Interview with Sebastian Borek: Entrepreneurial Spirit, AI and a Vision for Europe 

Since mid-October, Sebastian Borek has joined the HTGF management team as Managing Director, responsible for the Digital Tech division. Together with Romy Schnelle and Achim Plum, he forms the fund’s new leadership trio. In our interview, Sebastian shares what drives his passion for strengthening Germany’s future competitiveness, reflects on HTGF’s role in shaping the VC landscape and innovation ecosystem, and discusses how AI is enabling new business models and transforming the venture world. 

Sebastian, you joined the HTGF management team on October 13 – even though you weren’t actively looking for a new role. What made you want to come on board? 

Sebastian: I’ve always been fascinated by discovering emerging technologies early on and staying right at the forefront of innovation. The world is evolving at a tremendous pace, and I love being part of that change. At the same time, I’m driven by a bigger mission: strengthening the future competitiveness of Germany and Europe in close collaboration with industry and policymakers. HTGF is perfectly positioned for this. Thanks to our public-private setup, we have the resources and expertise to be broadly-positioned. Our team has close links with the research community and is well-connected across Europe, where innovative technologies are emerging. We’re able not only to identify future technologies but also to turn them into real-world applications and create meaningful value. We can serve as a think tank for industry, SMEs and our whole economy. 

Together with Romy Schnelle and Achim Plum, you form HTGF’s new leadership trio. What makes this constellation special for you? 

Sebastian: The team dynamic was one of the key factors for me. I met Romy and Achim early in the process and immediately felt that it was a great fit. We complement each other perfectly – different backgrounds and experiences, but a shared understanding and a really strong rapport. Each of us is responsible for one of three areas, each with its own ecosystem. Dividing this expertise while aligning around a holistic strategy at the management level makes complete sense to me. We think collectively and act in line with market dynamics across our investment areas.

How has your experience with HTGF been so far? 

Sebastian: On a personal level, my experience with HTGF has been really positive: a dedicated team with great commitment, a strong sense of responsibility, and an impressive range of expertise. HTGF is a large and complex organization, and I’ve been pleasantly surprised by how much depth there already is and how well everything is structured. 

Right now, I’m having a lot of conversations and often there’s barely enough time. It’s the informal moments, like chats in the coffee kitchen or over lunch, that give me a really good feeling. I’m also looking forward to getting to know our Berlin and Munich offices even better soon. Overall, my impression so far has been very positive. 

You’ve built companies and created ecosystems yourself – from Founders Foundation to Hinterland. How are you bringing this entrepreneurial mindset into HTGF? 

Sebastian: Over the past few years, I’ve learned a lot about what it takes to build companies and create ecosystems. I want to bring those experiences into HTGF – wherever they can add value. At the same time, there are already many strengths here that I want to build on. My goal is to achieve the best of both worlds. 

From my time with Hinterland, I know how to build bridges – between SMEs and industry, between founders, investors, and policymakers. We already have those capabilities at HTGF; now it’s about sharpening our focus and using them even more strategically. 

But before applying any external concepts, I want to really understand HTGF. What hidden potential lies within the organization? How can we unlock it together? This is the perfect moment to redefine that – and that’s exactly what I’m working on right now. 

How do you see HTGF’s role in the VC market and for the wider economy? 

Sebastian: Twenty years ago, HTGF was one of the driving forces behind Germany’s VC scene. We helped shape the early stage of the ecosystem and fulfilled that mission very successfully. Today, it’s about being a role model again. Our public–private structure gives us the opportunity to take new paths – and that’s exactly our mandate. We need to identify where markets don’t function efficiently and where new, relevant needs arise that other VCs aren’t addressing. That’s where we can make a real impact. 

The economy is undergoing a profound transformation. Artificial intelligence is changing far more than just processes – it’s having major societal implications. So we have to ask ourselves: how do we position ourselves for the future, and where do we want to set our priorities? 
It’s an exciting phase: setting new impulses for the next 20 years, building ecosystems, bringing talented people into entrepreneurship, connecting startups with industry, and strengthening innovation. Our current mission still applies – but it needs to be rethought and applied in a way that fits today’s markets. 

That’s exactly what we’re tackling as part of our strategic process: developing clear investment hypotheses that address not only current but also future market needs. 

We’re more than 100 people with diverse skills and perspectives. We’re using that diversity to shape a strong strategy. My goal is clear: we must be pioneers – and we can be. 

What role does HTGF’s close connection to industry partners and SMEs play? 

Sebastian: Our close ties to industry and the Mittelstand are one of our greatest competitive advantages. We give startups access to established companies while helping industry players recognize and leverage innovation at an early stage. Industry is looking for solutions, while startups bring agility and the courage to test new business models. We bridge that gap — acting almost like an extended R&D arm for the economy. 
AI is growing at an incredible pace and challenges both founders and VCs. The key question is: Which technology should I bet on? Markets are changing fast, so products, business models and we as investors today need to be far more adaptable and agile. 

