Entrepreneurship Report

INTRODUCTORY WORDS Introductory Words “ Dear Reader, Prof. Dr. Tobias Dauth Dean of HHL Agility, innovation, entrepreneurial thinking and acting are three terms that our students at HHL Leipzig Graduate School of Management hear almost daily in their lectures. Why? Because HHL has set itself the goal – and has been proving it for many years – to be among the top international addresses for man- agement education. And without a sense of responsibility, entrepre- neurship, and effectiveness, our graduates would certainly not be as successful as they are today. 125 years ago, the Leipzig Chamber of Commerce and Industry (IHK) founded HHL. Back then, it was be- lieved that new educational formats were needed to cope with changes in the economy and society. In the respective founding document, it is noted: “Thus, in our commercial profession, there is a feeling that its current ed- ucation is not keeping pace with the progress of technology, the increas- ing importance of socio-political conditions, and the increasingly dif- ficult struggle for existence.” In other words, education of many people had to adapt to technologi- cal and social change. This sounds familiar, doesn’t it? From my per- spective, this represents a crucial task for HHL, which is even more urgent in 2023 than at the time of HHL’s inception: To educate young people and (future) executives in a way that enables them to address the increasingly complex problems of our society. In principle, this goal has not changed much in the past 125 years. Our society needs agile, innovative, and entrepreneurial-minded individ- uals. And in this HHL Entrepreneur- ship Report, we aim to demonstrate the contribution that HHL has made in recent years to achieve this goal. I wish you great joy in reading the report and discovering HHL! Prof. Dr. Tobias Dauth Scan QR-Code Play in AR HHL ENTREPRENEURSHIP REPORT 2024 03

EXECUTIVE SUMMARY Executive Summary Entrepreneurship is vital to the self- understanding and international reputation of HHL Leipzig Gradu- ate School of Management. Yet, the scope of how far-reaching startup activities stemming from it has not fully been depicted. This is what the HHL Entrepreneurship Report 2024 introduces – as the first compre- hensive written overview of HHL’s startup activities. The release of the report is in line with the introduc- tion of a brand new entrepreneurial degree, which welcomed in fall its first students: our new Master in Entrepreneurship. This report, which is the first of its kind at HHL, offers a comprehensive overview over HHL’s activities to support aspiring and settled entre- preneurs – while also giving voice to and highlighting founders that have grown out of this far-reaching net- work. In focus of this report stand the startup journeys of the people in the HHL entrepreneurship ecosys- tem. The report captures all stages of the manifold experiences that founders and entrepreneurs in our network have made – from the initial idea to their startup creation and growth. The startups emerging out of HHL strongly contribute to socio-eco- nomic problem solving in Leipzig, Saxony and beyond. In terms of output, HHL and its alumni perform outstandingly, with a high startup rate, four unicorns, and Stifterver- band’s #1 Founding University six times in a row. Their activities span many domains, with existing firms and big corporations also borrow- ing from them – concerning crea- tivity, innovativeness, agility, speed, efficiency, demand-orientation, and customer-orientation. HHL is Germany’s #1 university for founders. Entrepreneurship has been in the DNA of the university since its foundation in 1898. More than 530 startups – of which four are considered unicorn startups – have emerged out of the university’s student and alumni network. HHL has grown its reputation as a valued cooperation and consulting partner due to its manifold expertise in en- trepreneurship research, teaching, and transfer. We hope that this report does not only inform, but also inspire you to incorporate just a little more startup spirit into your life. You are invited to reach out for collaboration – and be- come part of HHL’s entrepreneurial ecosystem. #1 Founder University in Germany – for the 6th time in a row #2 >530 in startups founded per 10.000 students nationally startups and 4 Unicorns, > 30,000 Jobs created by Gründungsradar – Stifterverband by Technical University Munich (2023) by HHL’s ongoing research Innovative. International. Individual. We are HHL. 04 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES 1 2 Home of Entrepreneurs and Strong Ecosystem Startup Profiles Advancing Entrepreneurship Research Entrepreneurship in Numbers Strategic Entrepreneurship Research Group HHL Status In current sample: 72 % Alumni 12 % Employees 9 % Students M.Sc. 7 % Students MBA 221 Respondents 55 % Founder Rate 267 Startups Page 10 Page 37 Founder Personalities Page 21 Startup Profiles Selected Research Output _ Innovation Perspective _ Technology Entrepreneurship Perspective _ Corporate Entrepreneurship Perspective _ Startups Page 28 Page 40 06 HHL ENTREPRENEURSHIP REPORT 2024

ENTREPRENEURSHIP IN HHL PROGRAMS 3 4 Entrepreneurship in HHL Programs Navigating the Entrepreneurial Journey across all Stages Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management and Digital Entrepreneurship HHL DIGITAL SPACE / HHL DIGITAL SPACE @ Innovationcampus Görlitz Page 68 / 74 Page 58 Chair of Strategic Entrepreneurship Research Group Page 61 HHL Female Founder Initiative Page 78 HHL SpinLab – The HHL Accelerator Page 80 Chair of Entrepreneurship and Technology Transfer Stage Two – The largest venture competition for university startups Page 62 Dr. Arend Oetker Chair of Business Psychology and Leadership Page 63 Page 82 Projects and Partnerships Page 86 Student Initiatives Page 92 Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship Partner Profiles Page 99 Page 64 Partner Interviews Page 106 HHL ENTREPRENEURSHIP REPORT 2024 07

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Entrepreneurship in Numbers Extraordinary: Achievements by HHL and all HHL entrepreneurs HHL is among the top-ranked universities for entrepreneurship support, outcomes, and impact. In this report, we dive deep into what, how, and where HHL affiliates create entrepreneurial impact. Hence, we captured a first impression based on 221 respondents comprising HHL alumni, students, and staff. 1 2 Founder University #1 Small but mighty Absolute Numbers _ Measured by support, integration _ Measured by number of founded across university activities and output in startups, scholarships and funds _ In the years 2012, 2013, 2016, 2018, 2020, 2022 for Germany _ By Stifterverband startups per 10,000 students _ In the year 2023 _ By Chair of Strategy and Organi- zation, Technical University of Munich _ More than 530 startups _ 4 unicorns _ > 30.000 jobs created Entrepreneurial Minds Entrepreneurial Spirit Entrepreneurial Impact 10 HHL ENTREPRENEURSHIP REPORT 2024 Page 12 Page 14 Page 16

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES 221 survey respondents 55 % founders among respondents 267 mentioned startups that cover 50 % of all HHL startups The survey underscores the piv- otal role of HHL graduates in the entrepreneurial landscape. More than every second survey respondent is a founder and al- most all founders are the origina- tors of the business idea signify- ing their crucial role in startup creation. The reported startups cover 50 % of all startups associ- ated with HHL. The geographical spread of the startups across the globe, with a notable concen- tration in Leipzig, attests to the global reach and influence of HHL. Among the respondents, alumni and serial founders dis- tinguish themselves in terms of startup outcomes and impact, highlighting the beneficial factor of accumulated entrepreneurial experience. Survey Participants 221 people affiliated with HHL participated in our online survey on startup activities, sent out to all students, alumni, and employees HHL Status Age Groups Gender 72 % Alumni 12 % Employees 9 % Students M.Sc. 7 % Students MBA 72 % of the respondents are alumni, the largest group 25 % 20–30 37 % 31–40 33 % 41–50 5 % > 50 25 % is the share of people under 31 years 74 % Male 24 % Female 0 % Diverse 24 % of the respondents identified as female HHL ENTREPRENEURSHIP REPORT 2024 11

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Entrepreneurial Minds Entrepreneurial minds across the planet and all levels The current survey reveals that two out of three people from HHL are executives at the C-level management, thereby driving corporate development at the highest level. Entrepreneurial minds from HHL are not only managing companies but also starting them. More than every second founder brings in the initial business idea, highlighting their impact for the initiation of startups. Startups are founded by HHL affiliates across the world, highlighting a global distribution of HHL alumni but also a strong regional impact of new companies established in Leipzig. Positions in the Management 63 % 64 % 1.9 of the respondents hold a position in the C-level management (n=164) of the C-level managers hold positions in multiple companies (n=103) C-Level positions are held by Alumni on average (n=88) (Co-)Founders and Business Idea Ownership 89 % of the (co-)founders consider themselves as the owner of the initial business idea (n=112) 89 % 100 % 11 % 80 % Among the remaining 11 % without an initial business idea, 80 % are joiners and 20 % are surrogate entrepreneurs 20 % (Co-)Founders Business Idea No Joiner Surrogate Owners 12 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Entrepreneurial Spirit Entrepreneurial Spirit Entrepreneurial drive that lasts and is shared Founding a startup is considered likely for more than every second respondent. Especially people under 31 years, alumni, and serial founders perceive it as likely as opposed to unlikely. Top enhancing factors for founding a startup are financial support, a reliable network, and a viable business idea – all factors to which HHL and its entrepreneurship ecosystem contribute with excellence. Startup Intention All groups of students, alumni, and employees found it more likely to create a startup in the next two years than unlikely (n=143). For Alumni, it is even 1.2 times more likely (n=114). Founder and non-founder consid- ered creating a startup in the next two years more likely than unlikely (n=143). For serial founders, it is even 1.5 times more likely (n=52). People under 41 envisioned creating a startup in the next two years more likely than unlikely (n=143). For people aged 20–30, it is 1.3 times more likely (n=55). 57 % 44 % 43 % 36 % 10 % 3 % 6 % 1 % Likely Unlikely Alumni Students Employees 57 % 22 % 43 % 15 % 11 % 17 % 13 % 22 % Likely Unlikely Serial founder Founder Non-Founder 14 HHL ENTREPRENEURSHIP REPORT 2024 57 % 15 % 22 % 43 % 6 % 17 % 18 % 18 % 2 % 2 % Likely Unlikely 20–30 years 31–40 years 41–50 years > 50 years

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Enhancing Factors Top 10 factors that would make it easy to found a firm in the next two years 1. Financial support or security 2. Reliable or strong network 3. Viable business idea or concept 4. Support from mentors or coaches 5. Having a great and supportive team 6. Experience or knowledge in the relevant field 7. Having the right co-founder or partner 8. Support from family, friends, or a supportive environment 9. Low bureaucracy or administrative challenges 10. A clear monetization strategy Founder Support Feelings HHL entrepreneurs who supported at least one startup, e. g. as a startup coach or investor (n=161). happiness challenge hope autonomy 65 % fulfillment excitement optimism adventure 55 % 45 % responsibility satisfaction reward of all serial founders of all founders of all respondents Participants Founders Serial Founders success self-fulfillment self-determination euphoria independence flexibility self-actualization thrill purpose HHL ENTREPRENEURSHIP REPORT 2024 15

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Entrepreneurial Impact HHL entrepreneurs excel across all dimensions The survey consistently shows that alumni and serial entrepreneurs are particularly successful in terms of startup creation and performance like secured fundraising or generated revenue. This pattern indicates that a background in entrepreneurship is likely a key factor for entrepreneurial outcomes and performance. Created Startups Serial entrepreneurs account for 80 % of startups founded In our recent sample of 221 survey participants, we captured roughly 50 % of all startups founded by HHL affiliates. The survey sheds light on 267 startups that have been created by 112 founders. The subsamples of alumni and serial founders appear as the groups with the highest startup-rates. 112 (55%) founders with at least one startup 267 startups founded overall 1.3 startup rate i. e. startups per respondent on average. Among the (co-)founders, 2.4 startups on average. 67 % of the 112 founders are still active in their startup 79 % of the 267 startups are still active (2023) 79 % of the startups are still active (2023) 112 267 2.4 67 % 100 % 79 % 100 % 1.3 33 % 21 % Total Active Inactive Total Active Inactive All Founders 16 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Founders among the respondents and their number of created startups 203 100 % 45 % s t n e d n o p s e R 112 55 % 24 % 24 % One-time founders among all respondents 49 startups founded No. of startups 0 > 1 1 2 7 % 3 6 % 4+ 18 % 31 % serial founder among all respondents and among founders 56 % serial founders 218 startups founded Among the serial founders, 87 % are alumni. Among the alumni, 67 % founded at least one startup. Alumni created 91 % of all startups compared to students and employees (n=108). Among alumni founders, 59 % are serial founders who created 200 startups accounting for 75 % of all startups. Roughly 10 % of startups are created on campus directly. HHL ENTREPRENEURSHIP REPORT 2024 17

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Capital raised Serial founders raise larger amounts of capital for their startups The survey indicates that over half of the founders have secured external funding for their startups. Notably, alumni and serial founders are more frequent in the categories for raised capital above EUR 2 million than their counterparts, suggesting that entrepreneurial experience is a facilitating factor for raising larger amounts of capital. Shares of respondents per category of raised external capital 55 % raised capital for their startup. 39 % raised capital over € 2 Mio. for their startup. € 1–50 k € 50 k–250 k € 250 k–750k € 750 k–2 Mio. € 2 Mio.–10 Mio. >€ 50 Mio. € 10–50 Mio. 15 % 18 % 11 % 17 % 24 % 4 % 11 % All respondents 100 % Shares of serial founders and others per category of raised external capital (n=54) 58 % of the serial founders, raised capital. € 50k–250 k € 10–50 Mio. € 1–50 k € 250 k–750 k € 750 k–2 Mio. € 2 Mio.–10 Mio. >€ 50 Mio. Serial founders are more frequent in startups with capital raised over € 2 Mio. Among the serial founders, 52 % with more than € 2 Mio. capital. 6 % 9 % 15 % 18 % 37 % 6 % 9 % Serial Founders 100 % 29 % 33 % 5 % 14 % 5 % 14 % One-time Founders 0 % 100 % 56 % of the alumni raised capital. Alumni are more frequent in startups with capital raised over € 2 Mio. Among the raising alumni, 44 % acquired over € 2 Mio. Shares of alumni and others per category of raised external capital (n=54) € 1–50 k € 50k–250 k € 250k–750 k € 750 k–2 Mio. € 2 Mio.–10 Mio. >€ 50 Mio. € 10–50 Mio. 12 % 15 % 10 % 19 % 27 % 4 % 13 % Alumni 33 % 50 % Students & Employees 100 % 17 % 0 % 0 % 0 % 0 % 100 % 18 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Jobs created Serial founders work in larger startups The findings show that the vast majority of startups mentioned by the surveyed founders fall into the small or medium-sized enterprise category. However, when compared to the German distribution, a greater proportion of these startups have more than 249 employees. Echoing trends seen in fundraising, alumni and serial entrepreneurs tend to lead startups with a workforce exceeding 9 employees, underscoring the impact of experience in scaling business operations. Shares of respondents per category of employees 94 % of the startups are SMEs (<250 employees). 40 % of the startups have more than 9 employees. 1–4 45 % 5–9 15 % 10–49 50–249 >249 26 % 8 % 6 % All respondents 100 % Shares of serial founders and others per category of employees (n=96) Serial founders are more frequent in startups with more than 9 employees. 1–4 26 % 5–9 14 % 10–49 42 % Among the serial founders, 60 % with more than 9 employees. Serial Founders 50–249 >249 11 % 7 % 100 % Among the serial founders, 18 % with more than 49 employees. 70 % 16 % 5 % 5 % 4 % One-time Founders 100 % Shares of alumni and others per category of employees (n=96) Alumni are more frequent in start- ups with more than 9 employees. Among the alumni, 58 % with more than 9 employees. Among the alumni, 16 % with more than 49 employees. Alumni 1–4 27 % 5–9 14 % 10–49 43 % 50–249 >249 9 % 7 % 100 % 70 % 15 % 5 % 5 % 5 % Students & Employees 100 % HHL ENTREPRENEURSHIP REPORT 2024 19

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Revenue generated Serial founders generate higher revenues with their startups The data reveals that over 50 % of the founders reported annual revenues exceeding EUR 250,000. Similar to the pattern observed in fundraising and employment, startups with revenues surpassing EUR 2 million are more commonly led by alumni and serial entrepreneurs, suggesting a relationship between entrepreneurial background and higher revenues. 52 % achieved over € 250 k as their highest revenue per year. 31 % achieved over € 2 Mio. as their highest revenue per year. Shares of respondents per category of highest all-time generated revenue per year (n=93) (n=93) € 250 k–750 k € 10–50 Mio. € 1–50 k € 50 k–250 k € 750 k–2 Mio. € 2 Mio.–10 Mio. >€ 50 Mio. 24 % 24 % 8 % 13 % 19 % 5 % 7 % All respondents 100 % Serial founders are more frequent in startups with revenue over € 2 Mio. Among the serial founders, 64 % with more than € 250 k. revenue. Among the serial founders, 43 % with more than € 2 Mio. Revenue. Shares of alumni and others per category of highest all-time generated revenue per year (n=93) € 1–50 k € 50k–250 k € 750 k–2 Mio. € 2 Mio.–10 Mio. >€ 50 Mio. € 250 k–750 k € 10–50 Mio. 6 % 29 % 7 % 14 % 24 % 10 % 9 % Serial Founders 47 % 16 % 8 % 11 % 13 % One-time Founders 100 % 5 % 0 % 100 % Alumniare more frequent in startups with revenue over € 2 Mio. Shares of alumni and others per category of highest all-time generated revenue per year (n=93) € 250k–750 k € 10–50 Mio. € 1–50 k € 50k–250 k € 750 k–2 Mio. € 2 Mio.–10 Mio. >€ 50 Mio. 12 % 24 % 9 % 13 % 22 % 5 % 9 % Among the alumni, 58 % with more than € 250 k. Revenue. Alumni 100 % Among the serial founders, 36 % with more than € 2 Mio. Revenue. 63 % Students & Employees 18 % 9 % 10 % 0 % 0 % 0 % 100 % 20 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Founder Personalities Interviews with Seven HHL Founders on Their Entrepreneurial Journeys HHL supports aspiring or settled entrepreneurs to follow their vision or bring their business ideas to life by equipping them with tools, con- fidence, and connections. We have spoken to seven HHL alumni about their entrepreneurial experiences in retrospect: from how HHL contrib- uted to their entrepreneurial jour- ney, recognising their first business opportunities, and valuable lessons they have learnt at HHL and along the way. Did all of their journeys look the same, or do their routes to success vary? Follow along to read about the manifold experiences that intertwine and diverge between our alumni who chose to found their own business. Erik Pfannmöller (Diploma) first took the leap from professional athletics to entrepreneurship. He founded a company selling sporting goods in 2010, and now works following his passion for AI and software. Julia Derndinger (Diploma) has led many entrepreneurial spirits to success. With over 20 years of experience as a serial founder and sparring partner, she has now founded her own Accelerator program. Dr. Christina Schreiter (M.Sc., Doctorate) has not only finished two study programs at HHL, but also took a double in business: She does not only lead one, but two companies with “Let’s Ads” and “Form & Fertig”. Daniel Zinner (MBA) initially embarked on a corporate career, a path commonly pursued by many of his peers from Eastern Germany. Nowadays, he pursues his own vision. With expertise in the realm of Global Mobility, he engages in consulting and investments across various domains related to human mobility. Dr. Jenny Müller (Doctorate) worked at REWE before bringing her business idea alive in order to lessen food waste. She realized that goal with her company “Die Frischemanufaktur”. Artur Tomys (MBA) company “EQUICO” builds software on demand and consults his clients concerning IT. The business also brings people together by finding the right members to complement other company’s and startup’s teams. Jonathan Kesteloot came to HHL as exchange student. His business “Captic” helps the food industry to digitise and automate processes by using cameras and artificial intelligence. HHL ENTREPRENEURSHIP REPORT 2024 21

