Step USA – our virtual business trip
What has to be considered if you want to start as a German biotech company on the American market? What are the legal bases and challenges there? We got an insight at the “Step USA Virtual” from June 28th until July 1st, 2021.
The four-day startup boot camp took place in New York and, due to Corona, virtually for us. Step USA was launched in 2014 by the German American Chamber of Commerce New York (GACC NY) and is organised together with the Frankfurt Main Chamber of Industry and Commerce, the TechQuartier, the Hessian Ministry of Economics, Energy, Transport and Housing, the Start Hub Hessen, the Stiftung für Technologie, Innovation und Forschung Thüringen (STIFT) and the holding company of Thuringia, bm|t. Around 40 German companies from various sectors took part, 12 of them from Thuringia. In addition to Dynamic42 GmbH, c-LEcta GmbH and others, we were among the companies selected from the bm|t portfolio.
Business culture, legal situation, immigration: How does it work in the USA?
As part of this intensive program, we got to know numerous American industry experts, mentors and investors. They advised us on US business culture, corporate marketing, raising capital, and immigration policies. The legal and tax issues were particularly interesting for us, because they form the basis for our planned market entry.
In addition to theoretical workshops, we were trained in storytelling. The business language in Germany sometimes differs greatly from the American one. Considering investor pitches in particular, it is important to know how to communicate business models convincingly in the respective culture.
A special highlight was the session with Susan Lindner on the subject of “Powerful Messaging & Storytelling”. Susan explained in an interactive way that representation plays an important role in sales. Above all, the advantages for the buyer should be emphasised more than the advantages of one’s own product.
Our personal conclusion
The four days were very informative and we learned a lot about the American corporate culture, especially for our industry! We would like to thank Andrea Diewald and Irene Fuchs from the German-American Chamber of Commerce for organising this great program.
Nevertheless, of course, a digital trip does not replace the on-site event: In autumn, the Step USA program will take place in New York again – we hope we then can be there in reality.