An ambitious, interconnected German-Asian startup ecosystem is taking shape, and Bengaluru is at the centre of this unique initiative.
The network, StartHubs AsiaBerlin, has already linked select startups of Bengaluru, Berlin, Manila and Jakarta, setting the stage for an unprecedented exchange of ideas, best practices and investment avenues.
Crowdfunding platform, Fuel A Dream; educational virtual trading platform, Trakinvest; employee transportation model, MoveInSync and employee-engaged platform, Hoopur are the first four Bengaluru startups hooked to the network. Collectively, the four will network with the other German and South East Asian startups to explore ways to tackle innovation challenges on a global scale.
Funded by the German Federal Ministry for Economic Cooperation and Development (BMZ), StartHubs AsiaBerlin is designed to break boundaries and boost partnerships as the project head Rainer Seider explained to DH.
“Startup ecosystems are normally not very transparent. A networked, inter-connected ecosystem can help young startups leapfrog developments with less resources,” said Seider.
The network is expected to help local startups hunt for investors from a bigger, inter-continental platform.
Seider elaborated, “Startups have limited money. They are limited by resources in flying around to search for Venture Capital (VC) funding. The project offers an opportunity to look around by building trust and contacts.”
In all, the current network has four lead partners, one from each startup hub and a total of 25 startups and their individual networks.
Once fully evolved with a structured communication and coordination system, the network will expand as an open platform.
But what is the German interest in funding this transnational ecosystem? “Asia is still a distant arena for most German startups. This platform could enable them make the contact with Indian entrepreneurs, bypassing or better understanding the Indian bureaucracy and related issues,” Seider pointed out.
Another factor in Bengaluru’s favour, as Seider acknowledged, is its strong, young entrepreneurial spirit.
“A lot of youngsters have returned to the city with sound experience from the United States. German startups find partnerships with them more reliable,” he said.
Officially kicked off at the Asia-Pacific Weeks 2016, the project completed a road-show trip through Bengaluru, Manila and Jakarta. On the network’s agenda are international conferences, launch of an online platform at starthubs.info and other interactive community formats, both online and offline.