attended a friend’s wedding, I realized that a lot of ladies did not really feel at ease wearing their fancy dresses. They did not seem to be truly self-confident. In the U.S. it is totally normal to wear shapewear and it was only at this wedding when I realized that shapewear wasn’t common in Germany at all. Just think of all the big red-carpet events, when famous stars are presenting themselves in dresses that are not easy to wear. They wear these dresses and shapewear with such confidence. That’s precisely the feeling I wanted to bring to Germany. So, in 2018, I decided to introduce an online shop for shapewear in Germany and it has been widely accepted since then. We have clients from Germany, Austria, and Switzerland, and of course, we are planning on expanding our business.

GACC NY: What do you consider the greatest success in your company’s history?

Jennifer Schwade: That’s easy to answer. In the past, shapewear was considered being unsexy, boring, and even embarrassing. With the introduction of SHAPE ME, we changed that perception and gave it a young, fresh, positive swing. I am very proud of that.

GACC NY: Looking back, is there ‘a lesson learned’ that you can share with us?

Jennifer Schwade: Absolutely! At the beginning of SHAPE ME, we focused on one niche product only. If we had done proper market research in the DACH region, we would have known about the negative connotation of shapewear. The market was not ready for it yet. So, we learned it the hard way and after burning a lot of cash, we had to pivot or else close the business down. We decided to go for the first option and changed the brand into a platform for shapewear: Spreading knowledge, finding cool testimonials, changing the image from ‘grandma underwear’ into a well-accepted lifestyle product that women use as automatically as their bras.

GACC NY: Thanks for sharing this Jennifer! What impact did the pivot have on you as a founder?

Jennifer Schwade: Needless to say, this was a difficult time in the company’s history, but also in my own life. You ask yourself many questions, decisions need to be made. Looking back, I don’t want to miss that time, it turned me into a more flexible and persistent woman. This experience also helped me during the Corona time, when sales broke down massively.

GACC NY: Please tell us why the U.S. market is important for you?

Jennifer Schwade: The U.S. is the birthplace of shapewear. Sara Blakely and her brand SPANX are absolute role models for both my company and myself. I admire her as a female founder, the way she opened up the market and introduced the product. The U.S. market is just so much further along when it comes to the social perception and acceptance of shapewear. It inspires us to keep going. We are aiming at changing the DACH mindset when it comes to shapewear and we have achieved our first success in doing so.

GACC NY: Is that why you joined our STEP USA program in March 2020?

Jennifer Schwade: Yes, absolutely! Taking part in the STEP USA program was very important. New York City is a hotspot for fashion and lifestyle. We were so happy to travel there and see these developments with our own eyes. The atmosphere in the Big Apple is rejuvenating, exciting, and full of energy. We needed that boost for our business!

GACC NY: What is your most valuable takeaway from the STEP program as an entrepreneur?

Jennifer Schwade: My biggest takeaway from the STEP USA program is the motivation and inspiration that rolled over us like a big wave. The U.S. business mindset is extremely different from the German one. After these two years of pushing our brand into the DACH markets, it was so refreshing to see different approaches to things and hearing from other companies how they handled certain situations. A program like STEP is great for any type of founder wanting to get new input. It’s not necessary to start your own subsidiary in the U.S. in order to take part in the STEP USA program. The most important aspect of building a successful company is exchanging knowledge with people from different fields, industries, and cultures. Learning from other people’s experiences is key.

GACC NY: In your opinion, what do startups generally underestimate when coming to the U.S.?

Jennifer Schwade: I guess, it is underestimated how different business is done in the U.S. and Germany. It begins with different networking methods. Germans tend to have a hard time opening up about business when they are at a reception for example. Americans, however, talk to many people they don’t know and they share their ideas because they want to get feedback on them. Germans tend to keep their ideas a secret. Also overselling seems to be ok in the states, whereas in Germany we stick more to reality and try not to overdo certain marketing methods. One has to be aware of the differences in order to really evaluate business potentials.

