Not just Oktoberfest, Bavaria offers a wide range of benefits for Indian startups
Think Bavaria and one of the first associations that comes to mind is the Oktoberfest, the fortnight-long celebration and cultural extravaganza that draws crowds from all over the world. There is, however, much more to this vibrant German state to show that the people here are as industrious and hard-working as they are fun-loving and friendly.
Germany’s largest federal state and the seventh-largest economy in the European Union, Bavaria had a GDP of €594 billion in 2017. It is home to large global brands across sectors – adidas, Allianz, Audi, BMW, Infineon, and Siemens. Not just industry giants, the Bavarian ecosystem is such that even SMEs thrive in it and, in fact, contribute to 40 percent of the state’s annual economic output.
Today, this federal state is fast becoming a hub for innovation and technology, especially across sectors such as aerospace, augmented and virtual reality, the Internet of Things, financial and insurance technology, and digital health.
Invest in Bavaria, a not-for-profit division of the Bavarian Ministry of Economic Affairs, Energy and Technology, is looking for innovative companies from India, especially startups, to set up business in Bavaria.
Here’s why you should consider taking your startup to Bavaria.
Why is Bavaria an ideal location for Startups, Digital entrepreneurs and investors?
Munich, the Bavarian capital is listed as the top German location by a study on the global startup ecosystem. Munich’s startup ecosystem is supported by more than 100 organisations, such as start-up incubators, accelerators, entrepreneurship programmes, co-working spaces, coding schools and maker spaces. In addition, Bavaria offers a perfect ecosystem for startups owing to:
- The presence of top-notch global players as mentioned earlier means that there are enough potential customers and scope for collaboration.
- It being a hub for research and development with nearly 90 universities and non-university research institutions, which means there is an open culture of innovation, which fosters collaboration between startups and universities and established companies.
- Over 1/4 of Bavaria‘s total GDP comes from manufacturing, which translates into a greater need for digital solutions for the industries based here. It is the preferred location for insurance companies and banking companies.
- There are more than 20 well-known technology-oriented incubators all over Bavaria that offer working space, guidance, mentorship, and excellent opportunities to network with peers and other startups and entrepreneurs.
Invest in Bavaria’s India office was set up in Bangalore in 2001, and has been playing a pivotal role in strengthening bilateral trade and investment between the two countries. The office supports companies interested in setting up business in Bavaria across all phases: from planning, to location scouting, to implementation, and forging industry connects.