TEP 2011-2013 Results: What We’ve Learned

There is a collective intelligence born from conferences that bring together some of the best and brightest minds of the entrepreneurial communities in the US and Germany. Ideas crystalize, hunches coalesce; this kind of multiplying effect of intelligence has been the central goal of the TEP conferences.

In October 2012, in the midst of Superstorm Sandy, at the city’s only open conference facility, The University Club, some 40 leaders in the space met to discuss entrepreneurship. This became the basis for TEP and was expanded during the 2013 TEP conference.  Here is a summary of the results as well as the pre-conference study we conducted.

Attendees agreed that uncertainty often overshadowed opportunities for innovation in the business community.   However, they recognized that innovation was the only way forward in the age of globalization.

Developed in 2012: Overview of key strengths, weaknesses, challenges, and opportunities

Strengths Urban hubs attract talent and ideas Clear strategic priority and access to capital and a large consumer market (NYC) Pool of talented engineers and consumer experience designers (Berlin) Access to European markets, including Central Eastern European talent (Berlin) Low cost of living (Berlin) High transparency, but important network Close cooperation with academic institutions Berlin startups with clear global focus “Convener power” of some city institutions

Weaknesses Federal regulations not always aligned with the needs of cities High cost of living, especially housing (NYC) Track record of successful ventures and returns still limited; no role models (Berlin)

Opportunities Strategically think about what a “super-easy” expansion across the Atlantic would look like for tech companies: workshop and discussion series Begin the expansion across the Atlantic by starting at home Cost and incentives are not driving factors in the beginning Strategic cooperation has already started

Challenges Europe is not a single market for tech companies; legal and language conditions will not change soon Networks are important, but take time to build Engineering talents are becoming harder to get and retain Regulatory environment: Immigration and visas, and labor law Convince decision-makers that the economic dimension of the tech/startup sector is likely to grow and have broader implications for citizens (Berlin)

For the full version see: http://tep.nyintl.net/TEPC2013_prep_paper.pdf

 

Here are 7 key findings from the 2012 TEP conference:

1. A Truism that is Still True: The World is Fundamentally Changing

“The democratization of entrepreneurship is a phenomenon we haven’t seen since the 90’s, when everything still cost a lot of money.”

2. There Are More Opportunities Than Challenges

Although challenges remain for leveraging the full potential of digital transition in both cities, all participants pointed to the tremendous opportunities that exist in both New York City and Berlin.

3. Key to Initial Success: People, Ideas, and Execution over Money and Politics

“Berlin and New York are attractive because of their non-economic aspects.”

4. Key to Continued Success: The Important Integration of Strategy, Policy, and Communication

Interviewees pointed to New York City’s efforts to promote the city as a digital hub. Representatives of global foreign firms mentioned these efforts as an important reason to open an office in the city.

5. You’d Better Be in Berlin and New York

“Berlin is two years behind London and even more behind New York. But

Berlin might be even more promising than New York.”

6. A Lesson for Germans from Americans: Support People Who Try, Even If They Fail

“Key philosophies of the startup ethos seem unknown in Germany. For instance,

failure is still hard to accept in German business and law.”

7. Immigration is a Key Challenge 

New York and Berlin both struggle with federal regulations that do not support the needs of digital ventures.

Early pre-conference feedback from attendees suggests that the climate for startups in both Berlin and New York has improved since the first conference in 2011. City leaders now have seen the value of startups as economic and social engines. It will be fascinating to see what entrepreneurs at this conference feel are the new rules of the road for startups in 2014 and beyond.