This is a huge challenge, especially for industrial and family-owned companies. They carry responsibility for their regions and employees and are under significant pressure. That’s where we can help: we’re the partner that identifies the right investments and turns innovation into a competitive advantage. Our role is to build bridges between startups and industry — and with AI and ongoing transformation, that bridge is becoming even more important. 

You’ll be leading the Digital Tech investment division. Which developments will shape the coming years, and how are you preparing for them? 

Sebastian: AI will transform an entire spectrum of business models in the years ahead. We have to look very closely: who will be disrupted by AI, and who can use it to accelerate growth? The challenge is that we often think linearly, while technological progress is exponential. Especially in the digital tech space, everything moves even faster. That’s what excites me, but it also carries risks. We need to understand where the real substance lies: proprietary data, clear applications, and genuine unfair advantages. 

That’s why I’m a big believer in hypothesis-driven investing. We develop guiding theses about which technologies will prevail and what impact they’ll have on different industries, and we continuously validate those hypotheses. It’s the only way to invest intelligently. 

At the same time, it takes a deep understanding of both technology and markets. Today, investors need to be able to engage with founders as equals on a content level. Only then can you earn your place on the right cap tables. 

You recently said that Germany needs to send a clear signal that it attracts founders. What could that signal look like in practice? 

Sebastian: That question has been on my mind for more than ten years. Right now, the U.S. is the strongest magnet for founders, with larger funding rounds, greater risk appetite, and an ecosystem that thinks big. We can’t copy that culture one-to-one, but we can play to our own strengths. 

Germany and Europe need a clear vision for the future, a narrative that shows: this is where the jobs and technologies of tomorrow are being created. Instead of just saying we’ve fallen behind, we need to define and occupy new fields like quantum computing, fusion technology or humanoid robotics. 

That’s not wishful thinking; it’s a strategic necessity. We need to develop hypotheses about where we want to be global leaders in ten years and build the capabilities to get there. HTGF can play a key role here, not only for Germany, but for Europe as a whole. We have the opportunity to connect ecosystems and translate research into real-world applications. 

From Lisbon to Bonn – what would you say Germany could learn from Portugal’s startup scene? 

Sebastian: In Lisbon, the European spirit is much more alive. The ecosystem is international, and Portugal has deliberately positioned itself as a startup hub. That attracts talent and investment and shows what can happen when politics and key players share a clear vision. Attract, don’t chase – that’s the mindset. You need to develop a clear sense of what you want to be and then work towards it with consistency. 

That’s the kind of mindset I want to bring to HTGF as well. We need strong networks, international connectivity, and a narrative that fits our strengths. Europe has enormous potential — we just have to actively unlock it. 

And finally: when you look back in three years, what do you want to be measured by? 

Sebastian: Most importantly, I want everyone at HTGF to genuinely enjoy coming to work, not just because of our culture or the great offices, but because they know that what we do truly matters. We’re shaping future viability. 

If we can create that sense of purpose not only within HTGF but across our entire ecosystem, I’ll be happy. I want to spark a sense of optimism for the future — a feeling that things are moving, that it’s worth the effort. If not us, who? If not now, when? 

“Clear interplay of technology, market demand, and climate benefits” – Interview with Dr. Ingo Ramesohl, Managing Director of Bosch Ventures 

Rabot Energy develops solutions for dynamic electricity tariffs and intelligent control of flexible consumers. This is an important lever for better aligning demand with the fluctuating supply of renewable energies. 

Bosch Ventures, the corporate venture capital arm of our fund investor Bosch, recently acquired a stake in Rabot Energy. This move strengthens a leading industry player’s commitment to a market that ensures grid stability, lower costs for consumers, and real climate benefits. 

On the occasion of the investment, we spoke with Dr. Ingo Ramesohl, Managing Director of Bosch Ventures, about the reasons for the investment, the collaboration with Rabot Energy, and the role of technology and data in the energy transition. 

How did Bosch Ventures become aware of Rabot Energy? 

We became aware of Rabot Energy because their approach is exactly what we are interested in: dynamic electricity tariffs combined with intelligent control of flexible consumers. It’s a strong concept with great potential for the future. Through regular exchanges with HTGF – we represent Bosch on the HTGF Digital Tech Investment Committee, for example – we were in contact with them at a very early stage. 

How did the collaboration with Rabot Energy develop? 

Excellently! From the outset, we were impressed by Rabot’s holistic approach – from price pass-through to control via app. In addition to the financial investment by Bosch Ventures, the collaboration between Bosch and Rabot is already yielding visible results: Bosch’s home appliances division, for example, has released a feature that automatically starts appliances at the most cost-effective time. For our Siemens Home Appliances brand, this was communicated as smartStart at the IFA – including a reference to Rabot Energy. 

What was the deciding factor in the investment decision? 

The decisive factor was the clear interplay of technology, market demand, and climate benefits – and the strong team behind Rabot. 

