Pharma Innovation
08/21/2024 | Green Innovation
The world has come a long way since Clayton Christensen coined the phrase ‘disruptive innovation’ to describe how startups with great ideas could take on the leading players by targeting parts of the market they’d overlooked, or by introducing simpler and cost-effective solutions. That was in 1997. By his reckoning some of those who took the leap in a year that saw the introduction of WiFi and an IBM computer beating world chess champion Garry Kasparov would by now have taken the market share of those leading players.
But whether they’re now enjoying world domination or simply holding their own in a competitive market, all of them, from Amazon to Zenefits, will agree that a great idea is just the start. Success lies in the execution. Appropriate funding, - often some decent guidance and a little luck with timing -all go into the mix. It was with this in mind that, in the run-up to ACHEMA 2024, DECHEMA, the Business Angels Frankfurt Rhein Main, along with the High-Tech Gründerfonds, announced the ACHEMA Startup Award to support the creators of tomorrow in paving the way for innovations in chemistry, process engineering and biotechnology.
Apart from the € 15,000 prize, the ten finalists will be able to showcase their solution at ACHEMA for one week to the international community and deliver their pitch in the ACHEMA Start-up Session on the Green Innovation Stage on Wednesday, June 12. Separately, this year the Frankfurt event will feature a new startup area, enabling companies under six years old to show how science and technology, coupled with ambition and perseverance, can be translated into new services, profitable products and the latest processes.
As one of the central anchors in the “Research and Innovation” exhibition group, the Start-up Area is the central meeting point for young companies and innovation leaders in search of synergies and collaborations, as well as for all participants interested in new trends.
Andreas Konert, Head of BD and Sales, described it as not only an exhibition and showcase area - but “a gathering place for pioneers, ground-breakers and super minds of tomorrow’s process industries” where they meet with investors, experts and decision-makers up to today’s C-suite. The ACHEMA participants are well known for their high expertise and being sticklers for detail. They will dive in deep with the start-ups, giving young enterprises priceless opportunities to earn their trust and build strong relationships for projects and business to come.
It comes amid a predicted upwave in the global startup world, one that has seen its share of highs and lows over recent years, particularly in terms of VC funding which, after a brief post-pandemic recovery, saw a 35 per cent decline in 2022, even though Series A activity in Europe bucked the trend by increasing.
As for this year, in Europe, biotech, particularly in drug discovery, is expected to see the sort of growth that climate tech did last year, all backed by an event calendar as packed as ever, from Viva Technology on Paris in May to Amsterdam’s June TNW Conference to the July Turing Fest in Edinburgh.
In Germany, thanks to the resilience of its main startup hubs of Berlin, Munich, Hannover and Frankfurt, the entrepreneurial momentum has been described as palpable, and, in December, the renowned Founder Institute was actively advertising for applications for his 2024 Germany program.
In the UK, always a relocation favourite, especially with the likes of Silicon Valley, cities such as Manchester, Coventry and Cambridge have emerged as strong hosts for fledgling businesses. One magazine has recently reported finding 18,400 monthly online searches for “how to start a business”.
Thriving economies of the Nordic region, notably Denmark and Finland, are said to be welcoming innovators. And in Sweden, Stockholm has earned a reputation as Europe’s “unicorn factory” by hosting more billion-dollar companies per capita than any other location outside Silicon Valley. It’s the same story globally. In India, a combination of demand, an abundance of VC cash and strong government support has fuelled the sort of startup ecosystem which has pushed beyond the traditional hubs of Delhi, Mumbai and Bengaluru, with commentators predicting strong things for the likes of deep-tech and social impact-driven companies.
Thailand has been fostering a national-level economic growth strategy which has seen some impressive new enterprises come to market, backed by a steep rise of unicorn groups with the ability to raise billions of baht in funding and aided by its proximity to major markets such as ASEAN, China, and India. The country also has no shortage of companies ready to serve as VC angels.
Events such as the SG-KR MICE Tourism Networking event at Singapore’s DuoTower Spectrum and the Arrow Technology Showcase event in Shenzhen, China, brought together the brightest new innovators. Taiwan will soon be hosting its third annual Tech Innovation
Excellence Award recognising startups under the auspices of the National Science and Technology Council.
But despite all the help available, the key element has to be one of motivation. The Dubai-based accelerator FasterCapital summed that up as not only the opportunity to be your own boss but to build something from scratch.
“A startup is like a blank canvas - it’s up to you to decide what you want to create,” they said. “This can be both exciting and challenging, but it’s also incredibly rewarding. Startups have the potential to change the world. If you’re passionate about solving a problem or making an impact, starting a startup is a great way to do it.”
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