International opportunities in media tech innovation USA vs Europe
Media European Startups go NYC
We often discuss a world full of possibilities for European and Israeli startups coming to the USA. Here it is faster to work with investors than in Germany and talks with potential customers and partners come already with follow-ups. This fast-paced environment is not for everyone, yet worth the adventure!
Media US startups go Europe
Lina Timm, Program Manager at Media Lab Bayern and myself, Program Director at NMA, hosted last week a workshop during the NYCML18 to open a discussion about the possibilities for US media startups willing to enter the European market. The media innovation landscape in Europe has lots to offer to American teams, however, what do founders might need to consider before crossing the Atlantic Ocean?
Here the five challenges we discussed during the session:
- Who would you approach first? Investor vs Media Partner.
As a matter of fact, investment processes and procedure s in Europe run slower than in the USA so we recommend coming to Europe with money from back home.
- Would you talk first with the business developer or the product owner?
Ideally with both at the same time. It is normal that if you speak only with one of them when the project lands in the hands of the other the process might get interrupted. Prepare in advance to avoid disappointments.
- Which do you think that would be more successful? Media tech startup vs a content-related startup.
Tech will be always faster to implement. A content-based startup conquering Europe will need to make an effort to localize, translate the language and fit the market.
- Would you start in English or localize?
In Europe, we like working in our mother tongue and so if you want to enter a particular market you should do your homework and adapt to the language and the culture.
- Which would be your target? Growth vs revenue.
In the USA everyone is clear about the answer: growth. However, we Europeans do not trust projects that do not make money. We usually ask the teams to show already a source of revenue, some closed contracts and customers funnel.