PwC Luxembourg accelerates high tech companies’ development in Europe with the launch of PwC’s Accelerator
PwC Luxembourg, in cooperation with Plug and Play, an accelerator of over 300 startups from all over the world, will launch a Luxembourg-based European Accelerator, which aims at granting innovative companies access to funding, markets and extensive expertise. The overall goal of PwC’s Accelerator is to build up a two-way bridge between Luxembourg, Europe and the Silicon Valley to help these high tech companies succeed in this overseas journey and offer the right business solutions and business contacts on the ground. It will also contribute to create the first European Community of professionals to assist the acceleration of these companies and promote a culture of entrepreneurship and high potential companies.
PwC Luxembourg, the leading professional services firm in Luxembourg, in cooperation with Plug and Play, based in the Silicon Valley (USA), has decided to launch PwC’s Accelerator, one of the very first business accelerators in Europe plugged with the Silicon Valley. This new innovative offering will help high tech companies develop and market products.
The access gate to the Silicon Valley
For ambitious European companies, the Silicon Valley is a strategic development point to find key iconic clients and to have access to funding and world class expertise. The Silicon Valley area has indeed become the global centre of excellence in the ICT industry as it represents the largest concentration of companies and investors around the globe. The European entrepreneurs who made the journey to the Silicon Valley with Plug and Play said that they achieved in one month what would have taken six months in Europe.
On the other hand, US innovative companies are looking to enter the European market in an efficient way. Perceived as long and costly, the entrance on the European market has to be sped up and facilitated.
"Many US high tech companies are looking for a launching platform to enter European markets and recruit first key clients and resources", mentions Didier Mouget, Managing Partner PwC Luxembourg. "The first objective of PwC’s Accelerator will be to provide these successful players with the necessary advice, expertise and relationships to accelerate their development in Europe. As a fully open platform, PwC’s Accelerator will leverage and promote the distinctive Luxembourg "Eco system" which has been significantly reinforced by public and private investments over the last five years."
A Service offering tailored for high growth companies going international
As a consequence, PwC’s Accelerator will host a broad spectrum of technologic companies from digital media, voice and data communication, enterprise software, bio information technologies, clean-tech and semiconductor. It will also support companies from growth to later stage. This new offering will help develop and market innovative products with solutions including:
- A full range of services specifically tailored to prepare shareholders including training, coaching, business plan review with specialists, company set up, communication tools adaptation, market access strategy, search for executives to prepare
- European companies for the Silicon Valley journey, and
- US companies to enter the EU market.
- A full range of services accelerating companies projects including access to funding, business development and corporate exit.
- A significant number of both online and physical events in Europe as well as in the Silicon Valley to access the unique community of both Plug and Play and PwC’s Accelerator.
- A physical location directly linked with video to the Plug and Play centre.
"The second objective of PwC’s Accelerator is to help European companies succeed in their journey to the Silicon Valley. We noticed that this first preparatory stage was often the most critical for companies which would like to take this big step", says Laurent Probst, Innovation and R&D leader at PwC Luxembourg, leading PwC’s Accelerator initiative.
This complements the collaboration formed between the Government and Plug and Play to facilitate the set-up of Luxembourg startups in the Silicon Valley. PwC’s Accelerator will indeed focus its activities on more mature companies and will allow European high tech companies to create a strategic bridge between Luxembourg, Europe, the Silicon Valley and the United States.
"Silicon Valley remains the top high tech hub in the world today for emerging technology companies looking to make a name for themselves. With this collaboration, PwC and Plug and Play look forward to supporting the best of these companies in Europe and the US and to provide them with access to the resources of Silicon Valley" added Saeed Amidi.
The PwC’s Accelerator: Operational early 2012
"On the US side as well as the European side, we have received strong support and insights from entrepreneurs, venture capitalists, large high tech corporations and public institutions to build up this innovative distinctive infrastructure and community. We are in contact with Luxembourg, European and US-based companies and are defining with them the details of the service offering. They acknowledge that PwC network and PwC Luxembourg’s expertise in the high tech industry, be it ICT, life sciences or eco-technology in, coupled with the expertise, community and services offered by Plug and Play in the Silicon Valley will constitute a unique value proposition", Laurent Probst adds.
The first companies to benefit from this project are expected to submit their applications this summer. A working trip with the first selected companies has already been scheduled for the third quarter of 2011. They will also be selected for a first European/US venture capital event organised in Luxembourg in October 2011. New regular relationships will be established on with the Silicon Valley.
This long-term strategic investment is part of PwC Luxembourg strategy to support the Government in its efforts to promote Luxembourg abroad, attract new companies in the country and nurture innovation and entrepreneurship. PwC’s Accelerator will start its activities in 2011 and will be fully operational early 2012.
More information on www.pwcaccelerator.com
Pictures
Didier Mouget, Managing Partner, PwC Luxembourg; Mr. Jeannot Krecké, Minister of the Economy and Foreign Trade and Saeed Amidi, CEO Plug and Play Tech Center
Didier Mouget presenting the main goals of PwC's Accelerator
Editor's notes:
- PwC is the largest professional services firm in Luxembourg with over 2100 people employed originating from 53 different countries. It provides audit ,tax and advisory services including management consulting, transaction, financing and regulatory advice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. It helps its clients creating value by giving comfort to the capital markets and providing advice through an industry focused approach.
- PwC Luxembourg is a member firm of PwC International Limited ("PwC IL"). The PwC network is the largest global professional services network with more than 170.000 people working in 154 countries. PwC is the brand under which each member firm operates and provides services. All PwC member firms are separate legal entities which deliver their services locally and internationally without engaging in any way PwC IL' responsibility or liability.
- PwC which has successfully assisted many European and US innovative companies to raise funds and find commercial, industrial and financial partners. Supporting high tech companies is a key priority of the firm to support the diversification efforts of the Luxembourg Government and to participate actively in the emergence of the new economy. With the largest transregional consulting and transaction team, PwC has the strongest dedicated teams of specialists in information and communication technologies, life sciences and clean technologies.
- Plug and Play LLC is the largest technology centre in the Silicon Valley and a community of 300+ startups in three campuses in the Silicon Valley. Plug and Play is hosting broad spectrum of technologies from digital media, networking, voice and data communication, enterprise software to wireless, clean-tech and semiconductor and supports companies from seed stage over early and growth to later stage companies. The Plug and Play ecosystem is made up of fundraising from over 170 institutional VC firms, 300+ angel investors, corporate venture arms and in doing business and strategic transactions with over 80 corporations globally. PwC Luxembourg and Plug and Play LLC have reached the conclusion that there is a common interest in fostering relations between businesses in the United States and in Europe, to build up a culture and community of executives, corporations and financiers to accelerate the growth of innovative companies.