GACC NY: Could you share a success story that has its roots in the STEP USA program?

Jennifer Schwade: After completing the STEP USA program, we got back to Munich and were very inspired and motivated. We thought our brand-building methods over, adapted them, and built a new brand vision for the DACH region.  And let me also mention that the STEP USA program had a relaxing effect: After two years of extremely hard work, we simply enjoyed the atmosphere in New York, the meetings with industry experts and successful entrepreneurs and had a great time!

GACC NY: We are happy to hear that! So, what are your next steps?

Jennifer Schwade:  Our next big milestone is to expand business within Europe, though this is still two to three years down the road. First of all, we are continuing to change the image of shapewear locally while at the same time building SHAPE ME as a brand. We are in midst of the process here in Germany. So, once we are ready to go into new markets, we will take numerous aspects into consideration, such as cultural perception of shapewear, market size and female population ratio, competitors, cultural and language barriers as well as logistics. We are planning on raising our Series A round at the end of 2021. The U.S. serves us as a source of inspiration for the time being.

GACC NY: Jennifer, thanks so much for taking the time for this interview and all the best for SHAPE ME!

“Always get up one more time than you are being knocked down. It’s worth it!”

STEP USA is a 5-day startup boot camp launched and organized by the German American Chamber of Commerce New York (GACC NY). A highly successful program, it focuses on facilitating U.S. market access for young innovative companies and takes place four times a year. It also exists in a virtual format. STEP USA prides itself on having created a network of more 300 STEP USA alumni, more than 60 U.S. incorporations, and 35 investment rounds. It is tailored to the needs of startups who intent to scale their business internationally. 

The GACC NY is featuring selected STEP USA Alumni, calling these founders “STEP USA Ambassadors”.

“Always get up one more time than you are being knocked down. It’s worth it!”

STEP USA Ambassador Daniel Tykesson is one of the founders of E-bility GmbH. Founded in 2010 in Remagen by the brothers Patrik, Daniel, and Philipp Tykesson, they have been passionately promoting e-mobility and started producing high-performance E-scooters at their home base. E-bility GmbH currently employs 75 people. In November 2019, Daniel and his brother Patrik joined us for our STEP USA program in New York. Today he talks with us about his U.S. market plans, his most valuable take-aways from the STEP USA program, and has a word of advice on how to deal with strong lobbies and opponents.

GACC NY: Daniel, lovely talking to you. How are things working out for E-bility in the current economic crisis?

Daniel Tykesson: Good to see you as well. We fondly remember the STEP USA program that we were able to join last fall. I wish that traveling would be as easy again as it was last year… The corona crisis had quite a grip on us, especially as it was this year’s plan to heavily expand into other European markets. On the other hand, we are delighted to see how strong the interest in individual mobility solutions currently is. In times when using public transportation doesn’t seem as secure as usual, there is an absolute increase in the need to get from A to B quickly, flexible, and “Corona-compliant”. Our E-scooters are highly sought after at the moment.

GACC NY: Daniel, what does E-bility exactly do?

Daniel Tykesson: In 2010, my brothers and I had a vision of creating a family business. It’s a company that we want to pass on to our children as well one day. Our dream has always been to shape urban mobility. So we started creating E-scooters that did not only have a cool retro design but would also relieve the pressure of traffic hotspots in big cities while using green energy. Up to this point, we have sold 10.000 units. Our goal however is to have more E-scooters driving on European roads than gasoline-powered ones by 2030. To achieve this, we are constantly developing our Kumpan designs and are researching new ideas and technologies for our customers’ needs. Our E-scooters are made with passion, sophistication, and excellent German engineering. We are truly proud of each and every one of them.

GACC NY: I can tell! It’s really impressive that you were able to acquire Scrooser GmbH a couple of months ago. Tell us how you managed to get this accomplished?