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES The journey to HHL As much as their routes differ, the root of our founders’ journeys be- gins in the same place: HHL. But what made them choose this school to begin with? Unsurprisingly, the entrepreneurial spirit of HHL draws in like-minded students. Our inter- viewees joined the community for its reputation, research profile, and the way its modules were set up. For most of the founders, Leipzig as a city moreover had a special appeal, which in combination with the draw from HHL ended up being the study place for all of them. “I just loved the ambience at HHL”, Jenny Mül- ler remembers her first experience while visiting HHL for an Ivy League tournament. “So many intelligent people, ambitious people, but also nice people”. For Erik Pfannmöller, Artur Tomys and Christina Schreiter, family and personal circumstances also factored into the equation. “The decision was quite easy in this case”, Artur Tomys recalls, “basically, it was one of the best decisions I ever made”. Julia Derndinger’s experi- ence differs most from those of the others – for her, the initial appeal was due to highly-reputable profes- sors. Though, once she arrived at HHL her class was marked by new professors joining and old research- ers leaving, which ultimately led to an exciting and enriching experi- ence. Jonathan Kesteloot worked on his degree at a Belgian university but had the opportunity to come to HHL as an exchange student. What sold him, was HHL’s high-ranking position in their entrepreneurship focus. “ So many intelligent people, ambitious people, but also nice people. Dr. Jenny Müller Die Frischemanufaktur Scan QR-Code Play in AR 22 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES The first motivation “ HHL was one of the triggers who showed me the way (…), to not have too much fear. Daniel Zinner Noah Mobility What inspired them to become an entrepreneur, and to start their own businesses? While some knew going into their studies that they wanted to found their own business one day, others found their first – or final – motivation to pursue entrepreneur- ship through their studies at HHL. Jenny Müller was working for REWE and was faced with the problem of food waste every day. She took the leap to found “Die Frischemanufak- tur” to combat this, but knows that HHL was an important step for her: “I think if I would not have been to HHL, starting a startup to solve this problem I saw at REWE, it would not have been an option for me”. Simi- larly, Daniel Zinner remembers that the entrepreneurial surrounding of HHL encouraged him: “HHL was one of the triggers who showed me the way (…), to not have too much fear”. For Julia Derndinger, Erik Pfann- möller, Artur Tomys and Christina Schreiter, the first seed to entrepre- neurship was planted years earlier – at home. “My parents always taught me to adapt to new circumstanc- es”, he describes, recalling a “busi- ness sense” that was always a part of his family. In the same vein Julia Derndinger, Artur Tomys and Christi- na Schreiter’s surroundings, namely their parents, played a big role in pacing their way: “If you grow up in such an entrepreneurial environ- ment, you do not get too many op- tions”, Artur Tomas laughs. Tough, Christina Schreiter specifically re- members how the internship and partnership opportunities during her studies at HHL helped her take the last step. Jonathan Kesteloot by comparison was not dreaming of his own business from the start but had always enjoyed being respon- sible for his own income, like sell- ing t-shirts to his faculty. His time at HHL inspired him: “I still remember us going to Berlin [...] where a lot of startups were based. And you see those atmospheres, you see those cultures. Then I basically already de- cided, I never want to work for a big company.” Scan QR-Code Play in AR HHL ENTREPRENEURSHIP REPORT 2024 23

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Recognizing your opportunity Wanting to start a business is one thing, having the right idea to realise it another. How did our entrepre- neurs come across their first busi- ness opportunities? There is one thing that all of them have in com- mon: perseverance and the right attitude. “It went into the right direction be- cause of me knowing that I want- ed it go into that direction”, Chris- tina Schreiter confidently recalls. For Erik Pfannmöller, it is “a certain mindset to see solutions for prob- lems existing in the world”, mirroring the path that Jenny Müller followed in order to combat food waste at the company she was working for at the time. Julia Derndinger attributes her way into entrepreneurship to a lack of career opportunities. While it was unplanned, “there was no other opportunity for [her] than following that path”. Artur Tomys took his first steps in the family business, before consulting with a friend – an HHL alumni – and venturing out with his own. Jonathan Kesteloot is the only of the interviewees to admit to ser- endipity, since he was asked to join someone founding a business, rath- er than the other way round. “ It is a certain mindset to see solutions for problems existing in the world. Erik Pfannmöller Dixa & Solvemate Scan QR-Code Play in AR 24 HHL ENTREPRENEURSHIP REPORT 2024

Valuable lessons HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES of the utmost importance. Christina Schreiter has learnt the value of the right people around you: “It doesn’t matter what you want to do – if you don’t have the right team, you don’t have to start”. Daniel Zinner advis- es to trust the process and to most of all, be patient. “People need to get to know you, they need to build trust in you”, he summarises. In key- words, he would pin down trust, long-term thinking and patience as his key lessons. Jenny Müller recommends to take a closer look at the buyer versus the consumer end of your product – and to adapt properly. For her, this process took roughly 1.5 years – the time frame during which she believes it will be revealed if the product works or not. On a softer note, she encourages to not give up, and to take care of yourself “because in the beginning, you are the company”. For Artur Tomys, “trust is the most important success factor”. This relates espe- cially to a network of trusted people, like the one he built at HHL, to build a first base of customers. Lastly, for Jonathan Kesteloot founder driven sales, so the importance of network- ing and being outgoing about sell- ing yourself and your company, play a big role. The other two are getting feedback – talk to people – and be- ing flexible, as well as to “choose your team wisely”. “ Trust is the most important success factor. Artur Tomys EQUIQO Founding a business is no straight- forward path. With experience come lessons learnt, some of which we asked our interviewees to share. Since no lesson is less valuable than another, the close-to compre- hensive pieces of advice from the entrepreneurs are as follows. Erik Pfannmöller advises to understand market timing and window of op- portunity, find a topic of passion, and to work efficiently – “more work does not mean more success”. For Julia Derndinger, the ability to re- flect oneself and one’s company is Scan QR-Code Play in AR HHL ENTREPRENEURSHIP REPORT 2024 25

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Practicing flexibility Owning a business might mean hav- ing to pivot. While that is easier said than done, we were interested in finding out if or how challenges of change and adaption were met by our conversation partners. “ If you stop and you are stable, it is your way to death. Julia Derndinger Derndinger All but one interviewee agreed that adaptation is inherent to entrepre- neurship. “I think having a startup is constant change”, Julia Dernding- er shared. “If you stop and you are stable, it is your way to death”. Erik Pfannmöller and Daniel Zinner’s re- sponses were in line with this state- ment, both having adapted to mar- ket changes over time. This change can also have the form of extending one’s services, which was the case for Artur Tomys. Jonathan Kesteloot even mentioned pivoting as one of his three most valuable lessons he has learnt. For Daniel Zinner, “this is exactly the point of patience”, tying into his most valuable lesson shared before. Only Christina Schreiter has experienced her business as rela- tively stable. Outside of the chal- lenges during the Covid-19 pandem- ic, she did not have to adjust much after the first phase of understand- ing her market. Scan QR-Code Play in AR 26 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Before letting them go, we wanted to know from our in- terviewees which podcasts they can recommend listening to. The most frequently men- tioned podcasts are: “How I Built This”, “Gründerszene”, and the OMR Podcast. Rec- ommendations also includ- ed the “All In Podcast” and “Fast and Curious”. On top of it all, Daniel Zinner has his own podcast – “Berliner Zin- ner”. Those who do not like to listen to podcasts still left us with some advice: keep up with the latest trends and most of all, talk to people! Wrap-up The conversations we have had with our alumni show that there is no one right way to being an entrepreneur. While some have had the path laid out to them right from the cradle, others found their entrepreneurial spark by being surrounded by in- ventive spirits at HHL. And while some identify flexibility as the heart of their ventures, others were able to lead a calm and stable business without much adjustment. Though, some common factors they all share have come to light as well – at the core, this is the importance of a net- work and being surrounded by the right people as you make out your path. Combine that with enough perseverance, and the important cornerstones for making your way in entrepreneurship seem to be laid out. HHL ENTREPRENEURSHIP REPORT 2024 27

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Startup Profiles Edurino Official name: Edurino GmbH Education is the future of our children, especially with ever faster developing technologies. EDURINO is rethinking digital education by combining a digital learning app with their ergonomic stylus and real figurines. Kids place those figurines in the EDURINO app and open up learning journeys, from classical school subjects to 21st century skills. Parents have the full control over screen time and activities. Who? Irene Klemm (HHL M.Sc.), Franziska Steiner Where? Munich Since when? 2021 Highest number of employees: 50 to 249 Did the startup receive any funding? Yes: Crowdfunding EUR 40,000, Start-Zuschuss EUR 36,000, INVEST, Venture Capital funding > EUR 14MM HHL affiliation: Part of HHL DIGITAL SPACE Batch #2 Irene Klemm graduated 2018 Part of HHL DIGITAL SPACE Batch #2 28 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Rainmaker Society Official name: Rainmaker Society GmbH We are “player consultants” for top performers. We support on the career path with the various challenges of professional life as the first point of contact. Career-as-a-Service. Our motivation: We believe in mutual support. We democratize the labor market. We create more transparency. We empower you. We are striving for a tomorrow where we help every top achiever to have the most fulfilling career. We are starting today. We are on your side. Who? Sven Galander (HHL MBA), Dirk Schuran (HHL MBA) Where? Berlin Since when? 2021 Highest number of employees: 5 to 9 HHL ENTREPRENEURSHIP REPORT 2024 29 Did the startup receive any funding? No HHL affiliation: Both founders of RainmakerSociety are HHL alumni: Sven Galander and Dirk Schuran. In addition, Dirk was also on the board of the “ Gesellschaft der Freunde” and President of the HHL Alumni Association for many years.

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Lecturio Official name: Lecturio GmbH Lecturio was founded in 2008 in Leipzig at the Leipzig Graduate School of Management (HHL) and is now led by Pascal Bendien and Stefan Wisbauer. Together with a global team, we work eve-ry day to revolutionize digital learning. As an online learning platform and producer of over 10,000 courses in the fields of medicine, law, taxes, software, business and professional development, we are playing a decisive role in shaping the transformation to a knowledge society. Our international knowledge platform (lecturio.com) also supports more than 200,000 students worldwide with med-ical training con- tent every day. We pursue the mission of making first-class education accessible to learning enthusiasts around the globe. Who? Pascal Bendien, CEO Lecturio; Martin Schlichte, Founder and now in Board Where? Leipzig Since when? 2008 Highest number of employees: 50 to 249 Did the startup receive any funding? Yes, Technologie Gründer Fonds Sachsen (TGFS). Funding volume Lecturio over EUR 50MM. HHL affiliation: Founder Martin Schlichte (Diploma) HHL support programs: Founders Days etc. Memories that connect the startup with the HHL entrepreneurship ecosystem: Great exchanges with other HHL founders at Founders Days. 30 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Bierothek Kale & Me Official name: Bierothek Group GmbH Official name: Kale & Me GmbH Bierothek® is the leading retailer for craft beer. Who? Christian Clemenz (HHL M.Sc.) Where? Bamberg Since when? 2011 Highest number of employees: 10 to 49 Did the startup receive any funding? Yes HHL affiliation: Christian Clemenz (HHL M.Sc.) HHL support programs: Startup Career Fair Kale&Me was founded in May 2015 by the three friends Annemarie Heyl (Operations & PR), Konstantin Timm (Finance) and David Vinnitski (Sales & Marketing). We choose innovative paths in production, in the technology we use and in marketing. Hence, all Kale&Me juices are cold-pressed to protect impor- tant nutrients and preserved using High Pressure Processing (HPP). The goal: to make our world a bit healthier. Who? Annemarie Heyl (HHL MBA), Konstantin Timm, David Vinnitski Where? Hamburg Since when? 2015 HHL affiliation: Annemarie Heyl graduated from HHL in 2015. HHL ENTREPRENEURSHIP REPORT 2024 31

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES smow Official name: labelfarm GmbH As an e-tailer labelfarm offers under the roof of the (smow) brand premium design furniture to B2C and B2B customers. The services of- fered range from fast e-commerce delivery to customized office land- scapes in large scale. We are pursuing the goal of making customers the best offer for the specific interior design task. Who? David Dimitrov (Diploma), Michael Petersen (Diploma) Where? Leipzig Since when? 2008 Highest number of employees: >250 Did the startup receive any funding? No HHL affiliation: Two of the founders graduated from HHL some time ago :-) HHL support programs: We have a good exchange with HHL DIGITAL SPACE and Spinlab. Our office is vis-à-vis to the Spinlab and Smart In- frastructure Venture Fund office. Furthermore we value the regular di- alogue on the Unternehmertag. In addition, the startup career fair is a great opportunity for us to exchange ideas with students and maybe somewhen win a graduate for our grown-up startup. Memories that connect the startup with the HHL entrepreneurship ecosystem: When HHL won the academic house to expand its campus, we were asked in 2020 if we had some nice design furniture for this area. We didn’t hesitate long and thought about how to create a nice working atmosphere for the students knowing that we have a tight budget plan. The solution we were able to come up with was then sim- ple, slick and cosy. We hope that students will use this place for a long time. You can work creatively there, exchange ideas in small groups or simply relax with a nap in a beanbag. 32 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES Betterventures IONIQ Group GmbH Official name: better ventures GmbH Official name: IONIQ Group GmbH At better ventures, we believe that purpose-driven entrepreneurs will change our world for the better. They drive innovation and dare to tackle the most pressing challenges of the place our kids will live in. When you as founders work with us, we commit to doing the same: We’ll help you make an impact and add value to your business far beyond money. We see us as your experienced co-founders, sit- ting in the same boat, solving your challenges in the best way together. And we are in for the long- run. Our commitment doesn’t stop. Who? Christoph Behn ( Diploma), Cedric Duvinage, Tina Dreimann Where? Hamburg Since when? 2020 HHL affiliation: Christoph Behn graduated from HHL in 2004. IONIQ is an internationally leading platform build- er. Since 2011, the group has established platforms in three industries: adtech & data, fintech, and healthcare. In 2019, IONIQ also started the Asset Manager BIT Capital. Who? Jan Beckers, Tim Koschella (Diploma), Hendrik Krawinkel (HHL M.Sc.) Where? Berlin Since when? 2011 HHL affiliation: Tim Koschella and Hendrik Krawinkel are both HHL alumni. HHL ENTREPRENEURSHIP REPORT 2024 33

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES AboutYou Delivery Hero Rabbit Care Official name: ABOUT YOU SE & Co. KG Official name: Delivery Hero SE Official Name: Rabbit Care Broker Company Limited Rabbit Care is South East Asia’s leading online broker- age platform for insurance and financial products. We are the first choice for trans- parent insurance and financial advice. Who? Johannes Friedrich von Rohr (Diploma), Michael Steibl (HHL M.Sc.), André Prenzlow (HHL M.Sc.), Chayapat Sakulrompochai, Thomas Maier (HHL M.Sc) Where? Bangkok Since when? 2013 Highest number of employees: 700 HHL affiliation: Three co-founders are HHL alumni. ABOUT YOU is one of the fastest growing e-Commerce companies in Europe and Hamburg’s first unicorn since 2018. As a fashion and tech- nology corporation, along with our strong team, our ambition is to digitalize the classic shopping stroll by cre- ating an inspiring and person- alized shopping experience on the smartphone. This is why we created ABOUT YOU, a shopping destination where people can discover fashion that really fits their personal- ity from a range of more than 3.800 brands. With its con- sistent focus on personaliza- tion, inspiration, and mobile shopping, ABOUT YOU has created sales in excess of EUR 1.9 Million. in the fiscal year 2022/23 and is now one of the largest fashion e-tailers in Germany. Who? Tarek Müller, Sebastian Betz, Hannes Wiese (Diploma) Where? Hamburg Since when? 2013 HHL affiliation: Hannes Wiese graduated from HHL in the K19 class. As the world’s leading local delivery platform, our mis- sion is to deliver an amazing experience, fast, easy, and to your door. We operate in over 70+ countries worldwide, powered by tech but driven by people. As one of Eu- rope’s largest tech platforms, headquartered in Berlin, Ger- many. We have more than 53,000 employees globally. We enable ambitious talent to deliver solutions that create impact within our ecosystem. We move fast, take action and adapt. No matter where you’re from or what you be- lieve in, we build, we deliver, we lead. Delivery Hero has been listed on the Frankfurt stock exchange since 2017 and now part of the MDAX stock market index. Who? Niklas Östberg, Kolja Hebenstreit, Markus Fuhrmann, Lukasz Gadowski (Diploma) Where? Berlin Since when? 2011 HHL affiliation: Lukasz Gadowski graduated from HHL in 2003. 34 HHL ENTREPRENEURSHIP REPORT 2024

HOME OF ENTREPRENEURS AND STRONG ECOSYSTEM STARTUP PROFILES DCI Digital Career Institute Official Name: DCI Digital Career Institute GmbH The Digital Career Institute (DCI) in Germany, co- founded by HHL alumnus Dr. Steffen Zoller, aims to help refugees and anyone interested in digital careers, regardless of background or age. DCI of- fers certified training to acquire or enhance skills for success in the digital industry and the Ger- man job market, addressing the country's skilled labor shortage by placing graduates in diverse companies. Who? Dr. Steffen Zoller (Diploma) Where? Berlin, Leipzig, Hamburg, Düsseldorf, Munich Since when? 2016 Highest number of employees: 300+ HHL affiliation: Dr. Steffen Zoller received his Diploma from HHL in 2005, is a Member of Super- visory Board and Chairperson at Gesellschaft der Freunde. DCI and HHL conducted several projects together HHL ENTREPRENEURSHIP REPORT 2024 35

ADVANCING ENTREPRENEURSHIP RESEARCH Strategic Entrepreneurship Research Group Leadership Team Prof. Dr. Dominik Prof. Dr. Stephan Christina Kanbach Stubner Otto Senior Research Fellows Dr. Johannes Hofmeister Dr. Peter Krysta Dr. Niklaus Leemann Dr. Malte Schneider Dr. Maurice Steinhoff Dr. Lysander Weiss Doctoral candidates Jerome Antonio (München) Jawad Asghar (Düsseldorf) Georg Blüher (Leipzig) Katharina Brenk (Leipzig) Franz Breu (Berlin) Bastian Burger (München) Pascal Erlmann (Sao Paulo) Philipp Frey (Leipzig) Carolin Gerlich (Jakarta) Christian Glade (Münster) Nina Greimel (München) Johannes Hartl (Ingolstadt) Alexander Hoffmann (München) Philip Jaling (Burnaby/ Kanada) Janina Jauch (München) Philip Jorzik (Stuttgart) Tim Joussen (München) Lukas Kaiser (Stuttgart) Nils Kleinschmidt (Hamburg) Francie Lange (Leipzig) Rutuja Lanjewar (München) Martin Leipziger (Leipzig) Katja Mix (Stuttgart) Hong Linh Nguyen (Frankfurt) Julien Nussbaum (Luzern) Paulin Ostrowski (Leipzig) Olalekan Oyegbami (Bad Neuenahr- Ahrweiler) Anna Peters (Essen) Julia Roppelt (Nürnberg) Franz Rumstadt (Stuttgart) Pavel Schepel (Nürnberg) Henrik Schleth (Mainz) Arved Schneider (Köln) Andreas Schuster (München) Julia Schwäke (Köln) Justin Siljeur (Kapstadt/ Südafrika) Timo Stöber (Hamburg) Sebastian Szczepanski (Duisburg) Nino Tomini (Leipzig) Oliver Vastag (Karlsruhe) Carolina von Ritter (München) Benedikt Wilke (Hamburg) HHL ENTREPRENEURSHIP REPORT 2024 37

ADVANCING ENTREPRENEURSHIP RESEARCH Our Research Focus The focus of our research group is on relevant topics within the fields of strategic management and (corporate) entrepreneurship. By building on a solid theory and methodology base and combining rigor and relevance, we analyze relevant phenomena scientifically and derive transferable recommendations! Lense: Strategic Lense: Corporate Lense: Entrepreneur- Management Entrepreneurship ship Focus: Established companies (corporates/SMEs) Focus: Relationship between established companies and startups Focus: Startups and Founders Selected current projects _ Dynamic Capabilities & _ Corporate Startup _ Startup Incubation New Technologies _ Business Model Innovation _ Service Productivity & Digital Transformation Engagement activities _ Corporate Venture Capital _ Organizational Ambidexterity processes _ Sustainable Business Models _ Founder personality traits Studies Featured in this Report from Areas: Technology Entrepreneurship Corporate Entrepreneurship Opportunities from technolgical advancements Challenges and solutions for entrepreneurship in established companies Startup Entrepreneurship From opportunity to company 38 HHL ENTREPRENEURSHIP REPORT 2024

ADVANCING ENTREPRENEURSHIP RESEARCH Unlock Your Entrepreneurial Potential with Our Strategic Entrepreneurship Research Group at HHL Are you ready to embark on an exciting journey into the dynamic world of strategic entrepreneurship? Do you possess a burning desire to delve into the realms of cutting-edge research at the crossroads of strategic management and entrepreneurship? Are you eager to make a meaningful impact both theoretically and practically within the vibrant realm of entrepreneurship? If your answer is a resounding “yes” to any of these questions, then join us at HHL and become an integral part of our esteemed Strategic Entrepreneurship Research Group. What Awaits You in Our Research Group? Unparalleled Expertise At the Strategic Entrepreneurship Research Group, we house a team of accomplished scholars and seasoned industry experts who are committed to advancing the frontiers of strategic entrepre- neurship. Our research group is a vibrant community where pas- sion, innovation, and knowledge converge to shape the future of entrepreneurship. Cutting-Edge Research Dive headfirst into the world of strategic management and entre- preneurship. We are at the forefront of exploring the latest trends, emerging technologies, and innovative strategies that are redefining the entrepreneurial landscape. Theoretical and Practical Impact Your journey with us is not just about theory; it’s about making a tan- gible difference. We value actionable insights and seek to bridge the gap between academia and industry, ensuring that your contribu- tions have real-world significance. Collaboration and Networking Forge invaluable connections with like-minded individuals who share your passion for strategic entrepreneurship. Collaborate on ground- breaking projects, share ideas, and tap into a global network of experts. If you’re ready to embark on a transformative journey, take the first step today. Get in contact with us and apply via d.kanbach@hhl.de to become a part of our prestigious Strategic Entrepreneurship Research Group at HHL. HHL ENTREPRENEURSHIP REPORT 2024 39