What potential do flexible electricity tariffs offer for electronics, automotive, and household appliances? 

Studies show that by 2035, around 10% of German electricity consumption could be balanced through flexible control. Flexible tariffs help to better match electricity demand with supply, especially when there is a lot of volatile generation from wind or solar in the grid. This creates stability, savings potential, and lower costs for consumers. In the automotive industry, flexible tariffs make it possible to control the charging times of electric cars so that they draw electricity when it is particularly cheap and climate friendly. Vehicle-to-grid (V2G) offers further possibilities here. When it comes to household appliances, users can use their devices intelligently so that they run when electricity prices are low or when there is sufficient renewable electricity available – as Bosch demonstrated at IFA with smartStart. 

How do you see the role of technology and data in the energy market? 

They are a central component of the energy transition – through intelligent control, precise forecasts, and more efficient consumption. 

Thank you very much for your time and your insights! 

findIQ: Knowledge management reimagined – in conversation with Sina 

Industrial plants are becoming increasingly complex, while experienced specialists are becoming scarce. In the worst-case scenario, this knowledge gap can bring entire production lines to a standstill. This is where findIQ comes in. The startup’s mission is to make technical experts’ valuable knowledge available digitally, anytime, anywhere in the world and for any plant. We spoke to Sina, the co-founder and CEO of findIQ, about the company’s origins, her learning journey, and her plans for international expansion. 

What was the motivation to found findIQ? 

Sina: We are solving a real problem: the shortage of skilled workers in the technical sector. When we started, the problem was slightly different. During the pandemic, many technical experts in Germany were unable to travel, resulting in around 70% more downtime costs worldwide. This demonstrated the significant impact of experienced employees being unable to be on site to identify faults and resolve issues with machinery. 

It was this realisation that motivated us to found the company. Initially, we wanted to tackle the problem head-on during the pandemic crisis, and we systematically investigated what a sustainable solution might look like. Our approach was pragmatic from the outset: understand the problem, find the right solution, and think long term. 

Has the situation changed since? 

Sina: Today, we are still facing the same challenge: there are too few technical specialists for increasingly complex systems. Added to this are trends such as demographic change, a shortage of skilled workers, and an increasing turnover of staff in technical professions. Our solution digitises the specialist knowledge of individual experts and makes it available at any time and in any location. This means that future generations will also be able to keep machines running, even if the necessary expertise is not available on site. 

You have rethought knowledge management in machine servicing. What makes your solution different? 

Sina: findIQ is an AI-based knowledge management platform for technical systems, but our approach is fundamentally different. A key point is our definition of knowledge. For us, it’s not just a collection of data and documents; it’s also experience — what is often stored in the minds of experienced technicians and not simply found in manuals. 

Many AI models, such as large language models, are purely data-driven. While they can access huge amounts of explicit information, they often lack the deep, implicit knowledge that has been built up in practice over decades. This ‘head knowledge’ is crucial for putting data and documents into the right context, particularly with regard to complex machines in daily operation. From the outset, we have developed methods to digitise and secure precisely this knowledge. This is our first and most important USP. 

A second important difference lies in how knowledge is managed. Many classic systems are simply filing systems. They store information once it has been entered, but then they become rigid and quickly outdated. This is insufficient in modern industry, where machines and production processes are constantly evolving. Our approach is dynamic: we view knowledge as an ongoing cycle that is continuously updated. Rather than working with language models, we map the logical thought patterns of experts. 

How can you achieve this? 

Sina: We integrate feedback directly into our system from machine operators, technicians, and service teams. This ensures that the data remains up to date and relevant for everyday use. Our independence from machine data gives us enormous flexibility. We can work globally and across industries without the need for complex integrations or specialised hardware adaptations. 

The end result is a system that stores and keeps alive existing knowledge – a real competitive advantage in an industry where experience and efficiency determine success or stagnation. 

What were your most important learnings in the initial phase? 

Sina: One of the most important things I learnt was that our instincts are often the best compass, despite all the advice from outside sources. You start with a clear motivation and should always refer to it, especially when many stakeholders become involved. 

Our customers have always been the most important source of feedback. We focused on doing more of what works and letting go of what doesn’t, even if that meant doing things in an unconventional way. 

Another lesson we learned is that success doesn’t mean doing every step perfectly, but making continuous progress. Sometimes taking the next step in the right direction is enough instead of achieving perfection immediately. 

Following your latest round of financing, what are the next steps on the agenda? 

Sina: Internationalisation is a logical next step for us. Our customers, especially German machine manufacturers, export their products worldwide. Accordingly, we also have to think globally. 

Our next target market is the USA, where the shortage of skilled workers is referred to as a ‘skills shortage’ or ‘labour shortage’. The demographic trend there is similar to that in Germany, only on a larger scale. Through our latest funding round, we aim to systematically access this market with the support of local partners and our own on-site staff. 

