September 20th, 2018
Munich is (or always used to be) the corporate capital of Germany. Today, large enterprises shape the city’s economy. Globally known companies such as Allianz, BMW, and Siemens are based here – and of course, BSH Home Appliances. In addition, US technology giants like Amazon, Microsoft, and IBM have their European headquarters in the "Isar Valley". So what’s in for startups in Munich?
Over the years, strong connections between research institutions, universities and corporates have formed a unique community of innovators, mentors, and entrepreneurs in the city. This could be the reason why usually startups in Munich are more sustainable than in other cities. Business models created here are more tech-oriented. As an example: Celonis is Munich’s newest unicorn. The company was founded in 2011 and is now a market leader in the field of digital process mining. ProGlove - another Munich based start-up - connects the worker to the industrial IoT. Since 2014, the company raised their total financing up to 9.2 million US Dollars and creates a seven digits revenue. It can probably be said, that concerning deep-tech-startups, Munich is where it’s at – not just during the Oktoberfest, the world’s largest and most famous beer festival.
Start-ups in Munich have many opportunities to interact with corporates and other entrepreneurs developing their business models. Corporates sponsor makers spaces and co-working places like WeWork are mushrooming, where young talents are building businesses in IoT, Industry 4.0 and AI. In that regard, The BSH Future Home Accelerator powered by Techstars fits well into that landscape, offering start-ups a unique chance for impacting the future home and its centerpiece, the kitchen. The accelerator will be located in one of the co-working spaces, so for participating start-ups, there will be plenty of networking opportunities beyond the program.
Last but not least: Munich has an improved infrastructure – short distances, reliable transport systems, and one of Europe's largest airports with over 140 destinations worldwide. The proximity to the Alps and the English garden – a famous recreation area in the heart of the city and bigger than New York’s central park guarantees a high leisure value. With its unique mixture of Bavarian tradition with influences from Italy and Austria, the city has a casual feel to it. As a guess, these are just a few of many reasons why Munich is the most livable city. In June 2018, the British lifestyle magazine Monocle has honored the Bavarian state capital with its Quality of Life Award.