ADVANCING ENTREPRENEURSHIP RESEARCH Selected Research Output Innovation Perspective Global Innovation and Competition in Quantum Technology, Viewed Through the Lens of Patents and Artificial Intelligence Authors: Zeki Can Seskir & Kelvin W. Willoughby Year: 2023 Publication: International Journal of Intellectual Property Management (SJR: Q2; H: 12) Abstract In this work we elucidate international trends in the field of quantum tech- nology (QT) by analyzing a global patent database built from an operational definition of QT that was generated through the curated application of artifi- cial intelligence (AI). In doing so we demonstrate how the sophisticated use of intellectual property information, enhanced by the artful deployment of AI techniques, may produce more reliable and useful revelations for policy makers and managers about global innovation in emerging fields of tech- nology than is possible through conventional methods of data collection and analysis. We also demonstrate the utility of this approach for reliably characterizing the evolving constituent subfields of QT. By adopting a hy- brid human-AI approach to both the definition and the analysis of quantum technology, we have produced some novel insights about global innovation and national organizational profiles in the QT field, particularly concerning dynamic competition between the United States and China. Implications for Practice _ The rapid growth of patenting activities in quantum technologies (QT), par- ticularly in quantum computing, cryptography, and sensing, underscores the need for businesses and government agencies to adapt their strategies to this evolving landscape. _ China’s significant presence in the QT patent landscape, with over 30 % of active patents worldwide and a substantial number pending, highlights the importance of recognizing China as a key innovator in QT. Organizations must assess the competitive implications of this development and consider collaboration opportunities. _ The difference in patent quality between China and the USA, with China having more utility models and fewer citations, suggests that organizations need to carefully evaluate the value and enforceability of Chinese QT pat- ents in their innovation and intellectual property strategies. _ Established companies entering the QT field demonstrate a strong inclina- tion towards international patenting, indicating the importance of expand- ing global patent portfolios to protect QT innovations. Academic organiza- tions, on the other hand, may benefit from considering more international patenting to enhance their competitiveness. _ Organizations should be aware of the shifting geographical patterns in pat- enting, particularly the tendency for more domestic patenting as the num- ber of QT patents held increases. This highlights the importance of tailoring patent strategies to align with global and domestic market dynamics. _ The dominance of Chinese academic institutions in QT patenting within China underscores the need for a deeper analysis of the commercial value and implications of these patents. Managers should assess the impact of academicled innovation on the competitive landscape and potential oppor- tunities for collaboration. _ Managers in both the public and private sectors should proactively monitor China’s and exploring avenues for international collaboration in the dynamic and rapidly evolving QT field. 40 HHL ENTREPRENEURSHIP REPORT 2024

Innovation Perspective Rethinking the Dynamics of Innovation, Science, and Technology: The Curious Case of Stirling Engines and Stirling Refrigerators Authors: Dmitry S. Smirnov & Kelvin W. Willoughby Year: 2021 Publication: Energy Research and Social Science (SJR: Q1; H: 94) ADVANCING ENTREPRENEURSHIP RESEARCH Abstract “Technological innovation” has become a catch phrase of contemporary pol- icy making for governments, corporations and academic organizations. For many it has become an article of faith that technological innovation is the key to solving energy transition and environmental problems, but the for- mula for success is not obvious. The phrase “science and technology” rolls off the tongues of energy related policymakers, managers and researchers spontaneously, as if this is the natural order of things, but why is the con- verse phrase “technology and science” so rarely encountered? The popular view appears to be that energy technology is applied energy science, or that technological change in the field of energy technologies flows naturally from scientific progress. However, what if popular preconceptions about the rela- tionship between science and technology in the energy field are misplaced? This paper addresses the question of the fundamental relationship between technology and science by first analyzing historical cases of two represent- ative energy-conversion technologies, then reviewing pertinent literature from the field of science, technology and society (STS) studies, and finally investigating empirically the nature of the relationship using statistical data analysis. It draws policy-making implications for investment in energy tech- nology and science. We propose the hypothesis of technology-conditioned science as a plausible and credible counterweight to extant commonplace presumptions that science is the precursor of low-carbon energy-conversion technologies. Implications for Practice _ Understanding the evolution of science-intensive technologies and the re- lationship between patents and academic papers is crucial for managerial decision-making. _ Science-intensive technologies often begin with trial-and-error experimen- tation and prototype design, driven by practical problem-solving, rather than scientific research. _ In some cases, societal factors, such as environmental concerns and en- ergy crises, can significantly influence the development of technology and science. _ Policymaking and societal attitudes, rather than technical factors alone, can play a pivotal role in the development of energy-conversion technologies. _ Organizations should reconsider their bias towards a conservative scien- tific approach and recognize the importance of engineering-oriented trial- and-error experimentation in knowledge creation. HHL ENTREPRENEURSHIP REPORT 2024 41

ADVANCING ENTREPRENEURSHIP RESEARCH Innovation Perspective Reverse Innovation, International Patenting and Economic Inertia: Constraints to Appropriating the Benefits of Technological Innovation Authors: Kelvin W. Willoughby & Nadezhda Mullina Year: 2021 Publication: Technology in Society (SJR: Q1; H: 69; IF: ?) Abstract In this paper we compare the role of outward-bound in-ternational patent- ing in “reverse innovation” and in conventional international modes of in- novation. Through analysis of panel data from 148 countries over 18 years we reveal that, while all countries may in principle appropriate economic benefits from endogenous technological innovation by increasing their level of outward-bound international patenting, the ability of a country to do so may be hampered by the preexisting level of its economy. We classify coun- tries in to four strategic innovation quadrants – Slow Movers, Traders, Inven- tors and Cosmopolitans – based on the relative change over time in their competitiveness in international patenting and their per capita wealth. The mix of wealthy countries and less wealthy countries varies greatly between quadrants, with the wealthy countries dominating the Cosmopolitans quad- rant and the less wealthy countries dominating the Slow Movers quadrant. We conclude that, for lower income countries to improve their success in appropriating the benefits of reverse innovation, innovators and would- be innovators based in those countries need to develop sophistication and prowess in international patenting strategy and intellectual property man- agement tailored to the unique conditions of each country. Implications for Practice _ Research confirms the significance of outward-bound international patent- ing on a global scale and its growth over recent decades, highlighting its economic importance. _ Wealthier countries tend to have a statistically significant positive rela- tionship between outward-bound international patenting and per capita wealth, suggesting that wealthier nations leverage patenting more effec- tively for economic advantage. _ There are substantial differences in patenting behavior based on the World Bank income classifications. High-income countries consistently outper- form expectations, while some lower-middle income countries have dra- matically improved their international patenting performance. _ China plays a significant role in shaping the global balance between do- mestic and international patenting, particularly with its strong emphasis on domestic patenting. A shift in China’s patenting strategy could signifi- cantly impact global technological innovation and trade. _ The research shows that wealthier countries are more successful in trans- lating patenting into economic benefits, indicating that success in patent- ing tends to breed further success. _ Reverse innovation, where patenting flows from less wealthy to high-in- come countries, is a real phenomenon but quantitatively small. High-in- come countries dominate international patenting, and reverse innovation is in its early stages. _ Lower-income countries must go beyond increasing international patent- ing and focus on developing sophisticated patenting strategies and intel- lectual property management to overcome the “middle-income trap” and boost economic growth. 42 HHL ENTREPRENEURSHIP REPORT 2024

Innovation Perspective Intellectual Property Management, Dynamic Capabilities and Competitive Innovation in the Commercial Aircraft Industry Authors: Punyapat Saksupapchon & Kelvin W. Willough-by Year: 2021 Publication: International Journal of Intellectual Property Management (SJR: Q2; H: 12) ADVANCING ENTREPRENEURSHIP RESEARCH Abstract In this paper we combine insights from two streams of literature within the broad academic domain of strategic management – namely intellectual property management and dynamic capabilities – to advance our under- standing of the dynamics of competition and innovation in technology-in- tensive industries dominated by large companies with highly complex prod- ucts and businesses, large operational scale, and broad international reach. We argue that a firm’s IP management capability ought to be viewed as a dynamic capability, as propounded by Teece et al. (1997) and Teece (2007), and we accordingly propose a generic competition-influenced evolution- ary pattern of patent application strategies, embodying three development phases: 1) passive strategy, during the early phase; 2) aggressive strategy, during the growth phase; 3) sophisticated strategy at the maturity phase. We test our ideas through a study of the patenting behaviour of two major competing firms in the commercial aircraft industry. Implications for Practice _ Recognize that patent application strategies in the commercial aircraft in- dustry tend to evolve in three phases: passive strategy in the early phase, aggressive strategy during growth, and sophisticated strategy during ma- turity. This understanding can inform a company’s strategic planning. _ Understand that individual companies may follow distinct pathways within the general evolutionary pattern. This implies that a one-size-fits-all ap- proach may not work, and it’s essential to adapt strategies based on the company’s history, circumstances, and competition. _ Acknowledge that the evolution of intellectual property (IP) management capabilities is influenced not only by internal factors but also by competi- tive dynamics. The behavior and strategies of competitors can significant- ly impact a company’s IP management approach. _ Embrace the concept that managing intellectual property, including patent strategy, is a vital category of dynamic capabilities. Recognize the impor- tance of dynamic capabilities in the IP management process. _ Recognize the impact of contextual factors on a company’s patent strat- egy and be mindful of potential path dependency, emphasizing the need for flexibility and adaptability. HHL ENTREPRENEURSHIP REPORT 2024 43

ADVANCING ENTREPRENEURSHIP RESEARCH Innovation Perspective Different Settings, Different Terms and Conditions: The Impact of Intellectual Property Arrangements on Co-creation Project Performance Authors: Anja Tekic, Kelvin W. Willoughby & Johann Füller Year: 2023 Publication: The Journal of Product Innovation Manage-ment (SJR: Q1; H: 162) Abstract Innovation-focused co-creation between companies and individual external contributors is accompanied by the challenge of managing intellectual prop- erty (IP). The existing literature presents scattered evidence of various ele- ments of the arrangements adopted by companies to manage their IP (such as a high or low degree of IP control, monetary or non-monetary compen- sation, non-disclosure agreements, additional agreements and the waiver option) in different co-creation settings (including crowdsourcing contests, virtual communities, single expert sessions and lead user workshops). How- ever, the existing literature exhibits little understanding of how particular IP arrangements influence co-creation project performance in specific settings. Drawing upon contingency theory and configurational theory, we provide a framework that explains both the effectiveness of different IP configurations and the moderating role that co-creation settings may have on the relation- ship between IP arrangements and project performance. By the means of fuzzy-set Qualitative Comparative Analysis (fsQCA) on a sample of 116 co- creation projects, we determine the impact of various IP arrangements on project performance in different co-creation settings, and we show how this effect differs across those settings. Our study also demonstrates that IP matters for success in co-creation, while highlighting the interdependence of multiple elements of IP arrangements and their joint influence on co-crea- tion project performance. Our study thus fills the gap in the literature where previous research failed to embrace the context-dependent and multidimen- sional effect of IP arrangements on co-creation project performance. Addi- tionally, this study offers best-practice guidelines for managers for design- ing IP arrangements to meet the specific characteristics of their co-creation projects and to ensure their success. Implications for Practice _ Consider configurational and contextual aspects when designing intellec- tual property (IP) arrangements for co-creation projects. _ Ensure that IP arrangements align internally and externally with the co- creation setting to meet stakeholder expectations and project goals. _ Inappropriately combining or excluding elements in IP control, compensa- tion, NDAs, additional agreements, and waivers can lead to poor project performance, stakeholder dissatisfaction, and budget issues. _ Tailor IP arrangements based on co-creation settings, such as crowdsourc- ing contests, virtual communities, single expert sessions, and lead user workshops. _ Balance IP protection and openness to respond effectively to contextual contingencies. _ Involve project managers in the design and modification of IP arrange- ments, not just legal departments. _ Provide training on IP management in co-creation to enhance awareness and knowledge among practitioners. _ Intermediary companies can propose alternative IP arrangements to cli- ents based on specific co-creation settings. 44 HHL ENTREPRENEURSHIP REPORT 2024

ADVANCING ENTREPRENEURSHIP RESEARCH Technology Entrepreneurship Perspective How Can Business Schools Generate and Appropriate Value in University-based Technological Innovation? Authors: Dmitry S. Smirnov & Kelvin W. Willoughby Year: 2023 Publication: International Journal of Innovation and Technology Manage- ment (SJR: Q3; H: 24) Abstract Discussion in the scholarly literature about partnerships between entrepreneurs and universities for the creation of technological spinouts, and for helping uni- versities to extract more value from their technology-related intellectual prop- erty (IP), is lively. However, the literature exhibits a gap in understanding how business schools may participate in the process of technology commercialization by facilitating the creation of intellectual property rights. In this conceptual pa- per, we seek to fill this gap in three ways. First, we offer some novel conceptual insights by studying the partnership between technical universities and entrepre- neurs using a multilevel approach, incorporating a phenomenological research method, through the lenses of several established theoretical perspectives from the domains of economics, social science, and management: the division of la- bor, motivation, the nature of the firm, organization, and IP. Second, we develop a working hypothesis focused on learning reinforcement through multiple or- ganizational levels that predicts how business schools may play a prominent role in technology commercialization, together with the theoretical conditions under which they may do so. Third, we offer an IP management model under which business schools, as such, may create and appropriate financial value by gener- ating innovation-related IP that may be transferred to enterprises. Our research reveals a misalignment between promising approaches to university-based tech- nological innovation suggested by normative theory and typical approaches associated with extant practice; and it also highlights a strategic issue, which is that the performance of most universities in the domain of technology transfer is disappointing. We suggest a way to address this misalignment, and this strategic issue, which is through the establishment of what we label as “Technology In- novation Laboratories” in business schools – analogous to technical laboratories usually associated with technical universities – that could generate various types of product- or service-related IP. This type of intellectual property-typically dif- ferent from invention IP, and which we label here as “business IP”-could be ex- changed for equity in spinouts or royalties from licensing, similar to the manner in which the invention IP of technical universities is usually commercialized. Implications for Practice _ Organizations should give high priority to fostering partnerships between tech- nical universities and entrepreneurs to drive technological innovation. _ Active involvement of business schools and academic institutions is recom- mended to facilitate and enhance innovation efforts within organizations. _ Utilize theoretical frameworks such as the division of labor, motivation theory, knowledge creation theory, and intellectual property management theory to inform and structure technical university-entrepreneur collaborations. _ Organizations should explore collaboration opportunities with technical univer- sities to access and leverage valuable technical intellectual property, which can be licensed for royalties or exchanged for equity. _ Consider the establishment of dedicated Technology Innovation Laboratories to focus on accumulating longterm knowledge in product and business innova- tion, akin to technical laboratories in universities for technical inventions and intellectual property development. _ Business schools and institutions should implement comprehensive intellectual property management strategies to protect and capitalize on their intellectual property assets, including mechanisms like licensing IP rights for royalties or exchanging IP rights for equity in technological spin-outs. HHL ENTREPRENEURSHIP REPORT 2024 45

ADVANCING ENTREPRENEURSHIP RESEARCH Technology Entrepreneurship Perspective Facebook and the creation of the metaverse: radical business model innovation or incremental transformation? Authors: Sascha Kraus, Dominik K. Kanbach, Peter M. Krysta, Maurice M. Steinhoff & Nino Tomini Year: 2022 Publication: International Journal of Entrepreneurial Behavior and Research (SJR: Q1; IF: 6,9) Abstract This paper examines Facebook’s transformation into Meta and its shift to- wards the metaverse, aiming to determine whether the change represents a truly radical shift in its business model. Through an indepth case study using 153 data points, including academic studies and publicly available in- formation, the findings suggest that the proclaimed strategic shift is not as revolutionary as advertised. While the changes appear futuristic, the core elements of the business model are expected to evolve incrementally. The study highlights that the primary purposes of this transformation are to en- hance the company’s external image and communicate internal changes. This research provides a unique perspective on Facebook’s rebranding and strategic shift, shedding light on the dissonance between the stated vision and its real impact, raising essential questions about large-scale rebranding efforts and their implications for businesses and society. Implications for Practice _ Businesses need to constantly rethink their business models and offerings due to the rapid evolution of digital technologies, shorter technology life cycles, and changing customer demands to stay competitive. _ Meta’s strategic acquisitions and partnerships highlight the importance of operating within an ecosystem of valuable partnerships and alliances for long-term success. _ Companies should critically assess public communications that suggest radical changes in their business models, as these changes may not be as substantial as they appear. _ Rebranding can serve as a mechanism for companies to signal a commit- ment to ethical practices and regain trust, especially in response to repu- tational crises. _ Meta’s transition from Facebook to focus on the metaverse signifies a significant shift in the company’s strategy, offering new possibilities for communication, work, and entertainment, but further research is needed to understand the full potential of this virtual platform as the technology matures. 46 HHL ENTREPRENEURSHIP REPORT 2024

ADVANCING ENTREPRENEURSHIP RESEARCH Technology Entrepreneurship Perspective The GenAI is out of the bottle: generative artificial intelligence from a business model innovation perspective Authors: Dominik K. Kanbach, Louisa Heiduk, Georg Blueher, Maximilian Schreiter & Alexander Lahmann Year: 2023 Publication: Review of Managerial Science (SJR: Q1; IF: 5,5) Abstract The introduction of ChatGPT in November 2022 by OpenAI has stimulated substantial discourse on the implementation of artificial intelligence (AI) in various domains such as academia, business, and society at large. Although AI has been utilized in numerous areas for several years, the emergence of generative AI (GAI) applications such as ChatGPT, Jasper, or DALL-E are considered a breakthrough for the acceleration of AI technology due to their ease of use, intuitive interface, and performance. With GAI, it is pos- sible to create a variety of content such as texts, images, audio, code, and even videos. This creates a variety of implications for businesses requiring a deeper examination, including an influence on business model innovation (BMI). Therefore, this study provides a BMI perspective on GAI with two pri- mary contributions: (1) The development of six comprehensive propositions outlining the impact of GAI on businesses, and (2) the discussion of three in- dustry examples, specifically software engineering, healthcare, and financial services. This study employs a qualitative content analysis using a scoping review methodology, drawing from a wideranging sample of 513 data points. These include academic publications, company reports, and public infor- mation such as press releases, news articles, interviews, and podcasts. The study thus contributes to the growing academic discourse in management research concerning AI’s potential impact and offers practical insights into how to utilize this technology to develop new or improve existing business models. Implications for Practice _ Generative AI (GAI) is poised to significantly impact various industries through innovations in value creation, new proposition development, and value capture. _ GAI offers the potential for reshaping information access, content creation, and business operations, leading to efficiency improvements and potential restructuring of processes. _ GAI opens opportunities for businesses to explore new markets, personal- ized marketing campaigns, enhanced customer service experiences, and the redefinition of roles for knowledge workers. _ GAI can drive new revenue models and cost structures, reducing content production costs and enabling mass customization and freemium models. _ Companies must adapt to the changing landscape and effective- ly integrate GAI into their frameworks to enhance productivity and competitiveness. _ Early adopters of GAI technologies may gain a competitive advantage over slower market players. _ Ethical considerations, such as biases in AI systems, intellectual property theft, and the potential for misuse, require careful attention and the imple- mentation of ethical frameworks and regulations. _ Collaboration between institutions and governments is needed to ensure the ethical and responsible development and use of GAI. HHL ENTREPRENEURSHIP REPORT 2024 47