We deliberately chose the USA because there is demand there and the cultural differences are manageable. It was also important to us to build on existing customer relationships and establish a foundation through early sales. 

What advice would you give to founders who are just starting out? 

Sina: Sina: Be aware that setting up a company is an all-consuming task! You need to learn to deal with resistance and accept that things won’t always run smoothly. Customer feedback is invaluable because it shows what actually works. Every step in the right direction counts. Not everything has to be perfect. 

Thank you very much for your time and insights! 

Making commercial fusion a reality: An Interview with Proxima Fusion’s Francesco Sciortino 

HTGF portfolio company Proxima Fusion recently raised €130 million in Series A funding to bring commercial fusion energy closer to reality.

We sat down with CEO and Co-founder Francesco Sciortino to discuss what this milestone means for the team, the promise of their Stellaris reactor, their journey from research to startup, the potential impact of their “Alpha” demonstration system, and his advice for other deep-tech founders facing major challenges. 

Congratulations on your successful funding round! What does this milestone mean for you as a team, and how will it affect your future goals? 

This means that we have the validation of both our approach and the team we have built. Working with the Max Planck Society in Germany and our simulation-driven engineering approach have proven successful. 

We have moved faster than we thought was possible, delivering the Stellaris design and magnet technology in the lab. We have now secured financing to go full steam ahead with our hardware milestones. We are now the largest stellarator-based fusion company on the planet. We have raised as much money as all our stellarator competitors combined. We now have no excuse but to deliver. 

Can you walk us through the technological foundation behind your approach with Stellaris? 

So, the general category of devices that we work on is magnetic confinement fusion. This includes both tokamaks and stellarators, but also other subcategories. I have a background in tokamak physics. Tokamaks are the most conventional of the magnetic confinement fusion approaches. They are magnet systems that look like doughnuts, where you try to confine hot, ionized matter in helically twisting magnetic fields. 

Stellarators are very similar. In fact, you could say that a tokamak is a special type of stellarator. However, for the longest time, stellarators were blocked on the physics side. But in 2022, the Wendelstein 7-X stellarator at the Max Planck Society in Germany met its major design targets, and we now know that stellarators can be built and that we can design new stellarators to be power plants rather than just science experiments. Proxima Fusion spun out of the Max Planck in early 2023, to bring stellarators to commercialization. As stellarators have been getting more and more attention, there are now eight stellarator companies worldwide. 

How is Proxima Fusion’s approach different from others in the fusion space, and what are you ultimately aiming to achieve? 

All of these stellarator startups are still relatively small compared to the largest tokamak company in the world: Commonwealth Fusion Systems, or CFS for short. CFS has raised more than $2 billion, and they are very good at what they are doing. They are trying to build a tokamak that makes energy with the same kind of superconducting magnet technology that Proxima is working on. We agree on lots of things between tokamaks and stellarators. The physics basis is the same, but the biggest difference is that well-designed stellarators can work in continuous operation, and they can be completely stable.

That is the moon shot within the moon shot we are making with Proxima. Our goal is not to design something that creates energy for a short time, just a fancy flash of light powered by fusion. Instead, we are actually trying to build a power plant.

There are around 60 fusion companies right now, companies that actually aim to make reactors, and out of these, approx. 10 fusion startups have raised €100 million or more. We are now in a race to build the net energy device on our path to the first fusion power plant in the world. Let’s see who succeeds!  

What was the journey from research to independent startup like? What were the most important insights that you and your team gained along the way? 

We started out as physicists researching tokamaks and stellarators. Our co-founder Martin Kubie has a background in mechanical engineering and has worked at Google X. Spinning out from the Max Planck Institute for Plasma Physics, we had to adapt and create a new way of working with a more engineering-centric perspective and a greater focus on simulation in order to enable faster iteration. Iteration speed is everything. You cannot iterate on building a whole stellarator, it is too big, so you cannot iterate on full scale hardware integration, but you can integrate on the large system in software. To do so, you have to work on a fusion concept that is experimentally validated. Otherwise, if you do not trust your models, then you can iterate as fast as you want, but they are going to be continuously wrong. For us, the enabler was to recognize that stellarators now have a much more mature physics basis than just a few years ago.  

As a spin-off from Max Planck Society, we have always been big believers in public-private partnerships and the importance of working together. It is not necessarily simple. We are two very different organizations, but the important thing has always been the mission-driven mindset and finding the common ground to get this thing to lift off at all. And I think something we Europeans still need to hone is the ability to increasingly translate theoretical research into operations into practical engineering. 

We learned that hiring is very hard, but also the most important thing: Finding the right people is everything. The quality of the founding team is a big indicator of what is to come. But the only thing that really matters is whether you know how to hire people better than yourself, and that we have arguably done well. Perhaps that is the one thing that was not quite clear in the very early days, but somehow, we have picked up speed very quickly. 

