STEP USA

Success Stories

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!

STEP USA Alumnus Gridscale raises 7-digit investment

gridscale
+++ Der Frankfurter Mittelstandsfinanzierer creditshelf stellt gridscale eine siebenstellige Wachstumsfinanzierung zur Verfügung. “Ziel ist es, damit einerseits das Geschäftswachstum und andererseits die technische Entwicklung voranzutreiben. So soll in Zukunft die Produktpalette sinnvoll durch neue Features und Erweiterungen ausgebaut werden”, teilt das Unternehmen mit. Das Kölner Startup, ein Anbieter für Infrastructure-as-a-Service- und Platform-as-a-Service-Lösungen, konnte im vergangenen Jahr Investoren wie Endeit Capital, EnBW New Ventures, EnjoyVenture und den High-Tech Gründerfonds (HTGF) gewinnen. Insgesamt flossen dabei 7 Millionen Euro in das 2014 gestartete Unternehmen.

“The STEP USA program gave us important insights at the exact right moment – saving money and time”

 

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 4 times a year. It also exists in a virtual format. STEP USA prides itself on having created a network of roughly 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”.

“The STEP USA program gave us important insights at the exact right moment – saving money and time”

STEP USA Ambassador Naomi Owusu is the CEO of Tickaroo GmbH. The company was founded in 2011 and employs 31 people. Located in Regensburg, Bavaria, Tickaroo provides software as a service solutions (SaaS) for news and sports live storytelling. It also offers software development services for the German market, including designing, prototyping, development, and maintenance of the software.

Today Naomi Owusu talks with us about Tickaroo’s achievements, the importance of the U.S. market, and her insights on the STEP USA program.

GACC NY: Naomi, it’s a pleasure talking to you! How is Tickaroo getting through these economically challenging times?

Naomi Owusu: It’s good talking to you, too! I remember joining the STEP USA program in September 2017 and how excited I was to travel to New York. So much has happened in the meantime. The Corona crisis has had some effects on Tickaroo as well. Large sports events for example were not taking place which is a tough situation for our business. We lost significant budgets. As a consequence, we are extremely busy acquiring new customers in other segments such as public sector institutions and broadcasters as well as putting a lot of effort into supporting medium-sized businesses with digital transformation with our new brand madeby.tickaroo.com.

Needless to say, this means a lot of restructuring, reorganizing, and rescheduling in very, very short turnaround times. That can be stressful sometimes…

GACC NY: Yes, that sounds challenging indeed. But tell me, are there also things going well for you right now, maybe even better than you expected?

Naomi Owusu: I am happy how well everybody is working from home and how effective we can still be as a team. What we do to keep our business up and running is to really focus on our cash cows. We reflect on our actions more than ever to make sure that we use our resources in the best way possible. To keep in mind that every decision has an impact on your company’s success is an insight we all take to heart.

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

Naomi Owusu: I guess it is not the one ‘big thing’ that makes Tickaroo successful. I value all the small steps leading to success – ranging from excellent teamwork, interacting successfully with investors, using our networks and skills wisely. Every step leads to another step. Looking back, however, I am proud that we were able to expand our product range and offer more services to our clients. It took us some time to develop different products, but what we are offering is of great benefit to our customers. That’s really a satisfying feeling.

GACC NY: Looking back, are there things that you would have handled differently – a lesson learned that you can share with us?

Naomi Owusu: Absolutely. As a founder, you have to find the right path that works for you and your team. In the beginning, we focused our efforts on the development of our products and did not spend a lot of time or budget on marketing and sales. Looking back, I would change that. It’s important to find experts who talk about your product. My advice is to expand your brand and customer base on the market AND talk about it. Let people know why they need your product, get them engaged at an early point.

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

Naomi Owusu: The U.S. market is one of the largest markets worldwide and we have developed products such as the Tickaroo Liveblog and our Tickaroo live sports Software as a Service. This is an extremely interactive real-time Cloud-CMS for high traffic media, sports, and broadcasting cooperations.  These 2 products are now at a point that they can be sold in the U.S. Furthermore, we have identified several relevant sources of revenue for Tickaroo over there.

GACC NY: Is that why you joined our STEP USA program in September 2017? What were your most valuable takeaways from this 5-day boot camp in New York?

Naomi Owusu: Yes, absolutely! I heard about the STEP USA program through my network and it was recommended to me. I must say that it exceeded my expectations by far. New York is an absolute hotspot for business and tapping into an existing network such as the GACC New York was extremely helpful. It was the guidance and well-organized meetings that made all the difference. It simply was the perfect opportunity to learn more about the U.S. market in a very short time.

My biggest take away from the STEP USA program? We learned how to start our business in the U.S. What was most insightful was how to approach investors and potential business partners with the information they want to hear. Marketing and sales start right there. This, I found, works quite differently from what we are used to in Germany. It was a true and important eye-opener!

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

Naomi Owusu: It is expensive to start a business over there. I guess what is underestimated the most is to put aside a budget for entering this huge market. As an already busy founder, you need to be prepared that your attention shifts from doing business at home to doing business in a foreign market on top of everything else. When we realized that, we decided to wait a bit because we have a fast-growing business in Germany and still lots of potential to grow our revenue at home.

GACC NY: Makes sense! Can you share a success story that has its roots in the STEP USA program?

Naomi Owusu: Sure! During the individual pitch training that we received as part of the STEP USA program, we improved and streamlined our original pitch deck a lot. We completely restructured it by focusing on the key benefits our clients have when using Tickaroo. We always tended to be very modest and careful when talking about our success, our numbers, or our pretty impressive partner and client network. It seems we were constantly more focused on getting things done and less ready to communicate what we have achieved over the years. After the STEP USA program, we really started TALKING and SHOWING what we have accomplished. That is an important part of being successful in business and I am very happy to call this one of the biggest take-aways from the STEP USA program.

We also completely worked our marketing and sales strategy over and that opened some important doors for us in Germany. I feel that with this fresh approach, we were on the winning side because we managed to close some valuable accounts for Tickaroo!

GACC NY: Glad to hear! So, what are your next steps in the U.S.?

Naomi Owusu: We are looking for more business contacts in the U.S. and we would love to get more marketing and sales training focused on SaaS and B2B business. At the moment, we are hiring: we are also looking for excellent salespeople in the U.S. That is what we need most right now.

GACC NY: Naomi, it was great catching up with you! Thanks so much for taking the time for this interview and all the best for Tickaroo!