ADVANCING ENTREPRENEURSHIP RESEARCH Technology Entrepreneurship Perspective Artificial Intelligence- Enabled Business Model Innovation: Competencies and Roles of Top Management Abstract Research in artificial intelligence and business model innovation is flourish- ing. Nevertheless, the current discussion lacks an overarching understanding of, and thus has not sufficiently addressed, the interface between artificial intelligence-enabled business model innovation and the critical role of top management. Although a paradigm shift affecting top management is al- ready occurring, extant management literature is limited, especially in terms of primary research. Accordingly, this study explores how top management can encourage and facilitate artificial intelligence-enabled business model innovation. We utilized an inductive approach and conducted semistruc- tured interviews with 47 practitioners to develop a grounded theory. The developed framework consists of five top management competencies and eight top management roles. Overall, our study contributes to research in business model innovation theory, revealing that top management requires a specific skill set to carry out their roles and fulfill expectations. Implications for Practice Authors: Philip Jorzik, Anil Yigit, Dominik K. Kanbach, Sascha Kraus & Marina Dabíc Year: 2023 Publication: IEEE Transactions on Engineering Management (SJR: Q1; IF: 8,7) _ Managers’ roles and competencies will change in the future for successful AIenabled Business Model Innovation (BMI). _ AI may lead firms to replace managers who don’t understand AI for BMI, emphasizing the importance of manager preparedness. _ A framework identifies essential roles (knowledge, mindset, leadership, navigability, decision-making) for AI-enabled BMI success. _ Top management (TM) teams can use the framework for self-assessment and skill gap identification. _ The framework outlines strategic, behavioral, and environmental roles to guide TM teams in AI-enabled BMI tasks and decision-making. _ TM should be aware of AI’s potential to disrupt business models and cre- ate value, while also considering challenges and impacts on operations, culture, and structure. _ Utilizing the framework and understanding necessary roles and competen- cies can help TM lead successful AI-enabled BMI implementation. 48 HHL ENTREPRENEURSHIP REPORT 2024

ADVANCING ENTREPRENEURSHIP RESEARCH Corporate Entrepreneurship Perspective Strategic corporate venturing in interlinked ambidextrous units: An exploratory model Authors: Lysander Weiss, Dominik K. Kanbach, Sascha Kraus & Marina Dabíc Year: 2023 Publication: European Management Journal (SJR: Q1; IF: 7,9) Abstract With scarce research on the intersection of corporate venturing and firm strategy, few companies succeed in using their dedicated corporate ventur- ing units (CVUs) for strategic renewal. This study examines this intersection in socalled interlinked-ambidextrous CVUs. Through relational interlinks with internal and external stakeholders, these organizational entities combine the exploration of new market opportunities with the exploitation of existing core competencies to develop new competitive advantages for their parent companies. That way, they aim to create organizationally consequential new business that can change the competitive positioning of a company. To in- vestigate such strategic corporate venturing, the study collects and analyses qualitative data from interlinked-ambidextrous units in 16 European compa- nies. The resulting key themes and their relationships are mapped onto an exploratory model of strategic corporate venturing that includes organiza- tional context factors as antecedents; process activities, relational mecha- nisms and dynamic capabilities as enablers; and an ambidextrous orienta- tion as a mediator for the intended strategic renewal task. Embedding these key findings within existing theory provides valuable contributions to the development of the strategic corporate venturing concept and the under- standing of interlinked-ambidextrous CVUs. This can help practitioners tack- le the strategic renewal challenge through corporate venturing. Implications for Practice _ Establishes SCV as a viable strategy for addressing strategic renewal chal- lenges in established companies. _ Provides a concrete processual model to guide practitioners in designing their own SCV capability. _ Enables companies to generate future profitable growth, particularly in un- certain and rapidly changing environments. HHL ENTREPRENEURSHIP REPORT 2024 49

ADVANCING ENTREPRENEURSHIP RESEARCH Corporate Entrepreneurship Perspective Leveraging new business innovation for strategic renewal: An organizational framework for strategic corporate venturing Authors: Lysander Weiss & Dominik K. Kanbach Year: 2023 Publication: Creativity and Innovation Management (SJR: Q1; IF: 3,6) Abstract To adapt their competitive advantages for successful strategic renewal, established companies must apply suitable innovation activities. One way to achieve this is the establishment of corporate venturing units that cre- ate organizationally consequential new business innovation for their par- ent company. However, the understanding of the distinctive organizational characteristics for such strategic corporate venturing is limited. To address this gap, our abductive study develops a conceptual organizational frame- work by linking key concepts of strategic renewal with corporate venturing. This framework is subsequently compared with insights emerging from the qualitative data of 29 corporate venturing units. This comparison allows us to define six types of units with different possible roles for the strategic re- newal of the parent company, and a final exploratory organizational frame- work with distinctive organizational characteristics for strategic corporate venturing. These include a set of dynamic capabilities with corresponding resources as possible enablers for a planned innovation logic that requires interlinked-ambidextrous structures. These findings provide a foundation for an empirical model of strategic corporate venturing, as well as novel insights for establishing dynamic capabilities and ambidexterity within interlinked organizational entities. Practitioners can build on these findings to leverage corporate venturing units as a systematic and organized innovation activity for strategic renewal. Implications for Practice _ The proposed typology and organizational framework provide concrete guidance for corporate managers and middle managers dealing with the strategic renewal challenge. _ For corporate managers, the findings suggest that Strategic Corporate Venturing (SCV) is a valuable innovation activity for addressing the renew- al challenge. It emphasizes the importance of organizational ambidexterity and dynamic capabilities, which can be applied within dedicated organiza- tional units (CVUs) to drive planned venturing initiatives for new competi- tive advantages. _ Middle managers responsible for CVUs can use the framework to optimize the role of CVUs in strategic renewal by tailoring their organizational de- sign based on intended tasks and objectives. _ The typology helps define the status quo and future vision for CVUs, as- sisting practitioners in designing or adapting CVUs to suit specific strate- gic renewal or innovation purposes. _ Innovation managers can incorporate (strategic) CV into their innovation toolbox, building on the proposed typology to establish suitable CVUs for strategic renewal and other innovation activities. _ These practical implications underscore the importance of understand- ing SCV and the roles of CVUs in the strategic management of estab- lished companies, especially in fast-changing and uncertain environments where traditional competitive advantages may no longer ensure profitable growth. The framework offers a new approach to continual adaptation of competitive advantages through strategic renewal. 50 HHL ENTREPRENEURSHIP REPORT 2024

ADVANCING ENTREPRENEURSHIP RESEARCH Corporate Entrepreneurship Perspective Revising the taxonomy of corporate accelerators: moving towards an evolutionary perspective Abstract Corporate accelerators have become integral actors in entrepreneurial eco- systems. They are heterogeneous and rapidly developing entities differ- ing significantly in objectives and design. In this paper, we provide a com- prehensive corporate accelerator taxonomy and present its evolution over time. We analyze the population of corporate accelerator programs active in Germany in late 2019. Building on a unique dataset of 87 semi-structured interviews with managing directors of corporate accelerators, participating startups and corporate documents, we derive distinctive archetypes, differ- ing in strategic objectives and defining characteristics. Based on this con- temporary taxonomy, we discuss how corporate accelerators have evolved over recent years and delimit them to similar concepts such as incubators. Thereby, we contribute a holistic understanding of corporate accelerator commonalities and differences and provide the foundation for an evolution- ary perspective to the field of corporate accelerator research. For entrepre- neurial practice, we add novel insights on the experience-based learnings behind a considerable archetype evolution. Authors: Philipp Veit, Alexander Kramer, Dominik K. Kanbach & Stephan Stubner Year: 2021 Journal: International Journal of Entrepreneurial Venturing (SJR: Q3; IF: 1,8) Implications for Practice _ Accelerators are a central driver for corporate entrepreneurship _ Corporate accelerators have the potential to extend the parent’s company value chain _ The derivation of different accelerator types helps companies to drive cor- porate entrepreneurship activities to foster digital transformation HHL ENTREPRENEURSHIP REPORT 2024 51

ADVANCING ENTREPRENEURSHIP RESEARCH Corporate Entrepreneurship Perspective The impact of independent and heterogeneous corporate venture capital on firm efficiency Authors: Frank P. Balz, Florian Brinkmann & Dominik K. Kanbach Year: 2023 Journal: Journal of Business Venturing Insights (SJR: Q1; IF: 8,1) Abstract While corporate venture capital funds (CVCs) are commonly analyzed as homogenous units, they display significant heterogeneity across various organizational aspects, which affect them and subsequently their portfolio firms. Using a sample of 383 European portfolio firms from the longitudinal VICO dataset, we first investigate the impact of investor type (independ- ent vs corporate) on firm operating efficiency. We show that firms backed by CVCs suffer reductions in productivity. We then account for CVC het- erogeneity and find that these significant reductions in operating efficiency only occur for ventures backed by endoisomorphistic CVCs, which resemble more corporate structures. By contrast, firms backed by exoisomorphistic CVCs, which resemble more independent venture capital structures, do not show significant differences in productivity compared to ventures that re- ceive independent venture capital backing. Implications for Practice _ The study examined the impact of different types of venture capital (in- dependent and corporate) and the structural heterogeneity of corporate venture capitalists (CVCs) on the productivity of portfolio firms. _ It found only a slight difference in overall firm efficiency between inde- pendent and corporate venture-backed firms over the study period. _ The study highlighted a significant decline in productivity for firms backed by endoisomorphistic (Corporate-like) CVCs, while those backed by exoi- somorphistic (IVC-like) CVCs showed efficiency similar to those with inde- pendent venture capital funding. _ The results contribute to the ongoing discussion on the effects of venture capital and venture capital type on the productivity of portfolio firms, of- fering insights that challenge previous findings in the CVC literature. _ The study emphasizes the importance of considering CVC heterogeneity in understanding portfolio firm productivity, suggesting a need for further research in this area. 52 HHL ENTREPRENEURSHIP REPORT 2024

Startups Demystifying massive and rapid business scaling – An explorative study on driving factors in digital startups Authors: Francie Lange, Nino Tomini, Florian Brinkmann, Dominik K. Kanbach & Sascha Kraus Year: 2023 Journal: Technological Forecasting and Social Change (SJR: Q1; IF: 12,0) ADVANCING ENTREPRENEURSHIP RESEARCH Abstract This study explores the concept of massive and rapid business scaling (MRBS) in the context of digital startups by identifying 20 factors clustered into seven core drivers. Through inductive qualitative research, the study builds on 53 semi-structured interviews with founders, executives, and advi- sors, leading to the development of a framework that uncovers seven core drivers of MRBS contributing to the scaling process. These core drivers are as follows: 1) scanning the environment and recognizing opportunities, 2) iteratively adjusting the business model with an asset-light structure, 3) achieving operational excellence through digitization, 4) building an effi- cient and entrepreneurial workforce combined with leadership and vision, 5) leveraging internal resources to strengthen positioning and expand the mar- ket, 6) attracting capital to facilitate growth realization, and 7) cultivating organizational agility and a transformation culture. While core drivers one to five imply a processual nature, the sixth and seventh core drivers serve as a foundation for MRBS. Moreover, this study outlines several areas of tension within the process of MRBS. Therefore, the study provides valuable insights for scholars and practitioners. Implications for Practice _ The research offers practical guidance by identifying 20 critical factors for achieving MRBS. It emphasizes the importance of capital and culture, help- ing founders anticipate risks and manage tensions in their organizations and with external stakeholders. _ The study highlights the role of leadership and informed hiring decisions in achieving MRBS. It emphasizes continuous communication to articulate the vision and manage scaling effectively. _ MRBS is portrayed as a dynamic process that requires constant adapta- tion of resources and processes. The study encourages an entrepreneur- ial mindset and adaptability among employees to meet evolving startup needs. _ Advisors can benefit from a holistic perspective on factors influencing MRBS, helping them identify areas where startups may need improvement and driving growth and success through appropriate changes. _ The research assists investors in due diligence by identifying key drivers of MRBS in digital startups, aiding them in selecting startups with dynamic capabilities for accelerated growth. _ Policymakers can use the study for entrepreneurship education and startup assistance programs, offering guidance and support for achieving MRBS in digital startups. It emphasizes the allocation of significant capital to foster rapid growth and transformative impacts in designated markets. HHL ENTREPRENEURSHIP REPORT 2024 53

ADVANCING ENTREPRENEURSHIP RESEARCH Startups Entrepreneurship through acquisition: a scoping review Authors: Alexander Hoffmann, Dominik K. Kanbach & Stephan Stubner Year: 2023 Journal: Management Review Quarterly (SJR: Q1; IF: 9,7) Abstract Entrepreneurship through acquisition (ETA) is gaining momentum as a vi- able alternative to starting a company on one’s own. However, despite its growing practical relevance, scholarly work about ETA is scarce and has not been comprehensively reviewed. To address this gap, we conduct a system- atic review of entrepreneurship literature by identifying studies that examine ETA and its outcomes. Our review methodology was developed based on established guidelines for systematic reviews and protocols, which informed our scoping review process and analytical approach. Searches were con- ducted on three electronic databases, and inclusion/exclusion criteria were applied. For inclusion, studies must examine an entrepreneurial perspective in buying into a company. Quantitative and qualitative data were extracted for thematic analysis and descriptive statistics. ETA is an entrepreneurship model with growing appeal and relevance in practice but limited academic evidence. While there is extensive research on leveraged buyouts and fam- ily-external succession, evidence specifically on ETA is still lacking. In par- ticular, knowledge about the entrepreneurial intent that makes ETA unique is absent from the evidence base. As ETA gains momentum, entrepreneurs need to understand the unique properties, the various approaches, and the upsides and eventual downsides of acquiring a business instead of starting one from scratch. The present work may serve as a starting point for future research as we scope existing evidence on the archetype of ETA and identify a definition, available models, and a process archetype. Implications for Practice _ Policymakers should prioritize ETA as a mode of entry for entrepreneurs, considering the aging population and declining family business takeovers. _ ETA is a distinct and viable alternative to new venture creation, expanding opportunities for entrepreneurial-minded individuals. It represents a sig- nificant segment of the buy-out market, with performance improvements compared to previous ownership regimes. _ Prospective entrepreneurs should consider buying a business as a success- ful entrepreneurial endeavor, especially in the face of succession crises. _ Investors should explore ETA as an alternative investment vehicle, as search funds have generated substantial returns. _ Family businesses should support and embrace ETA entrepreneurs to en- sure a smooth succession and sustain their legacy. 54 HHL ENTREPRENEURSHIP REPORT 2024

Startups Entrepreneurs in times of crisis: Effects of personality on business outcomes and psychological well-being. Authors: Florentine U. Salmony, Dominik K. Kanbach & Stephan Stubner Year: 2021 Journal: Traumatology (SJR: Q1; IF: 3,7) ADVANCING ENTREPRENEURSHIP RESEARCH Abstract The COVID-19 pandemic impacted many entrepreneurs’ business outcomes and sometimes additionally influenced their psychological well-being. At the same time, some entrepreneurs hold personalities that warrant higher crisis resilience than others. This study investigates these differences in re- silience to crisis based on personality. Specifically, the effects of entrepre- neurs’ personalities on both their crisis-dependent business outcomes and psychological well-being were explored in a mixed-method approach. Re- sults from a sample of 187 entrepreneurs revealed significant differences in personality traits between entrepreneurs with disparate COVID-19 impact on their businesses. Further, 18 indepth interviews investigated what effects the COVID-19 pandemic had on the entrepreneurs’ psychological well-being. The interviews confirmed that entrepreneurs differed in the effects of the COVID-19 pandemic on their businesses. Similarly, differences between the entrepreneurs existed in the effects of the COVID-19 pandemic on their psy- chological well-being, highlighting individual differences in crisis resilience. Personality played a central role regarding the influences of the COVID-19 pandemic on their business outcomes and psychological well-being. The findings provide information about the specific crisis-resilient entrepreneur- ial profile. Further, they show that personality influences on businesses and psychological well-being are context-dependent, thereby recommending the integration of contextual factors in future entrepreneurial research. Implications for Practice _ Entrepreneurs impacted by the COVID-19 pandemic exhibited distinct personality traits compared to those unaffected by it. Those influenced by COVID-19 had higher Risk-Taking Propensity and Openness to Experience, and those with higher Extraversion and Entrepreneurial Self-Efficacy (ESE) experienced more positive effects during the pandemic, though this often came at a psychological cost for extraverted individuals due to limited so- cial interactions. _ The study revealed a diverse range of effects of the COVID-19 pandemic on entrepreneurs. While some experienced negative impacts on their well- being and businesses, others, even beyond those in sectors like online re- tail, found positive effects, such as enhanced efficiency and digitization of their business models. _ Certain personality traits were linked to increased resilience to crises like the COVID-19 pandemic. Optimism, openness, adaptability, high internal locus of control (LOC), and a propensity for risk-taking were traits associ- ated with entrepreneurs who perceived the pandemic as an opportunity rather than just a threat. _ Overall, the study highlights the diverse effects of the COVID-19 pandemic on entrepreneurs, both economically and psychologically, and underscores the importance of tailored support for specific subsets of entrepreneurs. Additionally, it sheds light on personality trait differences among entrepre- neurs experiencing varying impacts from the pandemic, offering insights for practical applications, including the development of personality devel- opment programs for young entrepreneurs and encouraging academia to consider contextual influences in entrepreneurial research. HHL ENTREPRENEURSHIP REPORT 2024 55

ENTREPRENEURSHIP IN HHL PROGRAMS Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management and Digital Entrepreneurship “ Turning Rocks into Cathedrals Prof. Dr. St. Stubner Holder of the Dr. Ing. h.c. F. Porsche AG Chair of Strategic Management and Digital Entrepreneurship Prof. Dr. Stephan Stubner among Top 20 of entrepeneurship professors Award winner Prof. Dr. Stephan Stubner (HHL) with the Federal Minister of Education Bettina Stark-Watzinger (right) and the Federal Commissioner for Digital Economy and Startups, Dr. Anna Christmann Photo credit: Jürgen Aloisius Morgenroth (UNIPRENEURS) 58 HHL ENTREPRENEURSHIP REPORT 2024

Supporter Dr. Ing. h.c. F. Porsche AG Chairholder Prof. Dr. Stephan Stubner Adjunct Professor Prof. Dr. Torsten Wulf Research Associate Nino Tomini Honorary Professor Prof. Dr. Burkhard Schwenker Research Areas Corporate entrepreneurship Entrepreneurial management, incl. family firms and startups Strategy and governance in the digital era Network _ Center for Strategy and Scenario Planning, HHL Leipzig Graduate School of Management _ Prof. Dr. Torsten Wulf, Chair of Strategic and Internatio- nal Management, Philipps- University Marburg _ Prof. Dr. Harald Hungenberg, Chair of Management, Fried- rich-Alexander-University Erlangen-Nuremberg _ Prof. Albrecht Enders, IMD Lausanne, Professorship for Strategy and Innovation Management _ Prof. Dr. Andreas König, Chair of Technology, Innova- tion and Entrepreneurship, University of Passau Courses _ Business Strategy _ Coding and Data Literacy _ Corporate Strategy _ Disruptive Technologies and Business Models _ Problem Solving and Communication _ Strategic Management _ Strategies for Growth ENTREPRENEURSHIP IN HHL PROGRAMS Business Plan Seminar The elective course “Business Plan Seminar” provides students with a structured framework to cultivate a digital venture. By participating in this course, students engage in identifying potential business op- portunities, crafting comprehen- sive business plans, and assessing and scrutinizing the viability of their business concepts. This enables students to acquire the essential proficiencies needed to establish their own startup. Throughout the duration of the course, students re- ceive valuable insights from profi- cient entrepreneurs and astute busi- ness angels. Employing a systematic methodology, the course steers students through the entire pro- cess, commencing with the recog- nition of opportunities, progressing to swift prototyping, and ultimately culminating in the validation of their ideas. In the year 2022, the seminar took an innovative approach by col- laborating with the Hasso-Plattner- Institute in Potsdam. This collabora- tion brought together students with diverse backgrounds in both busi- ness and technology, fostering an environment conducive to the de- velopment of digital ventures over a concentrated period of 12 weeks. Subsequently, in 2023, the course underwent further enhancement by becoming an integral part of the incubation program offered by HHL DIGITAL SPACE – THE DIGITAL TRANSFORMATION PLATFORM. This integration facilitated the emer- gence of a multitude of captivating and promising business concepts. In summation, the elective course “Business Plan Seminar” empowers students to systematically cultivate digital ventures. Its multifaceted approach, involving opportunity identification, meticulous planning, and rigorous idea validation, is sup- plemented by input from accom- plished entrepreneurs and percep- tive business angels. The course’s evolution, from collaborating with Hasso-Plattner-Institute to being in- tegrated into HHL DIGITAL SPACE’s incubation program, underpins its commitment to nurturing innovative and impactful business ideas. HHL ENTREPRENEURSHIP REPORT 2024 59