Your demonstration system “Alpha” is planned to start operations in 2031 and then produce more energy than it consumes. Why is it such a critical step toward commercial fusion energy? 

The demonstration system that we call Alpha is an energy-producing device. The process of the stars down on Earth. It is a demonstration and not a power plant yet, but Alpha is designed to be the last thing we will ever need to build before we construct a power plant. 

We believe it is the right kind of device for a fusion power plant, which is operating continuously and is fully stable. That is the sweet sauce of Proxima: If we get Alpha done, Proxima might be one of the most valuable companies on the planet. But that is proportional to the value of the market and it is generally related to the need for clean, safe and abundant energy. The reason why we have been chasing fusion for a good part of 70 years is that there is fundamentally nothing else quite like it. We are talking about burning heavy forms of hydrogen on a nuclear level, so joining light nuclei, heavy forms of hydrogen, not like uranium, plutonium and so on. They are at opposite ends of the periodic table. We are at the simplest part of the periodic table. Most of the universe is made up of hydrogen. The fuel is nearly infinite.  

How could fusion energy — and Alpha in particular — impact the planet, society, and the way we think about energy? 

One bottle of this heavy hydrogen fuel could power Munich for a week. Just one spoonful of this fuel is equivalent to 13 tons of coal. This is certain, this is not a theory. We can do this at a small scale in the lab. We know that the sun is burning in this way. This is simply how the universe is powered. The question is: can we make it cheap enough? And can we build these power plants fast enough? That is what will determine the future. It is not a physics proof of principle. What we need is an engineering and commercial proof of principle.  

Germany is facing an energy crisis, and Europe is facing a technology sovereignty crisis. There has never really been a better time to think about this massive scaling of fusion systems similar to the way France scaled their energy system around fission in the 1970s. If we want fusion to account for 20–30% of the world’s energy production, and we need to act quickly to have an impact on the climate over the next few decades, then we need to consider how to build 1,000 power plants fast. That means we need to think of a system that can scale. 

What advice would you give to other deep-tech founders tackling major technological challenges? 

No egos allowed, you need a mission-first mindset. You need to be fully aware of why you are dedicating so much of your life to something. We could all be doing things that pay better or allow more free time. We are here out of choice and the mission is worth a significant chunk of your life, so this must be clear to the founders. 

Thanks so much for the interesting insights!  

Navigating Turbulent Times: Practical Advice for Startups

Despite initial signs of recovery, times are still challenging for startups.

We spoke with experts from HTGF about two major current challenges: How can startups best access capital? And how can they operate internationally in uncertain environments?

“Startups need to understand what the other side really needs” – Dr. Markus Kückelhaus, partner in the Industrial Tech division, on opportunities, financing, and partnerships.

What current opportunities and challenges do you see for startups in 2025?

Dr. Markus Kückelhaus: We are fundamentally optimistic about 2025. On the one hand, the number of startups is rising again, as the latest numbers from the startupdetector report show. On the other hand, German VCs have a lot of dry powder: nine billion euros that still needs to be invested. At the same time, there is a backlog in the late-stage sector, which could open up a new IPO window.

The macroeconomic environment remains challenging: the ongoing customs dispute, inflation concerns, and potentially rising interest rates – even if they are still low at present.

Which aspects are particularly relevant for financing startups at the moment?

Dr. Markus Kückelhaus: Startups should understand the dynamics of the individual financing phases very clearly. Looking at the number of deals or valuations, the level appears stable, and in some cases even growing. Nevertheless, follow-up financing in the late stages remains challenging. Agility is more crucial than ever here. Especially if you are not operating in a very promising field such as AI, approaching investors is very time-consuming – it requires a lot of discussions.

Deep tech startups in particular – or companies in general that have not yet generated any revenue over a period of years – need to think early on about what other financing options they can use. Apart from traditional venture capital, public funding or other non-dilutive financing options are essential in order to have sufficient capital available in the long term and to be able to realize the long development cycles.

What is important when startups want to cooperate with companies?

Dr. Markus Kückelhaus: Cooperation with companies is always relevant from a market perspective. It’s not just about getting funding, but above all about asserting yourself in the market. We therefore advise startups to focus on finding the right product-market fit at an early stage. Purely strategic and financial partnerships have become less common. Some corporate VCs have even ceased their activities altogether—the current environment makes it more difficult for startups to rely on such constellations.

Startups should always make a clear distinction: What does the other side actually need? Is it about technologies that need to be ready for use in the short term—which tends to favor classic customer-supplier relationships? Or is the company looking for a long-term development partnership, as is the case with many pharmaceutical companies? Recognizing these differences allows you to tailor your offering more precisely and cooperate more effectively.

“Startups need to think more geopolitically resiliently – without closing themselves off” – Dr. Tanja Emmerling, Partner for Digital Tech, on international strategy in times of crisis.

Which startups are currently particularly affected?