Daniel Tykesson: It started with a successful 2-digit million venture capital round that enabled us to acquire Scrooser. It’s also a young and dynamic mobility company but with a different focus: Scrooser is producing big-wheeled carving E-scooters that are very popular in the tourism sector and are a fun lifestyle vehicle, perfect for beach towns and for the last mile in urban areas. They’ve built a strong brand in the past years so we are very happy to be now joining paths and complement our assortment.

GACC NY: Is that what you consider the greatest success in your company’s history?

Daniel Tykesson: Yes, the deal was great for us. But for me personally, the biggest milestone we ever reached was on the day we went into serial production with our E-scooters. They are really top of their class and manufactured in Germany.

GACC NY: Looking back, is there ‘a lesson learned’ that you can share with us?

Daniel Tykesson: Oh yes! Every business is competitive and has supporters or opponents. Our products are emotional ones, the retro design of our E-scooters either appeals to people or not. We found ourselves in legal struggles with the goliaths of our industry and were strong enough to stand our ground. They were not able to sweep us off the market. It’s about perseverance. You always have to get up one more time than you are being knocked down. It’s very hard, but it’s worth it!

GACC NY: Thanks for sharing this, Daniel! Please tell us why the U.S. market is important for you?

Daniel Tykesson: We are planning our next investment round and – needless to say – the U.S. is an excellent place for raising venture capital. Furthermore, we are constantly broadening our network and are on the lookout for new distribution partners. The U.S. is our best market with regards to retail, online sales, and shared economy strategies. In the meantime, we have founded our own U.S. subsidiary, which is truly exciting.

GACC NY: Is that why you joined our STEP USA program in November 2019? What were your most valuable take-aways from this 5-day boot camp in New York?

Daniel Tykesson: Yes, absolutely! Taking part in the STEP USA program was a no-brainer for us, as we were approached by the German American Chamber of Commerce New York directly. Being located in Remagen, we were able to receive generous funding from the federal state of Rheinland-Pfalz. The Ministry of Economics in Mainz funded a group trip for start-ups from our federal state. We were a group of 11 companies and grew into a really tight team in New York. Up until now we are still in touch and help each other out. With the backup of the Ministry of Economics in Mainz, we are also able to tap into their networks more visibly and this is truly helpful. At this point, I want to say a big “thank you” to the great staff there! I hope that many more Rheinland-Pfalz-based companies will get the chance to participate in such a funded program. It’s a game-changer!

GACC NY: What is your most valuable takeaway from the STEP program as an entrepreneur?

Daniel Tykesson: My biggest takeaway from the STEP USA program is that New York is the perfect spot to start out your American business. So many times, founders think that only Silicon Valley is the place to be, but New York offers it all: an excellent investor environment, a city full of potential clients, business opportunities everywhere, and exciting cultural scene as well as the “proximity” to Europe by being only six hours behind German time. That helps tremendously with doing business. It’s a very mature and fast-paced world and ideal to scale your business fast – if you have done your homework.

GACC NY: In your opinion, what do startups generally underestimate when coming to the U.S.?

Daniel Tykesson: Oh, there are many things. But I would say that in general the enormous size of the country as such is totally underestimated. You cannot conquer the market with one salesperson sitting in New York. My advice is to pick a certain target region and start from there. Get your product into the market. Build a network of dealerships and distribution partners there. Once you are successful in that one region, pick the next one and restart the process.

GACC NY: Could you share a success story that has its roots in the STEP USA program?

Daniel Tykesson: Absolutely! After having had a number of excellent meetings in New York, we were able to negotiate new importer sales contracts that resulted in us being able to kick off sales in the U.S., so thanks to you we really had a great jump-start!

We also got several introductions to potential venture capital investors that we are following up with currently. As we are looking into raising a new VC-round, the STEP USA program came for us at the exact right time.

GACC NY: We are happy to hear that – great! So, what are your next steps in the U.S.?

Daniel Tykesson: We are planning on being back in New York and the Valley as soon as the situation allows for it. Our focus is to expand our partner and investor network. We are definitively ready for the next step!

GACC NY: Daniel, thanks so much for taking the time for this interview and all the best for E-bility!