ENTREPRENEURSHIP IN HHL PROGRAMS Center of Excellence for Entrepreneurship and Business Development The Porsche AG Chair of Strategic Management and Digital Entrepre- neurship and Woxsen University in Hyderabad, India have formed a partnership to establish a Collabora- tive Center of Excellence for Entre- preneurship and Business Develop- ment. This initiative capitalizes on the rising influence of entrepreneur- ship in the global economy, driving growth and innovation. The center aims to strengthen entrepreneurial ecosystems in both countries and facilitate cross-border collaboration. By pooling their resources, exper- tise, and networks, HHL and Wox- sen will create a dynamic platform for entrepreneurial education and support, fostering an international network of entrepreneurs. This col- laboration emphasizes the signifi- cance of cultivating entrepreneurial ecosystems and promoting global cooperation. It will enable the ex- change of entrepreneurship best practices, encourage cross-cultural learning, and address global chal- lenges through innovative solutions. The center will offer comprehensive entrepreneurship education pro- grams, emphasizing practical skills, experiential learning, and an entre- preneurial mindset. Additionally, it will provide vital support for start- ups, including mentorship, resourc- es, funding networks, and industry partnerships, enhancing their chanc- es of success. HPI x HHL Future Builder Collaboration of entrepreneurial ecosystems: Important milestone of our HPI x HHL Future Builder – our interdisciplinary entrepreneur- ship challenge bringing together the ecosystems of Hasso Plattner Insti- tute, HPI School of Entrepreneur- ship, HHL Leipzig Graduate School of Management and HHL DIGITAL SPACE – The Digital Transforma- tion Platform. On May 5 it was the half time at the HPI x HHL Future Builder project. HPI students from Potsdam and HHL students came together at HHL DIGITAL SPACE in Leipzig to pitch their ideas for a better tomorrow in front of an ex- pert jury. Over the past 1.5 months, the interdisciplinary teams worked hard on the problem and market analysis for their respective chal- lenge and presented their results in a pitch contest to the jury. Dr. Frank Pawlitschek from the Hasso Plattner Institute, Prof. Dr. Stephan Stub- ner, Prof. Dr. Dominik K. Kanbach, Prof. Dr. Alexander Lahmann from the HHL Leipzig Graduate School of Management Leipzig and So- phia Kuhl, former Managing Director of HHL DIGITAL SPACE were part of the jury and provided valuable feedback. All 9 challenges address at least one of the 17 UN Sustain- able Development Goals and were supported by our great partners SAP, ZF Group and LF Gruppe. The day also provided plenty of time for exchanging and networking dur- ing a completely vegan lunch and a coffee break at the HHL. After the pitches, the group moved on to an evening event and enjoyed dinner at Oskar in Leipzig. At the end of June, the final “Launch Day” took place at HPI in Potsdam which welcomed the HHL team, all students and sev- eral guests. The students pitched in five minutes their idea and present- ed their first product. This format is equal to the “Market Day” but dem- onstrating the impactful process of the last weeks. This day showed how much the students have re- ceived during the last weeks and we enjoyed seeing the great results of this interdisciplinary project. In the evening, alumnus of HHL and HPI as well as the Future Builder partici- pants merged and had a beneficial exchange on the rooftop of HPI see- ing the sunset. 60 HHL ENTREPRENEURSHIP REPORT 2024

ENTREPRENEURSHIP IN HHL PROGRAMS Chair of Strategic Entrepreneurship Research Group “ Strategy goes hand in hand with entrepreneurship! Prof. Dr. Dominik Kanbach Holder of the Chair of Strategic Entrepreneurship and Head of the Strategic Entrepreneurship Research Group Under the guidance of Prof. Dr. Dominik Kanbach and Prof. Dr. Ste- phan Stubner, the Chair of Strate- gic Entrepreneurship encompass- es the Strategic Entrepreneurship Research Group, which boasts a membership of over 35 doctoral stu- dents. This collective is dedicated to investigating a diverse array of per- tinent and cutting-edge subjects sit- uated at the crossroads of strategic management, entrepreneurship, and corporate entrepreneurship. Topics span from venture capital to digital advanced technologies. Leveraging a strong foundation of theory that harmonizes rigor and applicability, our researchers diligently dissect pertinent phenomena through a scientific lens, yielding insights that can be readily applied. The com- position of the research group is internationally distributed, uniting scholars from various corners of the world. These scholars are actively engaged in prominent global re- search conferences, including distin- guished events like AOM and ISPIM. The primary objective of the re- search group is to make substantial contributions to the academic dia- logue at the international forefront. This endeavor is pursued by dissem- inating research findings through publications in esteemed, high-im- pact journals, as well as by actively participating in and presenting at leading conferences worldwide. Chairholder Prof. Dr. Dominik Kanbach Research Associate Francie Lange Senior Research Fellows Dr. Johannes Hofmeister Dr. Peter M. Krysta Dr. Niklaus Leemann Dr. Malte Schneider Dr. Maurice Steinhoff Dr. Lysander Weiss Research Areas _ Strategic Entrepreneurship _ Corporate Entrepreneurship _ Strategic Management _ Entrepreneurship Courses _ Disruptive Technologies & Business Models _ Problem Solving & Communication _ Strategic Management HHL ENTREPRENEURSHIP REPORT 2024 61

ENTREPRENEURSHIP IN HHL PROGRAMS Chair of Entrepreneurship and Technology Transfer “ A sustainable future needs sustainable entrepreneurs. Prof. Dr. Vivek Velamuri Holder of the Chair of Entrepreneurship and Technology Transfer Study Course Business Modelling, Design, and Planning The Business Modelling, Design, and Planning course empowers students to develop and execute startup ide- as. It covers essential concepts and tools for building business models, plans, and evaluating ideas. In a previous session, a team aimed to increase sustainability aware- ness among business students. They interviewed peers and professors to uncover pain points, using these insights to create the “Emission Quest” game. This engaging game integrates seamlessly into business classes, educating on pressing sus- tainability challenges. Beyond the game, the students crafted robust marketing, business, and financial plans, providing a solid groundwork for realizing their con- cept. The course imparts practical entrepreneurial skills through inter- nal and external lecturers, covering business modeling, customer perso- nas, legal aspects, online marketing, and pitch deck creation. 62 HHL ENTREPRENEURSHIP REPORT 2024 Chairholder Prof. Dr. Vivek Velamuri Research Associate Felix Toepler Research Areas _ Sustainable Entrepreneurship _ Entrepreneurial Ecosystems _ Digital Platforms _ Digital Transformation _ Business Models _ Managerial Cognition Courses _ Circular Economy _ Sustainability, Society, Social Entrepreneurship & You _ Business Plan Seminar _ Entrepreneurship _ Managing your PhD Project _ Scientific Writing & Publishing Network _ Dr. Bernhard Doll, Orange Hills _ Chair of Information Systems I – Innovation & Value Creation, University of Erlangen-Nuremberg _ European Academy of Management (EURAM) _ HTWK Leipzig (University of Applied Sciences) _ Leipzig Foundation for Innovation and Technology Transfer

ENTREPRENEURSHIP IN HHL PROGRAMS Dr. Arend Oetker Chair of Business Psychology and Leadership “ Who contributes leads. Prof. Dr. Timo Meynhardt Holder of the Dr. Arend Oetker Chair of Business Psychology and Leadership In 2022, the scorecard was used to assess 141 startups from diverse countries that responded to the call for applications. Beyond the chance to win, the Public Value Award for Startups offers a platform for show- casing ideas to a wide audience. The visibility gained attracts potential partners, investors, and customers, fostering networking opportunities. Moreover, the prize stimulates the entire startup ecosystem to prior- itize common good principles, signi- fying the value of entrepreneurship in driving positive societal change. Public Value Award for Startups The focus on “entrepreneurship” is not limited to teaching and re- search – it extends to events like the Public Value Award for Start- ups. This annual initiative, now in its sixth year (with a one-year break due to the Corona pandemic), spot- lights startups that prioritize public benefit. The award encourages young com- panies to shape social values and build their unique profiles around the common good, in line with the guiding principle “Startups make so- ciety.” Entrepreneurship always car- ries a responsibility for society. Evaluating applicants involves the Public Value Scorecard, a method that considers five dimensions: task fulfillment, quality of life, cohesion, morale, and profitability. This sys- tematic approach gauges a startup’s social impact. Supporters COGNOS AG Dr. Arend Oetker Chairholder Prof. Dr. Timo Meynhardt Courses _ Human Resource Management _ Leadership Experience _ Learning from a Classic: Peter Drucker _ Leipzig Leadership Model _ Organizational Behavior Research Associates Clemens Söhngen Research Areas _ Leadership and management _ Public value management _ Value creation for the common good _ Competency diagnostics _ Competency management _ Self-organization and management Network _ Bundesagentur für Arbeit _ Center for Leadership and Val- ues in Society _ University of St. Gallen _ Drucker School of Management _ Ernst & Young GmbH _ Wirtschaftsprüfungsgesellschaft _ FC Bayern Munich _ Hochschule Fresenius _ University of Applied Sciences _ IF International Forum Design GmbH _ LEAD | Mercator Capacity Building _ Center for Leadership & Advocacy _ Leuphana University of Lüneburg _ Peter Drucker Society Europe _ RB Leipzig _ Sociological Institute _ University of Zürich _ Urton Music _ XING AG HHL ENTREPRENEURSHIP REPORT 2024 63

ENTREPRENEURSHIP IN HHL PROGRAMS Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship “ Make a difference in the world through enlightened leadership in technological innovation and entrepreneurship! Prof. Dr. Dr. Kelvin W. Willoughby Chairholder Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship Make a difference in the world through enlight- ened leadership in tech- nological innovation and entrepreneurship! “Innovation” has become the leitmo- tif of success for startups, estab- lished corporations and, increas- ingly, for policy makers in the public sector. Both established corpora- tions and entrepreneurial companies are important vehicles for techno- logical innovation, but belief in the power of innovation and entrepre- neurship, and the quest for creativ- ity and fulfillment in work, has in- spired millions of people worldwide to pursue their dreams by creating a new venture rather than by follow- ing an orthodox corporate career. Progress in science and technology is lauded by leaders in government and industry as a key to solving economic, environmental and social problems, and technology venturing is now widely celebrated as the key to wealth generation and personal advancement. These trends evoke some important challenges that are the focus for research, teaching and transfer in this Chair: _ What innovation strategies are especially appropriate for technol- ogy startups? _ How can established corporations renew their competitive advan- tage through artfully managing the innovation process? _ What knowledge and skill do indi- viduals need to overcome the ob- stacles to success when launching a technology startup? ture of the technological innovation but to cultivate skills and leadership capacity to engage effectively in the practical art of innovation. Selected current Research Projects in the Chair _ The Strategic Intellectual Prop- erty Management of New Prod- ucts in Complex Technological Organizations _ Patent Strategy for Modular _ How can local communities har- Products ness the potential of technological innovation to stimulate local eco- nomic development and employ- ment generation? _ Intellectual Property and Interna- tional Pathways for Appropriating Value from Endogenous Techno- logical Innovation _ What intellectual property strate- _ Intellectual Property and Biotech- gies are especially appropriate for entrepreneurial ventures? The Chair Stiftungsfonds Deutsche Bank Chair of Innovation Manage- ment and Entrepreneurship, aims to provide students with knowledge, analytical tools, ideas and inspira- tion to not only understand the na- nology Entrepreneurship in Eu- rope: The Implications of Patent Backlog for Strategy and Innova- tion Management _ Intellectual Property Management and Startups 64 HHL ENTREPRENEURSHIP REPORT 2024

ENTREPRENEURSHIP IN HHL PROGRAMS Educational Activities of the Chair in Innovation and Entrepreneurship The heart of Prof. Willoughby’s teaching philosophy is reflected in the phrase “student-centered learn- ing.” Student-centered learning is a dynamic approach to education based on the belief that the teacher has a responsibility to facilitate the acquisition and generation of knowl- edge by the students themselves. _ Entrepreneurship: The course ex- plores the distinctive challenges of strategic management associated with entrepreneurship by exam- ining complementary topics and their interplay in the entrepreneur- ial process, e.g. identifying and cultivating, or creating, a market. _ Innovation Management and Cor- porate Entrepreneurship: This course explores the innovation space of organizations, paying at- tention to the different dimensions and contexts in which organiza- tions innovate. Commencing with a general overview of what inno- vation is and why it matters, the course then addresses comple- mentary themes, e. g. appropriat- ing value from innovation. _ Disruptive Technologies and Busi- ness Models: This course aims to provide students with a funda- mental understanding of major technological developments af- fecting industries and societies in the era of digital transforma- tion. Thus, technological devel- opments – e. g., from the fields of artificial intelligence (AI), block- chain, robotics, quantum comput- ing, molecular biology, virtual real- ity or other fields – are introduced and discussed. _ Entrepreneurship and Agile Working Methods: This course sheds light on entrepreneurship as the pursuit of business goals through the creation of new ven- tures, without having control or ownership of the necessary re- sources. Entrepreneurial business therefore requires artfulness and sophisticated strategy, together with agility in solving problems, in gaining access to resources con- trolled by others, and in pivoting wisely when necessary. Chairholder Prof. Dr. Dr. Kelvin W. Willoughby Courses _ Disruptive Technologies & Business Models _ Innovation Management & Corporate Entrepreneurship _ Entrepreneurship & Agile Working Methods _ Entrepreneurial Challenges _ Executive Education Research Areas _ Innovation Management _ Entrepreneurship _ Intellectual Property Management _ Commercialization of Sci- ence and Technology Network _ FGF – Association for Entre- preneurship Research, Edu- cation and Policy (Förder- kreis Gründungs-Forschung e.V.), Krefeld, Germany _ SpinLab – The HHL Acceler- ator, Leipzig, Germany _ Technische Universität Dres- den, Dresden, Germany _ The Hong Kong Polytechnic University, Department of Industrial and Systems Engi- neering, China _ Copenhagen Business School, Department of In- ternational Economics, Government and Business, Denmark _ GLORAD, Center for Global R&D and Innovation, inter- national research network _ HYVE AG, Munich, Germany _ Chitralada Technology Insti- tute, Bangkok, Thailand _ Aistemos Limited (Cipher), London, UK HHL ENTREPRENEURSHIP REPORT 2024 65

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES HHL DIGITAL SPACE Leipzig HHL has consistently distinguished itself through its exceptional peda- gogical methods, focused research endeavors, efficacious translation of knowledge into tangible prac- tice, and exemplary student support services. It’s noteworthy to mention that HHL’s rich legacy includes the establishment of over 300 compa- nies by its esteemed alumni. In a strategic move to disseminate its vast reservoir of knowledge and ex- pansive network, HHL inaugurated the HHL DIGITAL SPACE Incubator. Our incubator is not exclusively for HHL students and partners but is open to all individuals with a digital- centric business model. At the HHL DIGITAL SPACE, our mis- sion revolves around championing budding entrepreneurs and nascent startups. We achieve this by offering indispensable infrastructure, orches- trating collaborative workshops, hosting networking events, and of- fering guidance, particularly in their applications for the EXIST Startup Grant. Central to our entrepreneur support initiatives is a meticulously designed 12-week startups incuba- tion program. This program lays significant emphasis on aligning the problem-solution fit within the busi- ness models, categorically catering to startups in their inception stages. This emphasis on early-stage sup- port is distinctive and invaluable. By assisting startups during these pre- liminary phases, we guide them even before they reach the pre-seed and seed stages. This guidance includes directing them on methods to effec- tively research, validate the issues they aim to address, and refine their proposed solutions. Our underlying belief is that a thorough assessment of an entrepreneurial idea at its in- ception prevents futile investments. Ensuring that there is a robust prob- lem-solution alignment, coupled with a comprehensive understand- ing of competitor landscapes, lays the foundation for a sound business model. This, in turn, positions start- ups favorably when seeking invest- ments for further phases. About us Managing Director: Dr. Maurice Steinhoff Academic Lead: Prof. Dr. Dominik Kanbach Project Managers: Panajota Angjeli-Reich Georg Blüher Philip Dörr Francie Lange Nino Tomini Link to our website: www.hhl-digital.space Follow us on LinkedIn: Follow us on Instagram: 68 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES HHL DIGITAL SPACE in Numbers 9 Batches since 2020 65+ events 135+ startups in incubation and hackathons 315 entrepreneurs coached Main Offerings Entrepreneurship Events _ Introducing Stage Two – Europe’s Largest University Venture Competition _ NYU & Doing Business in Europe: A Visit of International Students and Founders Summer Schools _ Summer School For Diverse Startups – Let’s break the bias by SpinLab & HHL Digital Space Ideation Venture Competitions Hackathons _ Porsche Digital Production Hackathon _ Jenoptik Digital Innovation Days Founders Bootcamps _ Founders Bootcamp – Empowering Future Founders Startup Incubation _ Startup Incubation Program – Within 12 weeks to your first prototype _ Business Plan Seminar – An elective course for students at HHL _ HPI x HHL Future Builder HHL ENTREPRENEURSHIP REPORT 2024 69

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Business Plan Seminar 2023 Over a span of 12 weeks of our Incubation Program Batch #8, we collaborated with remarkable startups spearheaded by proficient HHL Master students, in the con- text of a Business Plan Seminar, as part of their master studies. A to- tal of 21 HHL students participated and organized themselves into five dedicated teams, each founded on a unique idea and shared motiva- tion. Their overarching objective was to expand the scope of their initial concepts, garner critical feed- back from prospective customers, and actualize their prototypes. It is noteworthy that each team aligned its initiatives with the 17 Sustainable Development Goals (SDGs) set forth by the United Nations. Midway through the program, dur- ing the “Market Day” event, the teams showcased their develop- ments to a distinguished panel con- sisting of Prof. Dr. Stephan Stubner and Prof. Dr. Alexander Lahmann from HHL, Jan Thomas Alter from CFH Management GmbH & TGFS, and Hendrik Schulze from SpinLab. Additionally, Maria Liisa Bruckert of- fered insights based on her expe- rience in establishing her success- ful startup, IQONIC.AI, the number one software and AI development company to promote a website, shop, or point of sales for skin and more health products with digitiza- tion, personalization, and scalable consultancy. On the culminating “Launch Day”, our forward-thinking entrepreneurs presented the culmination of their 12-week endeavors to an expert panel, which included Martin Mül- ler from Philips, Birthe Roß from TGFS, Ole Peters from KFLT Angels, Niklas Dahlen from Boston Consult- ing Group, and Lukas Zechel from BITROAD at the SpinLab offices. Notably, two out of the five teams received accolades – Nantii secured the TGFS award with prize money of EUR 500, while team Celia was granted the HHL representation at Europe’s largest university venture competition, Stage Two, in October 2023 in Berlin. We convey our best wishes for their continued entrepre- neurial endeavors. We would like to express our pro- found gratitude to our esteemed sponsors – S-Beteiligungen, TGFS, and SpinLab – for their unwaver- ing support. This cohort has nota- bly advanced the intersection of entrepreneurship and sustainability in Leipzig. 70 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Empowering Future Founders: Founders Bootcamp June 2023 and dedication played a crucial role in shaping the entrepreneurial jour- neys of the aspiring founders. The Founders Bootcamp proved to be a resounding success, providing a nurturing environment for aspiring founders to develop their startup ideas. Through Problem-Solution Fit workshops, coaching sessions, and networking opportunities, par- ticipants gained valuable insights, honed their entrepreneurial skills, and expanded their professional networks. The event’s impact goes beyond the 1,5 days, setting the stage for the participants’ continued growth and success as they embark on their entrepreneurial journeys. The Founders Bootcamp event held on the 9th of June 2023, brought together a dynamic group of indi- viduals living in the region, driven by their entrepreneurial spirit and a burning desire to transform their business ideas into successful start- ups. This report aims to provide a comprehensive overview of the event, highlighting the key activities, outcomes, and valuable contribu- tions of participants, coaches, and mentors. The event kicked off with a series of immersive Problem-Solution Fit workshops. These workshops aimed to help participants gain a deeper understanding of the problems they aimed to address with their startup ideas. Facilitated by experienced mentors, participants engaged in lively discussions, brainstorming sessions, and group activities, which enabled them to identify the pain points, challenges, and opportuni- ties associated with their respective industries and areas. Throughout the event, participants were provided with dedicated coaching and guidance from expe- rienced mentors. Leveraging the expertise and insights gained from their own entrepreneurial journeys, these coaches supported the par- ticipants in refining and developing their startup ideas. They introduced the participants to proven method- ologies and frameworks employed in the incubation program at HHL DIGITAL SPACE, empowering them to strengthen their business models, value propositions, and go-to-mar- ket strategies. The Founders Bootcamp fostered a vibrant atmosphere of collabora- tion and networking. Participants had the opportunity to connect with like-minded individuals who shared their passion for entrepreneurship. Through interactive sessions, break- out groups, and informal conversa- tions, they exchanged ideas, experi- ences, and valuable insights. These networking opportunities not only facilitated the building of meaning- ful relationships but also opened doors to potential partnerships and collaborations in the future. A special mention goes to the es- teemed mentors of the day, Kristin Wagner, and Prof. Dr. Lutz Maicher. Their active involvement enriched the event. With their deep domain knowledge and extensive experi- ence in the startup ecosystem, they provided invaluable guidance, offer- ing strategic advice and mentorship to the participants. Their expertise HHL ENTREPRENEURSHIP REPORT 2024 71