Dr. Tanja Emmerling: Geopolitical uncertainties such as the customs dispute with the US and global supply chain risks are no longer just affecting traditional exporters. Startups in the deep tech, green tech, and AI sectors are also feeling increasing pressure, whether from regulatory hurdles, strategic dependencies, or more volatile financing conditions. What’s more, anyone who relies on international B2B customers or complex value chains will quickly be caught up in indirect effects. In this situation, startups need to keep a close eye on their cash flow. Liquidity gives them the flexibility to respond to change – and in times of crisis, that’s more important than growth at any price.

What advice would you give founders if access to the US market becomes more difficult?

Dr. Tanja Emmerling: The US market remains attractive, but you should prepare yourself for a new reality: higher regulatory requirements, political volatility, and potential investment hurdles. Startups should build up local expertise early on – ideally through partners, advisors, or their own structures on the ground. Today, a smart internationalization strategy means thinking about geopolitical resilience: Which alternative markets can I develop without putting all my eggs in one basket? Which alliances or strategic partnerships will help me remain flexible? And how can I structure my value creation so that I remain capable of acting even in times of tension?

What strategies will help Europe?

Dr Tanja Emmerling: Think EU – not just US: Now more than ever, it is worth looking inward. The EU is more than just regulation – it offers a growing innovation ecosystem, reliable funding instruments such as the European Innovation Council and IPCEI, and opportunities for sustainable positioning. Those who consider European supply chains and sales markets at an early stage will strengthen their strategic resilience. What’s more, Europe needs its own solutions. Products that respond to regional diversity in terms of language, data protection, and user needs create real added value. In times of crisis, focus, rapid response, agility, and close customer relationships are what count. Those who take these principles seriously can develop Europe into a genuine home market – not just as a place of retreat, but as a starting point for new strength.

Bridging Worlds: How Corporates and Startups Drive Innovation Together – A Conversation with Jens Busse 

Innovation needs fresh ideas and the courage to change. For established companies, staying ahead means tapping into new thinking and agility — and startups bring exactly that. But how can large organizations and young companies work together effectively? 

Jens Busse, Investment Director at Evonik Venture Capital, explains how partnerships with startups succeed, what both sides gain, and how to tackle common challenges. 

Why do you think closer cooperation between established companies and startups is essential for sustainable growth?

Close collaboration between established companies and startups promotes synergies that increase innovation and flexibility. Startups bring fresh ideas and technologies to the table, while established companies have resources and market knowledge. This combination enables faster market launches and better adaptation to market changes.

What are the specific benefits for companies that invest in or collaborate with start-ups?

Companies benefit from access to innovation, expansion of their product portfolio, market share gains, and an improved innovation culture. They can also minimize risks by testing new technologies without bearing the full risk of their own developments.

What challenges arise when integrating start-up innovations into existing corporate structures, and how can these be overcome?

Challenges include cultural differences, complex processes, and technological incompatibilities. These can be overcome through open communication, agile methods, and early development of shared technical infrastructures. Clear strategies for resource allocation are also crucial.

Looking back on HTGF Family Day 2025: An anniversary of innovation and cooperation

HTGF Family Day 2025 was a resounding success – two days packed with inspiring talks, lively discussions and valuable networking opportunities. The event kicked off with Networking Night on Monday: Following the opening by Managing Directors Romy Schnelle, Dr Alex von Frankenberg and Dr Achim Plum, Carsten Maschmeyer gave a rousing keynote speech on the topic of sales.

This was followed by moderated panel discussions on forward-looking topics such as artificial intelligence, New Space and the ‘DNA of Unicorns’. In addition, there were numerous direct discussions between investors, start-ups and other players in the start-up ecosystem.

On Tuesday, Gitta Connemann, Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Climate Action, offered valuable insights into German start-up policy. The second day of the event offered a packed programme: 40 pitches, 12 panels and numerous keynote speeches provided plenty of input and opportunities for exchange. In total, almost 5,000 direct conversations were arranged between participants. The grand finale: the birthday bash celebrating the HTGF’s 20th anniversary.

A big thank you to everyone who contributed to the success of the HTGF Family Day – the speakers, panellists, participants and the entire HTGF team. Family Day 2025 has once again shown how important innovation, exchange and cooperation are for a successful future.

We are already looking forward to the next event on 11 and 12 May 2026 in Berlin!

Photos & Video: Dominik Tryba, Introduce Productions

Driving growth from within – How established companies can benefit from start-ups

A breath of fresh air can do wonders – and not just in the outdoors. It wakes you up, clears your head, and also inspires you to try new things. Things that give us a boost – new ideas, change and new beginnings – can also do the same for companies. But where does this breath of fresh air come from? In many cases, it’s start-ups that are shaking up established structures.

We sat down for a chat with Florian Nöll, Partner and Global Venturing & EMEA Startups, Scaleups Leader at PwC Germany, to learn about how corporates and medium-sized companies can get the best out of collaborating with young companies – and why it’s a win-win situation for both sides.

