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Start ups from Austria go to Silicon Valley

Hand holding computer chip against a blue background © ADVANTAGE AUSTRIA

© ADVANTAGE AUSTRIA

12. May 2011

20 Austrian start up companies have qualified for “Go Silicon Valley 2011”, a technology initiative from ADVANTAGE AUSTRIA and the Austrian Trade Commission in Los Angeles. They were selected by a US panel made up of finance and industry experts. The first 5 companies are already in California.

“Go Silicon Valley” is an initiative by the Austrian Federal Economic Chamber designed to allow Austrian SMEs to enter the US market (IT industry) and facilitate access to risk capital. The companies selected get the opportunity to use the Business Accelerator Plug and Play Tech Center in Sunnyvale to complete a programme to kick-start their businesses. They also have access to a comprehensive service programme for a period of 3 months: contacts to venture capital firms, business angels, potential partners, legal advisers and consultants.

There are a total of 20 Austrian companies participating who will come to Silicon Valley at 3-month intervals during 2011 and those in the first group include: bluesource-mobile solutions Gmbh , NOUS Wissensmanagement GmbH , Stratodesk Software GmbH , tunesBag.com Limited and Ulmon GmbH .

US venture capital investments grew sharply in 2010: up by 19% to 21.8 billion dollars. And the number of companies receiving risk capital for the first time rose by a massive 30%. Software companies were the recipients of most of the capital, followed by companies from the fields of biotechnology, energy and medicine. Around 40% of the US risk capital, currently around 8.1 billion dollars, is invested in Silicon Valley. This means that the Valley remains the IT industry’s hotspot and a magnet for venture capital.

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