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES NYU & Doing Business in Europe: A Visit of International Students and Founders engaging presentation shed light on the nuances of the startup funding landscape, providing attendees with valuable knowledge, and under- standing to navigate the intricacies of securing investments in various contexts. The International Guests Event spanned over multiple days in May and June 2023, enabling partici- pants to engage in a range of ac- tivities and interactions. From workshops and panel discussions to networking sessions, the event fostered an environment of collabo- ration, learning, and cross-cultural exchange. Participants had the op- portunity to connect with like-mind- ed individuals, forging relationships that transcended borders and nur- turing the seeds of potential future collaborations. The International Guests Event was an extraordinary convergence of talent, knowledge, and cultural di- versity. It provided an enriching plat- form for participants to expand their horizons, gain valuable insights, and forge lasting connections with individuals who share a common passion for entrepreneurship. As the event concluded, participants departed with newfound inspiration, a broader global perspective, and the tools necessary to embark on their entrepreneurial journeys with confidence. The International Guests hosted by HHL brought together an exception- al gathering of students and pro- fessionals from prestigious partner universities around the world. Span- ning across multiple nations and cultures, participants hailed from renowned institutions such as NYU Stern School of Business and many more, representing a diverse group of MBA and master’s students from the United States, Canada, China, Hong Kong, Singapore, South Africa, and other partner universities and business schools. The event’s agenda revolved around two themes: the HHL Entrepreneur- ial Ecosystem and the role of HHL DIGITAL SPACE in fostering entre- preneurship at HHL, Leipzig, and Saxony, along with Business Model Thinking. These topics highlighted the progressive mindset and inno- vative approach adopted by HHL in nurturing and supporting entrepre- neurial ventures within its vibrant ecosystem. A standout feature of the event was the presence of esteemed key- note speakers who shared their valuable experiences and insights. Dr Jenny Müller, the founder of DIE FRISCHEMANUFAKTUR GmbH in Halle, captivated the audience with her inspiring journey as an en- trepreneur. Her remarkable achieve- ments and triumphs served as a beacon of motivation for future founders in attendance, while her practical advice resonated deep- ly with the aspiring entrepreneurs present. Additionally, Ole Peters – founder of KFLT Angels, and Associate of Monkfish – an expert in venture cap- ital, discussed the key differences between investment circumstances in Europe and the United States. His 72 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Summer School for Diverse Startups The Leipzig Summer School for Diverse Startups welcomes found- ers with innovative business ideas backed by diverse teams. From the 24th to 28th of July 2023, the teams of SpinLab – The HHL Accelerator and HHL DIGITAL SPACE – The Plat- form for Digital Transformation, col- laboratively offered a complemen- tary program designed to bolster nascent startups. Participants ben- efited from immersive workshops, expert coaching, and access to the extensive HHL ecosystem. The culmination of this intensive week was the final pitch event on the 27th of July 2023. Here, startups showcased their pioneering ideas to both a distinguished jury and a broader audience. Participants also vied for the Digital Award present- ed by the city of Leipzig, accompa- nied by a cash prize of EUR 2.000. This event, set against the elegant backdrop of the Obere Wandelhalle (Neues Rathaus), offered a unique opportunity to engage with diverse teams, hear compelling pitches, and immerse oneself in the vibrant Leip- zig startup ecosystem. We are proud about the impressive lineup of teams for this year’s Sum- mer School for Diverse Startups: BRbase: Empowering committees with innovative AI-powered soft- ware for efficient legal processes bitteiler: Offering AI-aided com- pression software for IoT sensors, enabling cheaper and sustainable connectivity. NANTIi: The HelloFresh of children’s toys, offering modular subscription boxes for fun bonding activities. Winner of previous Business Plan Seminar. Pornbetter: A matching platform for ethical porn, promoting diversity and inclusivity with expert-backed sex education. Former participants of the DIGITAL SPACE Incubation Program. Exoditi: The first IoT-based fra- grance collection with AI assistance, revolutionizing personalization, and wellness from the U.K. Timberis: Revolutionizing construc- tion with eco-friendly wood-hybrid modules for cost-effective housing solutions. EMPYRIO: Creating a self-sustaining system for eco-friendly waste dis- posal from Latvia. EINA CIRCLE: Empowering wom- en’s hormonal health with ev- idence-based content and AI personalization. LOKK: A modeling and simula- tion platform for transparent urban development. RUDEL.: Transforming digital edu- cation for dog owners through AI- supported personalized learning. Former participants of our incuba- tion program. HHL ENTREPRENEURSHIP REPORT 2024 73

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES HHL DIGITAL SPACE @ Innovationcampus Görlitz Nurturing Entrepre- neurship and Innova- tion: Empowering the Lausitz Region through HHL DIGITAL SPACE @ Innovationcampus Görlitz As part of the STARK funding pro- gram, HHL DIGITAL SPACE @ Inno- vationcampus Görlitz plays a crucial role in strengthening the entrepre- neurial activities in the Lausitz re- gion. We support founders, fos- ter entrepreneurial innovation, and engage society and the public. The offerings encompass a wide range, starting from “Learn & Train” pro- grams designed to train profes- sionals and executives, to “Ideate & Create” initiatives focused on de- veloping ideas, and “Build & Grow” projects dedicated to implementing individual solutions. 74 HHL ENTREPRENEURSHIP REPORT 2024 Excellence in interdisciplinary research and teaching in entrepreneurship Validation and foundation of early- stage business ideas Growing and Scaling of innovative startups

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES DIGITAL SPACE is where entrepreneurs grow Startup Incubation Program Vivid Entrepre- neurhsip Ecosystem Business Innovation 12-week intensive program to help early-stage startups develop their problem-solution fit Regular workshops and inspirational talks with experts from the startup ecosystem Seminars and programs for SMEs p u o r G t e g r a T a e d I n o i t u b i r t n o C (Potential) Founder & Startups SMEs and Corporates Public Application of new Technologies Evaluating the market potential of new methods and technologies to develop new business models Entrepreneurial Output Developing Digital Business Models Supporting the development of new business models for startups and companies Economy Environment Society HHL ENTREPRENEURSHIP REPORT 2024 75

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Past Events (A Selection) The HHL DIGITAL SPACE Team Görlitz Dr. Maurice Steinhoff Head of Entrepreneurial Eco-systems at HHL, Co-Founder and Managing Director HHL DIGITAL SPACE m.steinhoff@hhl.de Christoph Scholze Advisor at HHL DIGITAL SPACE c.scholze@hhl.de Paulin Ostrowski Project Manager at HHL DIGITAL SPACE p.ostrowski@hhl.de Stay Connected #goodforgoerlitz Subscribe to our newsletter and follow us on our social media channels, LinkedIn and Instagram to stay updated on the latest news from HHL DIGITAL SPACE in Görlitz. HHL DIGITAL SPACE Successfully Launched at Siemens Energy Innovation Campus The opening of HHL DIGITAL SPACE at Siemens Energy Innovation Cam- pus took place on the 24th of March 2023, and since then, significant progress has been made. One of the prominent guests, Minister-Presi- dent of the Free State of Saxony, Mi- chael Kretschmer, outlined the mis- sion as follows: “The opening of HHL DIGITAL SPACE in Görlitz is another step towards successful structural transformation in the Lausitz region. For ideas to become good business models, you need local people with a founding spirit and ambition on the one hand, and experts on the other, who can provide support with their experience and suggestions. These groups come together in HHL DIGITAL SPACE and will further en- rich the entrepreneurial ecosystem in the region.” Inspiring the Next Generation at Insidertreff in Löbau We participated in the Insidertreff, a trade fair for career opportunities in Löbau, on the 10th of June 2023. Our Managing Director, Dr. Maurice Steinhoff, presented an inspiring talk, encouraging young individu- als to realize their ideas and dreams through entrepreneurship. The es- sence of his message was that in- stead of working for someone else, they can start their own businesses with our support! From Ideas to Initiatives: HHL DIGITAL SPACE’s SME Engagement Efforts The Görlitz Business Dialogues took place on May 15th–16th and July 3rd–4th, 2023, with a total of 7 and 9 participants representing various organizations including IHK Dres- den/Görlitz, Grötschel Gruppe, ENO, Unternehmerverband, Europastadt GörlitzZgorzelec GmbH, Stadt Gör- litz, HSZG, and BVMW. As a result, several initiatives and joint events were conceived, includ- ing the organization of an Entrepre- neurship Day in collaboration with the Unternehmerverband, a series of BVMW workshops titled “Mit- telstand trifft Wissenschaft” (SMEs Meet Science), and the conceptu- alization of a pioneering “Perfor- mance-Based Startup Support” pro- gram in cooperation with the City of Görlitz. 76 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Ongoing Programs Collaboration with Region- al Companies to Enrich the Business Landscape Currently, HHL DIGITAL SPACE is collaborating with many regional companies to explore new paths and perspectives together and con- tribute to the positive development of Görlitz and the region. To achieve this, we organize regular meetings to engage with local stakeholders. We aim to continuously adapt our programs and formats to further promote entrepreneurship. With “SMEs meet science” we want to bridge the gap between small and medium-sized enterprises and the realm of scientific knowledge. In ad- dition, workshops on cutting-edge topics like “Additive Manufactur- ing” and “Green Hydrogen” will be scheduled towards the end of the year. German-Israeli Tech-Hub in- vites Israeli Startups for Re- al-World Impact Our Israel incubation project, in co- operation with ELNET and GINSUM, is currently in the selection phase. We were calling Israeli startups to join the first German-Israeli Tech-Hub. Here’s an overview of our six appli- cants and what they are doing for the climate: _ Carbonade is creating fossil- free carbon-based products and reducing CO2 emissions through Carbon Capture and Utilization solutions (CCU). _ Oasix is a cost-effective alter- native to building power grids, district heating, water, and gas infrastructure. _ ArgenEnergy is providing utilities, grid operators, and DER aggrega- tors engaged in the global smart meter rollout with threat detec- tion, fault diagnostics, and usage reports. _ Sensibo’s solution can make al- most any AC or heat pump smart with a no-tool, DIY installation. _ Solight has a patented solution for delivering sunlight indoors, lead- ing to significant energy savings. _ MakeMyDay offers range calcula- tion and battery prediction, along with charging route optimization for stress-free EVs, making it a smart solution for EV fleets. The selected startup teams will work on-site from October 2023 to at least January 2024, tackling energy challenges in our partner company LEAG, and providing game-chang- ing solutions. This is an unprec- edented opportunity to make a significant impact on the global sus- tainability movement. Let’s come to- gether and shape a greener future! More information can be found on our website. A diverse and exciting pro- gram is planned for the cur- rent and upcoming year: Our 12 Weeks Incubation pro- gram in Partnership with HSZG (Hochschule Zittau/ Görlitz) In the Winter Semester of 2023/24, we are excited to launch our Incuba- tion program in collaboration with HSZG. The 12-week journey begins on October 26th and 27th, taking place at the ENERGY CoWorking Space. Students will have the oppor- tunity to pursue their own startup ideas or immerse themselves in exciting challenges presented by regional companies – all aimed at advancing structural transformation. As teams, they will progress through four sprints, from identifying prob- lems to validating solutions, guid- ed by HHL experts and the team of Prof. Dr. Falk Maiwald at HSZG. Offers Overview: Startup Incubation Program HHL DIGITAL SPACE x HSZG 26th/27th October 2023 Kick-off Founders Bootcamp Identify Your Challenge 5th December 2023 Half-time Market Day Sell Your Potential 18th January 2024 Final Pitch Launch Day Pitch Your Solution HHL ENTREPRENEURSHIP REPORT 2024 77

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES HHL Female Founders Initiative HHL Female Founders Initiative offers coaching, mentoring and know-how from women for women on their way to their own business. In workshops and seminars with experts, participants can (further) develop their business ideas, dis- cuss entrepreneurial issues from a women’s perspective, define their female leadership personality and expand their entrepreneurial net- work. Together with the staff of the initiative, experts and a men- tor, the female founders work on their business pitch and get to know other female founders and their exciting ideas. Each semester, a fixed group of twelve participants (“Female Founders Class”) is given the opportunity to take part in the program. It lasts six months and consists of around 15 workshops, ranging from awareness raising and personal development to explor- ing various marketing opportunities and developing the business model as well as the pitch deck. their business concept, which is pre- sented in a pitch at the final event. Know-how: The focus of the semi- nars is on “female” challenges dur- ing the startup process. Do women solve problems in a different way? How can women convince their au- dience during a company presenta- tion or successfully negotiate with customers and suppliers? How is it possible to reconcile family, compa- ny, and leisure? Coaching: Staff members and fe- male founders jointly analyze the current status of the startup process as well as personal strengths and weaknesses as an entrepreneur and develop an individual action plan on the path to startup. During the course of the program, participants receive continuous feedback on Mentoring: Besides entrepreneurial competence and knowledge about business management, market know-how and closeness to custom- ers are important success factors. Therefore, each participant will be supported by a mentor from the practical side who can provide them with important tips and tricks when starting an own company. Since the launch of the HHL Female Founders Initiative in 2017, more than 140 women have participated in the program and more than 40 startups have been recorded. During the summer semester of 2023, the twelfth Female Founders Class in on track to establish their companies. 78 HHL ENTREPRENEURSHIP REPORT 2024 e h c e R i i l e n a D : s t i d e r C o t o h P ©

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Female StartAperitivo Semifinal Saxony on June 20, 2023 About us Project leader: Prof. Dr. Claudia Lehmann Project coordinators: Dr. Caroline Große Sina Plietzsch Team assistant: Tina Frischbier HHL Female Founders Initia- tive is funded by the Europe- an Union (Europäischer Sozi- alfonds Plus), the Free State of Saxony and HHL Leipzig Graduate School of Manage- ment. Participation is free of charge. Link to our website: www.hhl.de Follow us on LinkedIn: www.linkedin.com HHL brings first Saxon Female StartAperitivo Semifinal to Leipzig According to the Female Found- ers Monitor 2022, only 20 percent of German startup founders are women. In terms of funding, a huge “Gender Pay Gap” can be observed: Male teams received almost 9 times as much venture capital as female teams. The “Female StartAperitivo”, a Germany-wide pitch contest for female-led startups initiated by the Hamburg Investors Network, aims to change this. The event series offers female founders a stage to present themselves to investors and a large audience. In 2023, 10 Semifinals were organized across Germany, with each winner receiving a ticket to the German finals in Hamburg on the 6th of July 2023. The initiators from Hamburg asked HHL Leipzig Graduate School of Management to host the Saxon Semifinal. In a great team effort, HHL Female Founders Initiative and HHL DIGITAL SPACE organized the pitch event for Saxon female founders together with the startup network SAXEED from Southwest Saxony. Presented by HHL Profes- sor Claudia Lehmann, the event on the 20th of June 2023 started with a keynote address of Dr. Katrin Le- onhardt, CEO of the Sächsische Aufbaubank – Förderbank, who shared her motto for life with the female founders and almost 100 guests: “Sometimes you win, sometimes you learn.” Finally, 10 female founders based in Sax- ony pitched in front of a jury at SpinLab – The HHL Accelerator. After an exciting audience and jury vote, bitteiler from Dresden, represented by Maroua Taghouti, narrowly won the Saxon Semi- final ahead of MealGood from Dresden and NanoTubeTEC from Leipzig. HHL ENTREPRENEURSHIP REPORT 2024 79

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES SpinLab – The HHL Accelerator SpinLab – The HHL Accelerator supports entrepreneurial and innovative teams that want to grow sustainably and successfully scale their business model. In addition to intensive coaching, the teams benefit from a top-class mentoring program and numerous contacts to investors, established companies and other successful founders. They can use a modern co-working office on the creative premises of the Leipziger Baumwollspinnerei and gain access to various technologies from renowned partner companies. The founders can use all offers of the 6-month program free of charge and without participation. SpinLab – The HHL Accelerator has been recognized as one of the best accelerator programs in several rankings, most recently as one of the top 5 best accelerators in Europe by Ubi Global. TheSpinLab ecosystemincludes the VC fund Smart Infrastructure Ventures, the innovation hub RootCamp and the consulting company BITROAD. Together, these entities form a comprehensive network with extensive know-how that drives the advancement of innovation. www.spinlab.co. Where: Leipzig Industry: Think Tank Since when: 2014 Employees: 36 (SpinLab – The HHL Accelerator, RootCamp, Smart Infrastructure Ventures und BITROAD) Programs The cooperation with the HHL DIGITAL SPACE is characterized by a strong partnership based on common values and goals. Thanks to the synergy effects of both organizations, we can set up a unique program like the “Summer School for diverse startups”. The collaboration between the Digital Space and SpinLab allows the startups to benefit from a seamless transition between the different phases of support. From the summer school to the incubation program to the accelerator program, founders receive ongoing support, advice and access to resources to help them scale and succeed in their business. HHL affiliation Dr. Eric Weber has been CEO and co-founder of SpinLab – The HHL Accelerator since 2015. Before that he was a research assistant at the HHL Leipzig Graduate School of Management and worked with Prof. Dr. Andreas Pinkwart at the Chair for Innovation Management and Entrepreneurship. In 2022, SpinLab took over the consulting company BITROAD. With BITROAD founder Dr. Marcus Haberstroh, who did his doctorate at HHL together with Eric Weber, as COO/CFO an experienced manager, business angel and consultant strengthens the management. The players behind SpinLab and BITROAD have already been connected through a multi- year partnership via HHL. The joint events of HHL and SpinLab include the HHL SpinLab Investors Day – a top-class specialist event aimed at venture capitalists and companies. 80 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Stage Two – The largest venture competition for university startups Stage Two, initiated and organ- ized, by RWTH Aachen University and HHL has grown to the largest venture competition for university startups worldwide. Behind Stage Two a unique and still emerging net- work: More than 50 universities from 28 countries. More than 50 leading venture capital firms from across Europe as well industry-leading cor- porates that all come together with one aim: to promote future Euro- pean impact spin-offs on an inter- national stage. This event was also held under the patronage of for instance Mariya Gabriel, EU Com- missioner for Innovation, Research, Culture, Education, and Youth (2021) or Robert Habeck, German Federal Minster for Economic Affairs and Cli- mate Action (2023). Why? Because we believe that the European countries have to move even closer together to foster the European idea. Universities in par- ticular can facilitate exchange and thus build boundary-crossing bridg- es that propel emerging technolo- gies and entrepreneurial problem- solving to the grand challenges. With this in mind, HHL has part- nered with RWTH Aachen back in April 2020 to host a first pitch event with seven partner universities. However, already the first edition of Stage Two in 2021 was a huge suc- cess, with more than 60 startups and 30 universities coming together. Onwards, the network grew and now includes 50 universities: The Imperial the College London, HHL Leipzig Graduate School of Management, Erasmus Univer- sity Rotterdam, London Business School, Oxford University, Technical University Denmark (DTU), Techni- cal University of Berlin, Technical University of Munich, University of St.Gallen, Alba Graduate Business School, RWTH Aachen University, TU Wien, Stockholm School of Eco- nomics, University of Cyprus, Uni- versity of Eastern Finland, University of Luxembourg, University of Porto, University of Tartu, Gdansk Universi- ty of Technology – Chalmers Univer- sity of Technology – TU Eindhoven – IE Business School – ESADE – INiTS Universitäres, Gründerservice Wien GmbH, KIT Karlsruhe, KTH Royal Institute of Technology, KU Leuven, Maastricht University, Minho Univer- 82 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES sity, NTNU Trondheim, Politecnico di Milano,Riga Technical University, , Universidade NOVA de Lisboa, Uni- versität Graz, Universitatea Babes- Bolyai (UBB), University of Cologne, UPV Universitat Politecnica de Va- lencia, WU Wien – Vienna Univer- sity of Economics and Business, VU Amsterdam, Warsaw University of Technology, WHU – Otto Beisheim School of Management). These insti- tutions bring forth a wealth of entre- preneurial prowess, further enrich- ing the Stage Two competition with their exceptional startups. Stage Two on the other hand helped uni- versities to enlarge their exposure to venture capital and visibility on an international stage. In addition to the esteemed univer- sities mentioned above, Stage Two takes its reach beyond Europe and extends its intercontinental con- nections. Partner institutions in the United States, India, and Ghana join forces, further widening the scope of Stage Two's impact and welcom- ing startups from around the globe. This global expansion ensures a di- verse and vibrant ecosystem, foster- ing innovation and collaboration on an international scale. To become a winner in the final event, startups have to follow two steps: 1) the regional university round, 2) the Stage Two event se- ries. In the first step, partner univer- sities host their startup selection round. Here they are supported by the concept, marketing support, and during the regional selection of their best startup team from the past 12 months. In the second step, Stage Two organizes two pre-events (“A New Dawn”) and the virtual In- ternational Coaching Day (“A Shift in Time”), where all qualified startups receive two pitch coaching sessions with foreign university coaches and experts from McKinsey & Company. In the final step, the teams partici- pated in the final event in Berlin in October. While the Main Event fo- cusses on pitching and prizes, the second day (“An Awakening”) in Stage Industry 32 % Seed 63 % Pre-Seed 5 % Series A 25 % Sustainability 33 % Health Tech 15 % Deep Tech 27 % Other (e. g. Space Tech, Food Tech, Ed Tech) 2023 was hosted by Bertelsmann and facilitates workshop, exchange, and community building. All participating startups are pro- vided with a unique opportunity to pitch in front of a distinguished jury comprised of partners from Europe’s leading VC firms, more 100 business angels and investors who regularly visit Stage Two, and 30 corporate partners. This expo- sure not only presents a chance for raising elementary funds, but also provides valuable connections to esteemed professionals, professors, venture capitalists, experts, and fel- low founders. Through the Stage Two network, founders gain invalu- able access to international markets HHL ENTREPRENEURSHIP REPORT 2024 83