Why do you feel closer collaboration between established companies and start-ups is essential for sustainable growth?

Start-ups tend to be more agile and innovative, providing major corporates and medium-sized companies with dynamic insights. On the one hand, the synergies that arise enable established companies to leverage fresh ideas and technologies to boost their competitiveness. On the other hand, collaboration gives start-ups access to resources and networks that propel their own growth. It really is a win-win situation that strengthens Germany’s economy overall, as well as the local ecosystem. It therefore comes as no surprise that the latest data from industry association Bitkom shows that 32% of companies already have at least one collaboration project with start-ups, with 98% of them reporting that their expectations have been met or even exceeded.

What are the concrete benefits for companies that invest in or work together with start-ups?

Companies looking to team up with start-ups stand to benefit from innovative solutions and technologies that can accelerate their product development efforts. These partnerships or investments also enable them to tap new markets. A recent Bitkom survey revealed that 11% of companies are developing new products or services with start-ups, that 3% hold financial stakes in the start-ups, and that 2% have founded their own start-ups from within the company. They thus become more innovative, which in turn helps to improve customer loyalty while also strengthening their corporate image as an innovator on the market.

What challenges arise when integrating start-up innovations into existing corporate structures, and how can they be overcome?

When integrating start-up solutions into established companies, innovation teams often encounter structural barriers – particularly in the areas of legal and IT, as well as in works council negotiations. The way to overcome these challenges varies greatly from company to company, of course. That said, our experience has shown that transparent communication and interdisciplinary teams that can work together flexibly are essential aspects to successfully navigating these challenges. And that’s something we have in fact achieved in over 80% of the last 100 projects we’ve worked on, giving rise to sustainable collaborations.

Take it easy and show respect to others: how start-ups can benefit from radical friendliness – a conversation with Nora Blum

Nora Blum is a psychologist and co-founder of Selfapy, a digital therapy platform that supports people suffering from mental illnesses.

The digital health start-up was recently acquired by HTGF fund investor MEDICE. Her new book is focused on radical friendliness – a notion rarely associated with tough business strategies. In this interview, Nora talks about how mutual respect and authentic values can make a difference, particularly in the early stages of starting a company.

Nora, in your book you talk about how “radical friendliness” not only helps people to succeed in their private lives, but also in a business context. What was the moment you realised that this was the case?

Nora Blum: It wasn’t necessarily a moment, but more of a process. Once I stepped down from the operational management of Selfapy, I reflected on what really made us stand out from the other health start-ups.

The market is extremely challenging and many start-ups have failed. Of course, there is a lot of luck and good timing involved. But looking back, I also think a key factor for us was our ability to build strong relationships – with both our contract partners and our employees. And I really believe that a lot of this had to do with our friendly approach.

Our running of the company was always guided by values – with the aim of ensuring friendly interactions with all our contract partners and other contacts. It was an approach that really paid off. Right from the get-go, we had numerous supporters, an extremely loyal team and many contract partners that wanted to work with us because they liked us. I honestly believe that our attitude – our friendly and our respectful approach – was one of the key reasons we successfully navigated the first few particularly challenging years with Selfapy.

What made the difference during this time?

Nora Blum: In the early stages, you have little capital and experience – you are heavily reliant on the goodwill of others. People who are willing to take a leap of faith with you, perhaps by signing a contract with you despite your company still being relatively young. Or people who are prepared to share their knowledge with you without immediately expecting something in return.

Luckily, we had many such people around us – and I’m convinced that this was down to our friendly approach. It created an environment in which others were happy to help us.

Company founders might be worried about coming across as too friendly in tough negotiations with investors or business partners – perhaps concerned they might get a worse deal. How can you be friendly and still get your way?

Nora Blum: Friendliness doesn’t mean agreeing with everyone and accepting every condition. Far from it. We can be tough negotiators and represent our interests clearly and assertively while also remaining respectful. I think it is a common misconception that being friendly means you simply go along with everything.

If we do not represent our interests, then we are not being fair to ourselves, nor are we being smart entrepreneurs. Friendliness also involves setting out boundaries. The real skill lies in being able to do so while at the same time remaining friendly and respectful.

In the early stages, you often have to deal with strong pressures, uncertainties and setbacks. What attitude should you adopt to tackle these issues constructively?

Nora Blum: I’m a big fan of Simon Sinek’s book “The Infinite Game”. We need to start seeing companies and business as a kind of game – one that is important but which we play in a relaxed manner while also taking a step back from time to time. We otherwise become too obstinate and make our self-worth too dependent on the success of the company. If we fight too hard for success, we sometimes lose the perspective to rearrange things – for the purpose of creativity and pivots, for example.

It is important to approach a process with a degree of ease and levity to ensure that we don’t end up frustrated and give up too early due to exhaustion. This is easier said than done. But it helps to view the process of starting a company with joy and excitement, and to take a step back every now and then, instead of being too stubborn when working towards an objective.

With Selfapy, you were working in a sector where there were a lot of obstacles when you first started out. What role did friendliness play in overcoming such resistance?

Nora Blum: Friendliness is particularly important whenever you are not met with open arms and cheers. When we started out with online therapy, we were met with a lot of resistance – particularly in the field of psychotherapy. Today, digital therapy services are well-established as a standard therapy option in all guidelines. Back then, however, we were often viewed very critically.

We always tried to remain in dialogue – without responding aggressively. Tough criticism is often an expression of concern. Once we are able to recognise that, we can be respectful in our response.

Over the years, we’ve also worked with our competitors in a spirit of partnership There’s no point in working against each other, particularly in sectors where you want to bring about change, amend laws or you have overarching goals. This friendliness and willingness to maintain a dialogue have ultimately helped the entire industry.

And what does this approach look like inside a company? What can radical friendliness do for the culture of a team?

Nora Blum: A friendly team culture boosts motivation, creativity and productivity. This is extremely important, especially amidst the day-to-day stress of a start-up. And here it is worth reiterating: friendliness does not mean shying away from critical feedback. Quite the opposite. Transparency and respectful communication are essential for avoiding conflict.

I myself used to think that being friendly simply meant saying nice things. Today I know this to be a fallacy. True friendliness is shown in the ability to address difficult issues – in a manner that remains fair and respectful.

If you could give your younger self one piece of advice before starting your first company, what would it be?

Nora Blum: Don’t take things too seriously. A relaxed approach really can make the difference.

AI vs. Paperwork – Interview with Mike McCarthy, co-founder of cloudsquid

Last November, cloudsquid announced the closing of its pre-seed funding round led by HTGF. The startup is taking aim at paperwork, using AI agents to help operations teams automate document-heavy workflows. Early customers are transforming critical workflows in accounting, insurance claims and supply chain operations. We sat down with co-founder Mike to talk about the diverse team, their motivation, lessons learned and what’s next for the company.

Your team comes from different backgrounds – what is your common motivation and how do you complement each other?

Mike McCarthy: Our diversity is our strength. I moved to Berlin from the USA, Filip from Poland, and Sang from South Korea. We span Millennial and Gen Z perspectives. This blend helps us approach problems from multiple angles and think differently. I think our shared value is passion and intensity, we’re very lucky to have this opportunity to come together and build this company right now at such an exciting time in technology. We’ve all experienced the challenges of assimilation, building grit and flexibility that’s essential for entrepreneurship.

You have recently launched your product. What was the biggest ‘light bulb moment’ along the way?

Mike McCarthy: Our biggest realisation was about AI adoption in enterprises. Despite the hype, most traditional and Enterprise companies use generative AI superficially. Many vendors force new systems on companies not ready for rapid change. Our approach of solving document workflows between existing systems while letting enterprises maintain familiar processes and tools offers a more realistic path to adoption. Enormous efficiency is lost in these system gaps, it creates the perfect opportunity for AI workflows that weren’t possible before huge gains reasoning and intelligence capabilities.

What are you currently looking for? How can the HTGF network support?

After working selectively with early partners, we’re ready to scale. We would love to speak with companies in the network who are ready to tackle these problems. We’re targeting painful document workflows that were impossible to solve pre-LLMs. For example, extracting data from 150-page PDFs with countless line items in accounts payable processes, where every customer uses different templates. This tedious cross-referencing costs companies millions and no human wants to do it. These are exactly the workflows we’re excited to tackle.

What hurdles did you have to overcome in building cloudsquid that you hadn’t anticipated?

Mike McCarthy: Building on rapidly evolving AI models forces constant reassessment. You must repeatedly question what’s possible and be prepared to pivot overnight. This pushes us to build for the future and think differently. It also challenges conventional wisdom about customer-driven feature development. While customer feedback matters, clients don’t fully grasp AI capabilities today, let alone six months from now. We need to imagine that future for them.

In the pre-seed phase, every decision is important. Which of your early steps proved to be the most valuable?

Mike McCarthy: Our journey included one major pivot and several smaller ones to refine our focus. Pre-seed demands an experimental mindset, testing ideas and gathering market feedback. The worst mistake is committing to an idea that lacks conviction from you or the market. When you find the right problem, customer interactions take on a different energy. 

What led to your pivot?

Mike McCarthy: We followed common advice to pre-sell an idea and build a paid MVP just one month after forming. We spent four months delivering on this project before realising it wasn’t our path forward. For us, this was counterproductive because it limited our flexibility to follow our instincts and the feedback the market gave us. We were locked into delivering on a paid contract. We honoured our commitment but quickly changed direction. The experience did teach us valuable lessons about building AI-first products.

What is your best tip for founders currently in the pre-seed phase?

Mike McCarthy: Be passionate with strong conviction but check your ego when you’re wrong. Adaptability will determine success in this chaotic tech landscape. Fall in love with the problem, not your solution.

Thank you for your time and your insights!