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Stage Two Key Facts: 5000k participants since 2021 3.000+ follower in LinkedIn 200k+ impressions yearly 3.8 million Euro in prizes in 2023 25 winning teams yearly 130 startups participated 50 universites 25+ countries 50+ leading VC firms 30+ partners and establish cross-border collabo- rations. Hence, Stage Two is not just another startup event, it is the go-to community for growing entrepre- neurs to build and grow. Besides the usual road to Stage Two via a university round, teams can also apply for wildcards. In 2023 and collaboration with companies, investors and network partners, the wildcard concept is open to every- one. Erasmus University of Rotter- dam hosted the wildcard rounds and three pre-selected teams per wildcard pitched in front the wild- cards sponsor’s jury. In 2023 four wildcard winners qualified for the main event: _ Sustainable Industries Wildcard by Siemens: Vox Aeris (Royal College of Art) Female Team _ Wildcard by SHE LEADS NL: Ma- trix Health & Care (Imperial Col- lege London) _ HR Tech Wildcard by Bertelsmann SE & Co. KGaA & EMBRACE: ap- pose gmbh (SRH Hochschule Heidelberg) _ Impact Wildcard by better ventures: Smiling Food (WU (Wirtschaftsuniversität Wien)) Besides the opportunity for start- ups, Stage Two is a great platform network, connect and exchange. On main panels, moderated for instance by Kirsten MacLeod (airbnb and independent communications advi- sor) many partners join to discuss “How can corporates and startups collaborate to create an ecosys- tem for entrepreneurs in Europe?”. Here for instance Dr. Marianne Janik (Area Vice President Microsoft Ger- many), Dr. Peter Körte (CTO & CSO Siemens), Michael Jakob Reinartz (Director Innovation & Consumer Services Vodafone) and Marcus Berger de-Leon (Serial Entrepre- neur and Partner McKinsey & Com- pany), Axel Menneking (VP Startup Incubation & Venturing, Managing Director hub:raum Investment Fund at Deutsche Telekom AG) or Anna Christmann (Member of the German Bundestag for the constituency of 84 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Stuttgart II | Coordinator for Aero- space of the Federal Government) joined. Furthermore, experienced founders share their tips and tricks to all participants and thus Heike Freund (Marvel Fusion) and Ijad Ma- disch (Research Gate) were guests at Stage Two. Ultimately, Stage Two is powered by strong partners to help us make it happen. Among them Siemens, Mc- Kinsey & Company, Bertelsmann, Tel- ekom, and Strategic Partners such as Orrick, Google Cloud, Audi. However, Stage Two would not be possible with the team behind it. What has started with a call back then (Martin Schmickler, Dr. Justus Gätjen, Sven Engelhardt and Dr. Maurice Stein- hoff) has become a strong team of dedicated individuals to make this all happen as an additional side project. In 2023, 17 individuals, led by the vi- sionaries Lukas Ellmann and Dr. Mau- rice Steinhoff made the third edition happening again and even bigger and better: Fabian Degenhardt, Pia Christine Otto, Kris Gericke, Jona Hesse, Laura Rollinger, Moritz Volk, Julian Krauskopf, Jan Philip Böckers, Panajota Angjeli-Reich, Britt Kau- nitz, Isabelle Anzuck, Romy Siepen, Alessa Busch, Hannes Reuther, Laura Maria Lück. And last but not least, the founding fathers of Stage Two who trust the team and drive the development: Prof. Dr. Malte Brettel (RWTH) and Prof. Dr. Stephan Stub- ner (HHL). While Stage Two 2024 is already in the making, you can reach out as startup, investor or sponsor to par- ticipate. Hence, reach out to entre- preneurship@hhl.de or Dr. Maurice Steinhoff directly and save the date: 30./31.11.2024. To not miss what is going on, visit the website and fol- low on the social media channels. See you there! Stage Two 2023 – Highlights and Formats 1st Day – Stage Two Main Event: _ 60+ Startup Pitches _ Main Panel _ Keynote 2nd Day – Stage Two – An Awakening hosted by Bertelsman: _ Workshop Sessions _ Investor Networking _ Community Aperitif Web: https://stagetwo.io LinkedIn: https://www.linkedin.com/company/ stagetwo-competition Instagram: https://www.instagram.com/ stagetwo.io/ Stage Two 2023 Winner: Stage Two Innovation Award _ 1st place (Jury Voting), 20k by Siemens and Problem Solving Workshop by McKinsey & Company: IonKraft (RWTH Aachen University) Stage Two Movement Award _ 1st place (Audience Voting), 30k media budget by DvH Ventures and Problem Solving Workshop by McKinsey & Company: GEMESYS (Ruhr University Bochum) Investment Prizes _ HTGF investment prize, 800k: IonKraft (RWTH Aachen University) _ Redstone investment prize, 750k: HospiChef (WHU) _ Atlantic Labs investment prize, 400k: GEMESYS (Ruhr University Bochum) _ b2venture investment prize, 400k: Intuitivo (NOVA) _ Onsight Ventures investment prize, 350k: Puresurf (University Graz) _ xdeck investment prize, 300k: HospiChef (WHU) _ STS Ventures investment prize, 250k: IonKraft (RWTH Aachen University) _ Fund F investment prize, 200k: Matrix Health & Care (Imperial College) _ Peak investment prize, 150k: Accuselect (Erasmus University Rotterdam) _ Earlybird investment prize, 100k: IonKraft (RWTH Aachen University) _ ROI Ventures investment prize, 50k: Accuselect (Erasmus University Rotterdam) Skilling _ Premium Access to PatentPlus Innovation Platform: Aestuarium (Maastricht University), Apheros (ETH Zürich) & Noriware (University St. Gallen) _ Tech for Good Award by Value for Good: socialbnb (University of Cologne) _ EIC Readiness Workshop by Zaz Ventures: Biomotion (TU Vienna) & Magmatic (INiTS) Accelerate _ FoodTech Bootcamp by FoodLabs: Aestuarium (Maastricht University) _ B2B Sales Bootcamp by UVC: Caplyzer (KTH Stockholm) _ Fast-Track to Armilar IC Meeting: GEMESYS (Ruhr University Bochum) _ Fast-Track to SquareOne IC Meeting: Noriware (University St. Gallen) _ Fast-Track to Contrarian Ventures IC Meeting: Vuala (University Cambridge) HHL ENTREPRENEURSHIP REPORT 2024 85

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Projects and Partnerships HHL introduces its students to the world of business in manifold ways – from student consulting projects to university partnerships, student initiatives, and much more. Through all these individual efforts, but more importantly their productive interaction, a fruitful ecosystem has the chance to flourish. The following chapter introduces you to an array of collaborative spaces and points of connection at HHL and beyond, to find out more of what lies at the heart of Entrepreneurship at HHL. Projects and Partnerships Page 86 Student Initiatives Page 92 Partner Profiles Page 99 Partner Interviews Page 106 86 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES New Space Technology – A student consulting project with Porsche Ventures manufacturers, as satellite-based technologies can enhance various aspects of the automotive industry, including navigation systems, traffic management, and vehicle connec- tivity. By leveraging satellite data, automakers can improve the accu- racy and reliability of their systems, leading to safer and more efficient transportation solutions. Moreover, the focus on advanced manufacturing in space involves the utilization of cutting-edge technolo- gies to produce complex structures and components directly in the extra-terrestrial environment. The automotive industry can significant- ly benefit from the advancements in spaceborne manufacturing. One immediate application lies in the production of lightweight and high- strength materials. Light weighting is a key objective for the automotive sector, as it enhances fuel efficiency, reduces emissions, and improves ve- hicle performance. Armed with their research findings, the students presented their insights to the investment managers of Por- sche Ventures, the venture capital arm of Porsche, and esteemed ex- perts from the Volkswagen Group in Berlin. This collaboration highlighted the constructive and professional relationship between Porsche and HHL, demonstrating the forward- thinking approach of automotive manufacturers in exploring opportu- nities beyond their traditional scope. vestments. The students adopted a comprehensive research approach, which involved desk research, inter- nal and external expert interviews, surveys, and strategic scenario planning. Through their diligent research ef- forts, the students gained a deep understanding of the evolving land- scape of the space technology in- dustry. They analysed the various trends shaping the sector, includ- ing the development of more ad- vanced and reusable rockets, which are revolutionizing space launches and making them more cost-effec- tive. This trend has the potential to impact the automotive industry by enabling faster and more efficient transportation systems. Additionally, the students examined the concept of satellites as a service, which involves providing satellite data and services to various indus- tries. This emerging trend has sig- nificant implications for automotive By engaging in research projects focused on emerging technolo- gies in the space industry, automo- tive manufacturers like Porsche can stay ahead of the curve and iden- tify potential areas of collaboration The space industry has undergone a significant transformation in recent years, moving away from a primar- ily public and government focus and transitioning into an industry driven by private investments and entrepreneurial ventures. This shift has brought about new trends and emerging technologies in the space technology sector, including rockets, space tourism, satellites as a service, or space mining. While these trends may seem distant from the automo- tive manufacturing industry, they hold immense potential and implica- tions for companies operating in this sector. Recognizing the need to explore and understand the impact of these trends, a team of six MBA students embarked on an in-depth student- consulting project with Porsche Ventures. Their objective was to investigate the latest technology trends in the new space technology industry and identify potential start- ups that could be considered for in- 88 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Strengthening Entrepreneurial Ecosystems across Germany and India with Woxsen University and investment. The insights gained from this project have the potential to shape future strategies and de- cision-making within these compa- nies, ensuring their competitiveness in a rapidly evolving technological landscape. In conclusion, the space industry is undergoing a significant transfor- mation, with private investments and entrepreneurial ventures driving new trends and emerging technolo- gies. While these trends may initially appear unrelated to the automotive manufacturing industry, they hold considerable potential and implica- tions. The research conducted by the MBA students at HHL provides valuable insights into these trends, enabling companies like Porsche and the Volkswagen Group to ex- plore opportunities for collaboration and investment in the new space technology industry. This project exemplifies the proactive and for- ward-thinking approach of automo- tive manufacturers in embracing emerging technologies. This project was supervised by Prof. Dr. Stephan Stubner and Nino Tomini. The global economy is increasingly driven by entrepreneurship, which fuels economic growth and inno- vation. In light of this, HHL Leipzig Graduate School of Management in Germany and Woxsen University in Hyderabad, India have joined forces to establish a Collaborative Center for Entrepreneurship and Business Development. This partnership aims to enhance entrepreneurial ecosys- tems in both countries and pro- mote cross-border collaboration. By combining their expertise, resourc- es, and networks, HHL and Woxsen will create a vibrant platform for entrepreneurial education and sup- port, fostering a global network of entrepreneurs. The establishment of this Collabo- rative Center for Entrepreneurship and Business Development signifies the importance of nurturing entre- preneurial ecosystems and foster- ing international cooperation. It will facilitate the exchange of best prac- tices in entrepreneurship, encourage cross-cultural learning, and pro- mote the development of innovative solutions to address global chal- lenges. Through this collaboration, both Germany and India will benefit from strengthened entrepreneurial ecosystems, leading to job creation, economic growth, and increased innovation. The Collaborative Center will offer comprehensive entrepreneurship education programs, equipping as- piring entrepreneurs with the skills, mindset, and knowledge needed to succeed. These programs will prior- itize experiential learning, practical skill development, and the cultiva- tion of an entrepreneurial mindset. Additionally, the Center will provide valuable incubation and accelera- tion support to promising startups, granting access to mentors, resourc- es, funding networks, and industry partnerships. This support will help entrepreneurs navigate the chal- lenges of starting and scaling their ventures, significantly improving their chances of success. HHL ENTREPRENEURSHIP REPORT 2024 89

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Furthermore, the Collaborative Center will foster a culture of re- search and knowledge creation in entrepreneurship and business de- velopment. Faculty and researchers from both institutions will collabo- rate on research projects, dissemi- nate findings, and contribute to the academic and practitioner commu- nities. This dedication to research will enhance the overall understand- ing of entrepreneurship and drive in- novation within the field. An essential aspect of this collabo- ration is the cultural exchange and mutual understanding that will oc- cur between Germany and India. Students and faculty from both in- stitutions will have the opportunity to learn about each other’s entre- preneurial practices, cultural nu- ances, and business environments. This exchange will not only foster long-lasting connections and part- nerships but also contribute to the global entrepreneurial community by showcasing the best practices from both countries. The Collaborative Center will create a robust network of entrepreneurs, mentors, investors, and industry professionals across Germany and India. This network will provide in- valuable support, mentorship, and access to markets, capital, and re- sources for startups in both coun- tries. Moreover, the Center’s activi- ties, research output, and success stories will elevate the international reputation and visibility of both HHL and Woxsen University in the field of entrepreneurship. This increased recognition will open doors for part- nerships and collaborations with other renowned institutions world- wide, further enriching the entrepre- neurial ecosystem. In conclusion, the establishment of the Collaborative Center for Entre- preneurship and Business Develop- ment by HHL and Woxsen Univer- sity marks a significant milestone in strengthening global entrepreneur- ial networks. This partnership will foster cross-border learning, pro- mote cultural exchange, and facili- Porsche Digital Production Hackathon in Leipzig tate the growth of startups through education, incubation, research, and industry engagement. By leveraging the expertise and networks of both institutions, the Collaborative Center will play a pivotal role in driving eco- nomic growth, job creation, and in- novation in both Germany and India, while nurturing a new generation of globally-minded entrepreneurs. Exclusive interview of Nino Tomini (HHL) with Prof. Dr. Kashyap Kompella (WU) Together with Porsche and MHP, HHL DIGITAL SPACE organized a three-day event called the Por- sche Digital Production Hackathon. The aim of the event was to ad- dress challenges in digital produc- tion and accelerate digital trans- formation. Participants included top talents from HHL and regional tech universities who collaborated to develop digital solutions. The hackathon took place at the HHL DIGITAL SPACE, providing an ideal environment for collaboration and knowledge sharing. Participants, hailing from diverse backgrounds in computer science, engineering, data analytics, and business administra- tion, played a key role in the success of the event. The primary objectives of the Por- sche Digital Production Hackathon were twofold. Firstly, it sought to tackle challenges in digital pro- duction by developing innova- tive solutions to optimize produc- tion processes, enhance efficiency, and improve overall productivity. Secondly, the hackathon aimed to accelerate the digital transforma- tion of the manufacturing sector by promoting the adoption of cutting- edge technologies such as artificial intelligence, data analytics, Inter- net of Things (IoT), and automa- 90 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES tion. It provided a platform for par- ticipants to explore the potential of these technologies in a production environment. The three-day hackathon com- prised various activities to in- spire creativity, collaboration, and problem-solving. These included team formations, problem state- ment presentations from Porsche and MHP, ideation and prototyp- ing sessions, mentorship and guid- ance from industry experts, and final presentations to a panel of judges. These activities showcased the par- ticipants’ technical proficiency, crea- tivity, business acumen, and skills. The Porsche Digital Production Hackathon resulted in the creation of innovative digital solutions. The winning team developed a soft- ware that enables systematic de- tection of errors and their sources in production. With the solution “Automated accountability on the shopfloor”, all reworked errors in the assembly process of the vehicle are recorded, and the responsible production areas are automatical- ly identified and notified to rectify the errors. This allows for further improvement in shopfloor manage- ment, reduces the effort required for error rework, and saves costs. In second place, a team came up with fresh ideas for the production launch of new models. During this “cold start”, data cannot be relied upon simply because it is not yet available. Only predictions are avail- able in advance, but they are subject to uncertainties and often need to be adjusted. However, improved an- ticipation would enable a reduction in misplanning and better organiza- tion of procurement processes. In- telligent algorithms can assist in this regard by identifying and analyzing additional data sources. The third- of digital production in the manu- facturing sector. The outcomes of the hackathon will not only benefit the participants but also contrib- ute to the broader digital transfor- mation efforts in the industry. Such events foster innovation, nurture tal- ent, and drive progress in the digi- talization of production processes. place team aimed to train artificial intelligence for the precise identifi- cation of colors. The color codes of various components from differ- ent suppliers need to be checked against the correct color code and their compatibility verified. Cur- rently, employees have to perform this inspection using various tools on the fully assembled vehicle. By identifying parts with incorrect color codes early on using AI, they can be canceled before installation. This saves time, costs, and reduces the workload for human colleagues. The Porsche Digital Production Hackathon, organized by HHL DIGITAL SPACE in collaboration with Porsche and MHP, was a suc- cessful event. The participation of talented individuals, the develop- ment of innovative solutions, and the collaborative atmosphere show- cased the transformative potential HHL ENTREPRENEURSHIP REPORT 2024 91

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Student Initiatives HHL students are always highly motivated to create great events and initiatives to foster specific topics in entrepreneurship. We would like to share some of those like the Accelerate Conference, the Energy Conference or the Venture Capital Club. Your student initiatives introduce themselves in the following chapters. Accelerate Conference Accelerate, HHL’s student initiative for entrepreneurs, offers a remark- able opportunity for HHL Master and MBA students to host their own startup conference. The initia- tive takes students on a journey from selecting the conference topic to securing financing, obtaining sponsorship, and gaining inspir- ing speakers, all the way to eventu- ally hosting the event themselves. By engaging in this entrepreneur- ial project, students learn to take responsibility and immerse them- selves in a vibrant entrepreneurial environment alongside founders, startups, and investors – preparing the students for becoming entre- preneurs themselves. HHL is proud to say that Accelerate is one of Ger- many’s largest fully student-organ- ized startup conferences. This year’s conference, HHL Acceler- ate 2023, was hosted at the Startup Accelerator “Spin-Lab”, located in the historic factory buildings of the former Baumwollspinnerei Leipzig. The conference featured work- shops, speeches, and panel discus- sions. Corporates like Festo and Linde offered the over 150 attend- ing students a unique opportunity to experience corporate entrepre- neurship hands-on during engag- ing case studies. Esteemed speakers like Caroline Maier (Co-Founder & CEO of Prodlane), Philipp Klöckner (Investor & Doppelgänger Podcast Host), or Reza Solhi (Top 100 Excel- lence Speaker & Artist) shared in- valuable insights into their daily lives as founders and investors, or advisor for scaling and financing businesses. Furthermore, startups like Sunfire shared their views on overcoming global challenges by leveraging the most disruptive fields of innovation. This year’s guests inspired university students all over Germany to devel- op an entrepreneurial mindset, ex- pand their networks, and scale their own business ideas. To ensure a well-rounded experi- ence, the HHL Accelerate Team cu- rated exciting activities alongside the educational program. Partici- pants of this year’s conference en- joyed a gin tasting, participated in a thrilling startup pitch contest, and celebrated an unforgettable after- party together. This combination of educational and enjoyable elements created a comprehensive and inspir- ing conference atmosphere – not least reflecting the HHL spirit. If you are interested in unleashing your entrepreneurial spirit, do not miss out on the incredible opportu- nity offered by HHL Accelerate. Join us for next year’s event packed with knowledge-sharing, networking, and celebration as we empower the next generation of entrepreneurs. 92 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Energy Conference at HHL – Sustainability, Affordability, and Resilience: Energy’s Impossible Trinity? The Energy Conference at HHL is an annual event that serves as a dy- namic platform for promoting en- trepreneurship and discussing the latest developments in the energy industry. This two-day conference, organized by dedicated student ini- tiatives, brings together over 60 stu- dents and numerous professionals to explore innovative ideas and solu- tions to address the pressing chal- lenges in the energy sector. The conference is designed to be highly engaging and informative, featuring a diverse range of ac- tivities aimed at fostering entre- preneurship and inspiring change within the industry. Participants are exposed to various formats, includ- ing keynote speeches, panel discus- sions, workshops, and a captivating case study competition. Addition- ally, networking opportunities allow attendees to connect with industry experts, potential employers, and like-minded individuals passionate about driving positive change in the energy sector. One of the highlights of the event was the keynote speech on “Energy from Space” by Roland Berger. He explored the concept of generat- ing energy from space as a potential alternative to address the global en- ergy crisis. This thought-provoking talk opened up new perspectives on energy production and its implica- tions for sustainability. 94 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Another significant aspect of the conference was the Sustainable Business Transformation Case Study, also conducted by Roland Berger. The case study competition focused on transforming a coal business into a more sustainable model, align- ing with the growing importance of sustainability in the energy industry. Participants were challenged to de- vise innovative solutions and reim- agine traditional energy practices. To provide participants with practi- cal knowledge and skills relevant to the ever-evolving energy land- scape, interactive workshops were organized by industry leaders such as Monitor Deloitte and Siemens Energy. These sessions equipped at- tendees with valuable insights into current trends and emerging tech- nologies in the energy sector. Expert panel discussions were a central feature of the conference, with industry experts from aca- demia, business, and government coming together to delve into criti- cal topics. The discussions covered areas like renewable energy, energy storage, and the future of the en- ergy industry. Through these ex- changes, attendees gained a deeper understanding of the challenges and opportunities that lie ahead. Throughout the conference, the theme of entrepreneurship was em- phasized, encouraging participants to explore innovative ideas, embrace emerging trends, and drive positive change in the energy sector. The event aimed to empower attendees with the entrepreneurial mindset necessary to address the challenges and opportunities in the dynamic energy landscape. In conclusion, the Energy Confer- ence at HHL provided a comprehen- sive platform for fostering entrepre- neurship and discussing key issues within the energy industry. By unit- ing sustainability, affordability, and resilience, the conference inspired attendees to become agents of change in shaping a more sustain- able and prosperous energy future. The engagement of students and professionals alike highlighted the collective determination to tackle the energy’s impossible trinity and pave the way for a brighter energy landscape. HHL ENTREPRENEURSHIP REPORT 2024 95

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES TedxHHL those seeking inspiration from be- yond the venue, a livestream option was made available, allowing wider access to the enriching experience. TEDxHHL’s commitment to foster- ing entrepreneurship and empower- ing innovative ideas aligns perfectly with the entrepreneurial spirit of HHL. We believe that initiatives like TEDxHHL play a crucial role in nur- turing the next generation of vision- ary leaders and change-makers. In this report, we aim to celebrate the remarkable success of TEDxHHL and acknowledge the impactful work of all the student initiatives at HHL. We extend our gratitude to the HHL community for its continuous support and encouragement. As we contribute to the Entrepre- neurship Report, we hope to in- crease TEDxHHL’s visibility among partners and potential sponsors, which may further aid in fundraising efforts for future events. Thank you for the opportunity, and we remain eager to support and collaborate on future endeavors. Last but not least, a special thanks to my Co-Heads Carina Hüls, Jonas Hamsch, Nicolas Liebau and Alicia Laude and all other supporters of this year’s event. Without you this incredible experience would not have been possible. TEDxHHL, an independent and lo- cally organized event inspired by the renowned TED conferences, provided a platform for diverse speakers from various nations and professions to present their innova- tive ideas to a global audience. We are thrilled to share the highlights of TEDxHHL, a student-led initiative hosted at the Handelshochschule Leipzig (HHL) on June 9, 2023. Under the theme “Breaking Surfac- es”, this year’s conference featured trailblazers who have shattered bar- riers and taken pioneering roles. From the emotional performance of Ruth Chigbo, the motivating mes- sage from DanRam to the insights shared by entrepreneur Frank Dop- heide, astronaut trainer Laura Win- terling, and visionary Nour Idelbi, the lineup showcased a remarkable display of diversity and inspiration. With a riveting program comprising eleven thought-provoking talks and enthralling dance performances by Jazz Dance Solistin Yasmin Kartes and the Jazz-Modern-Contemporary Formation Aquila, the event capti- vated a sizeable audience, resulting in a sold-out show. Nevertheless, for TEDxHHL 2023 Conference: Breaking Surfaces – Ideas Worth Spreading 96 HHL ENTREPRENEURSHIP REPORT 2024

NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Venture Capital Club The HHL Venture Capital Club is a student initiative with the mis- sion to provide a platform for mu- tual exchange between students and industry leaders in the field of venture capital and entrepreneur- ship. The aim of the VCC is to pro- vide students with knowledge and first-hand experience of the venture capital industry from an investor and entrepreneurial perspective. The VCC regularly organizes get- togethers, webinars, workshops and company visits. The biggest events of the VCC have been the Invest- ment Cup, an inter-university com- petition in which students take on the role of an investor, the VCC trip to Berlin, where the club visits sev- eral VCs in one day, and the “Ask Me Anything” sessions on campus. In addition, the VCC has proven to be an important gateway to the exclusive VC industry, resulting in three VC positions for the most re- cent VCC cohort. Startup Career Fair For many years, HHL Leipzig Gradu- ate School of Management has been offering the HHL Startup Career Fair for our startups and entrepre- neurs as a possibility to tell their story and to meet young talents. On that very night, HHL’s entrepreneurs have the opportunity to get in touch with HHL students, to present their respective companies, to network, and – finally yet most importantly – to introduce our students to their in- ternship-, EIR- and/or job offers. Many of HHL’s students choose HHL for its strong orientation on entrepreneurship and leadership. Above that, it is the promise and prospect of a vital community char- acterized by internationality and personal contact that is highly val- ued. Many of our students select startups as their internship loca- tions or even develop their own ideas inspired by events such as the HHL Startup Career Fair and the in- teraction with HHL’s entrepreneurs. This is one of many initiatives dem- onstrating HHL’s unique entrepre- neurial spirit. HHL ENTREPRENEURSHIP REPORT 2024 97

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NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Sächsische Aufbaubank – Förderbank – (SAB) TGFS Technologie- gründerfonds Sachsen SAB was founded in 1991 and is the development bank of the Free State of Saxony. It supports the Free State of Saxony in fulfilling its public tasks. Within the scope of its promotional mandate, SAB is primarily active in the areas of housing, economy, infrastructure and municipalities, education and social affairs as well as environment and agriculture. In order to carry out its tasks, the SAB grants subsidies and loans, provides guarantees and takes equity stakes. www.sab.sachsen.de Where: Leipzig Industry: Banking/Finance Since when: 1991 Employees: 1,241 Programs: The Sächsische Aufbaubank – Förderbank – advises those interested in founding a company and founders on all questions of funding and financing. HHL affiliation: The Sächsische Aufbaubank – Förderbank – is shareholder of HHL and strong partner for joint ecosystem activities. TGFS is an equity investor for knowledge- based, technology-oriented startups in Saxony. It is the leading startup financier in Saxony and accompanies teams with venture capital and management support in both the seed and startup phases. An investment by the TGFS opens up access to further international investors for portfolio companies. The fund was first launched in 2008 by the Free State of Saxony (including ERDF funding) and Saxon financial institutions and has since supported over 100 startups in what is now the third generation of funds. Where: Leipzig Industry: Venture Capital Since when: 2007 Employees: 18 Programs: Accompanying the incubation program as a practice partner (Mentoring, Jury) and jury member & mentor at the Summer School for Diverse Startups HHL affiliation: The HHL DIGITAL SPACE is an important player in the Saxon startup ecosystem. In the early phase, it prepares (prospective) founders comprehensively for the various facets of founding and offers them an excellent platform in this environment, for which it works with various practice partners. We are proud to be part of this partner network. Right from the start, there has been a lively exchange between HHL and TGFS and mutual support on all aspects of founding. 100 HHL ENTREPRENEURSHIP REPORT 2024

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NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Hasso Plattner Institut STS Ventures STS Ventures is a Cologne-based VC fund founded by Stephan Schubert that typically invests in the pre-seed and seed stages. STS Ventures invests in excellent, complementary founding teams that build capital-efficient business models. STS Ventures follows a business angel mindset and stands by its portfolio companies as an honest and reliable sparring partner. Where: Köln Industry: Investment-Fonds Since when: 2018 Employees: ≤10 Programs: Jurymember at the Digital/Business Innovation Competition by Stage Two 2021 and 2021 HHL affiliation: The Stage Two events organized by the HHL DIGITAL SPACE offer the perfect setting to generate interesting and high-quality leads to promising startups and to experience the latest trends in the startup world. We are happy about our successful collaboration the HHL DIGITAL SPACE crew for the Stage Two events. HPI is a world-wide unique institution bringing to- gether outstanding talents, an inspiring place, and all means required to address the pressing chal- lenges of our society and economy. We combine digital engineering, innovation design, entrepre- neurship, and top-class research as core elements to enable the maximum impact. Our students are educated to become the makers and innovators of tomorrow. Where: Potsdam Industry: Education Since when: 1998 Employees: +200 Programs: 2022: HHL x HPI Future Builder HPI “Product Builder” at the School of Entrepreneur- ship and as “Business Plan Seminar” at the HHL DIGITAL SPACE 2017: Startup Bootcamp HHL affiliation: HHL is one of the most prestig- ious universities with a unique tradition world- wide. With its excellent teaching, research and close connection to practice, the business school offers an excellent place to train the managers of tomorrow. The HHL DIGITAL SPACE is another piece of the puzzle to support students, research- ers and prospective entrepreneurs with a digital business idea. In this way, the digital change in our society can be further advanced. As a leading IT institute, we live exactly this spirit. We are there- fore convinced that interdisciplinary cooperation between the two universities will make a positive contribution to digital transformation. HHL ENTREPRENEURSHIP REPORT 2024 101

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NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES S-Beteiligungen Stadt Leipzig Investment company of Sparkasse Leipzig, which invests in Saxon companies via the WMS (medium-sized companies) and TGFS (early- stage) composite funds. Where: Leipzig Industry: Investment Management Since when: 1999 Employees: 6 Programs: Sponsoring, Mentor, Jury, Dealflow HHL affiliation: In addition to sponsoring various HHL DIGITAL SPACE events, S-Beteiligungen supports the startups with the TGFS through mentoring and places on the jury. Sponsoring (Sparkasse Leipzig), Network, Dealflow The city of Leipzig is a public authority which is focusing on different topics. Together we try to foster entrepreneurship in and around the city with different projects like the Summer School for Diverse Startups. Where: Leipzig Industry: Public Authority Since when: 1015 Employees: >10.000 Programs: Host of the Summer School for Diverse Startups ins 2022 and 2023 HHL affiliation: The city of Leipzig is a strong supporter of the startup ecosystem in Leipzig. This is why we work together and organize events in partnership. Federal Ministry for Economic Affairs and Climate Action The major trends of the 21st century, notably globalisation, digitisation, demographic change, recent developments within the EU, and the energy transition all represent major challenges for German business to tackle. If we are to successfully address these issues, we need to make our social market economy shipshape for the future. This is the over- arching task for the Federal Ministry for Economic Affairs and Climate Action. Where: Berlin Industry: Governmental Ministry Since when: 1917 Employees: 2.187 Programs: None HHL affiliation: Financial supporter and patron of Stage Two 2023 102 HHL ENTREPRENEURSHIP REPORT 2024

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NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Projektträger Jülich RWTH Innovation GmbH German Entrepreneurship We consult researchers, inventors and founders at RWTH Aachen University and support them with individual and diverse services from the first idea to market-ready technology. Where: Aachen Industry: University Since when: 2017 Employees: 60 Programs: Stage Two HHL affiliation: Entrepreneur- ial Spirit, Hands-On Mentality We shape the future through innovation. As a reliable partner for startups, investors, companies, universities and public organizations, we connect and support the most important players in innovation ecosystems worldwide. Where: München, Berlin, Düsseldorf, Silicon Valley, New York, Boston, Singapur Industry: Entrepreneurship Since when: 2008 Employees: 90 As one of the leading project sponsors in Germany, we are a partner to the public sector in science, business and politics. With our expertise in research and innovation management, we support our clients in federal and state ministries, federal authorities and foundations as well as the European Commission in realizing their funding policy objectives. We implement research and innovation funding programs for our clients that are precisely tailored to their requirements and socio-political needs. We integrate national and European funding – for a competitive research and innovation location Germany in a common European research area. Where: Jülich, Berlin, Rostock, Bonn Industry: Governmental Agency Since when: 1974 Employees: >1.500 Programs: Founders Breakfest HHL affiliation: Exist Potentiale is the federal program by BMWK – Federal Ministry of Economic and Climate Action – HHL DIGITAL SPACE is funded by this program HHL ENTREPRENEURSHIP REPORT 2024 103

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NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Monkfish Equity KFLT Vicus Group Our focus is on commercial real estate, which guarantees a considerable yield potential. In the recent past, VICUS GROUP AG has expanded its range of services to include the purchase of hotels and residential complexes and is increasingly investing in digital ventures. Where: Leipzig Industry: Real estate investing Since when: 2004 Employees: 14 HHL affiliation: Sponsor of HHL DIGITAL SPACE KFLT is a Business Angel Network with close Connections to HHL. We discuss interesting startups and often members of our network invest together in the most promising startups. Started by a group of HHL (Graduate School of Management Leipzig) alumni, our mission is to connect entrepreneurial-thinking investors from our network with founders and teams that dare to make a difference. Our network combines many individuals with different professional backgrounds and wide-spanning networks. The value for our members as well as the startups is to get access, not to a single business angel, but a group of them. KFLT-angels.de Where: Mostly DACH Industry: Venture Capital Since when: 2011 Programs: DIGITAL SPACE 12-weeks Inkubation Program, Founders Bootcamp, HHL Unter nehmerInnen Tag HHL affiliation: Many members are HHL Alumni We know what life as a start- up is like. As founders, we have raised (and spent) over EUR 100MM and experienced the full life- cycle of a startup, from idea generation to rapid growth (and decline) and successful exits, including trade-sale and IPO. As investors, we reflect the experiences made. We of- fer lean terms, little require- ments and a fast decision. Most importantly we’re still fully engaged in our own busi- nesses – just like you. As a re- sult, we won’t waste your time and once we have invested, we will not call you for rap- port. Instead, we will listen to your needs and assist you with our live experience from founding and growing one of the most successful European internet businesses. We know what you want. Monkfish-Equity.com Where: Leipzig, Düsseldorf Industry: Venture Capital Since when: 2011 Employees: 5 Programs: Coach, Trainer and Judge HHL affiliation: We love it – the entrepreneurial ecosystem at HHL is amazing, and the spirit evolving out of DIGITAL SPACE is more than enriching, The complete Monkfish-Team studied at HHL. 104 HHL ENTREPRENEURSHIP REPORT 2024

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NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Pricewaterhouse- Coopers GmbH PwC is the leading auditing and advisory firm in Germany. As an independent member of PwC’s international network, we create added value for our clients worldwide. Where: Leipzig and about 20 more branches in Germany Industry: Consulting and audit Since when: 1998 Employees: 13.000 Programs: Summer School for Diverse Startups, different seminars HHL affiliation: We are part of the ecosystem and some of our employees graduated from HHL Maschinenraum Earlybird Maschinenraum is a shared ecosystem, developed by family businesses for family businesses. We bring together the bravest German- speaking companies and their 450,000+ employees to network and share our experiences, knowledge, skills and resources.We support each other in all core areas of the transformation. We learn, grow and create together. We work together across regions, industries, companies, departments and hierarchies. Where: Berlin Industry: SME Ecosystem Since when: 2019 Employees: <50 Programs: Hosted the Launch Day of Batch #3 HHL affiliation: Our CEO graduatet from HHL Earlybird invests in all development and growth phases of technology companies. Among the most experienced venture investors in Europe, Earlybird offers its portfolio companies not only financial resources but also strategic support plus access to an international network and capital markets. With EUR 2 Billion under management across all fund streams, nine IPOs and 31 trade sales, Earlybird is one of the most established and active venture capital firms in Europe. Beyond delivering financial returns, we clearly see our own entrepreneurial responsibility for the environment as well as society and strive to make a positive contribution towards solving the global climate crisis. We are committed to running our own operations in a more eco-sustainable way and offset the residual carbon-footprint while expecting the same from our portfolio companies. Where: München Industry: Venture Capital Investor Since when: 1997 Employees: 70 HHL affiliation: Paul Klemm graduated from HHL in 2018 HHL ENTREPRENEURSHIP REPORT 2024 105

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NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES Partner Interviews TGFS – Sören Schuster Now, being a founder in a VC- backed early-stage startup is often compared to being enrolled in an MBA program. Founders or found- ing teams shoulder a comprehensive range of responsibilities: financial planning, business modeling, sales to HR, marketing, and beyond. While HHL and we at TGFS approach en- trepreneurship with distinct angles, our shared objective is nurturing nascent ventures. In this spirit, we greatly value HHL’s open and inter- active platforms, including the Spin- Lab, the DIGITAL SPACE, the Female Founders Initiative, the Accelerate @HHL conference and more. It’s an honor to partner with and support these initiatives. What is the best way to reach out to you? Venture capital is still very much a people business. Thus, the best way to meet us is in person at one of the numerous regional startup, entre- preneurship, and funding events. Al- ternatively, a warm introduction via a shared acquaintance can be quite effective. Nonetheless, we also wel- come unsolicited emails and calls that align with our investment focus. What do you offer for startups and/or the ecosystem? The goal of TGFS is to foster the development of innovative, tech- nology-driven companies in Sax- ony. We achieve this by providing them with the funding (ranging from EUR 0.2MM to EUR 0.5MM) and resources they need to grow and succeed. We focus on early-stage startups, often at a point where they may find it difficult to secure fund- ing from traditional sources due to the higher risk associated with such ventures. We fill a gap in the funding landscape and help promising start- ups get off the ground, accelerate product developments, enable mar- ket entries, or establish new produc- tion facilities. Given the perpetually evolving nature of startup life, it is crucial to have partners you can rely on, who provide stability, continuity, and demonstrate patience. This is equally true when it comes to culti- vating an ecosystem. What do you like about the HHL and/or our common projects? HHL Graduate School of Manage- ment is a constant in renowned na- tional and international university rankings. Its dedication to cultivat- ing an entrepreneurial mindset and supporting aspiring entrepreneurs is well evident through its accom- plished alumni. Through various MBA programs and different initia- tives such as HHL DIGITAL SPACE or the associated SpinLab – The HHL Accelerator, HHL exposes its stu- dents to entrepreneurial concepts and practices, enabling them to acquire useful skills and embark on their own ventures. Sören Schuster Managing Director at TGFS and CFH Management GmbH Who are you personally and as a company? TGFS Technologiegründerfonds is a venture capital fund based in the free state of Saxony in Germany. Since 2008, we have supported more than 100 startups from the tech sector. Just this year, i. e. 2023, we launched the third fund genera- tion with a volume of EUR 83.5MM in the first closing. Personally, I am a physicist by graduation and started my career in VC in 1996 at the Leipzig branch of Technologieholding. After a co-op- eration period at Sofinnova Ventures in San Francisco and the merger of Technologieholding with 3i Group, I worked for 3i Germany in the Berlin and Stuttgart offices until 2005. Af- ter two years of financing tech spin- offs from universities for Triangle Venture Capital Group, I joined TGFS as Managing Director. 106 HHL ENTREPRENEURSHIP REPORT 2024

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NAVIGATING THE ENTREPRENEURIAL JOURNEY ACROSS ALL STAGES TGFS – Paul Michalke Special thanks go to our continious sponsors and supporters: Stefan Leermann Managing Director S-Unternehmens beteiligungs- gesellschaft der Sparkasse Leipzig mbH Paul Michalke Investmentmanager at TGFS Who are you personal and as a company? Personally, I am an experienced in- vestment manager with founding experience and a strong background in the information technology sec- tor. I have a passion for identify- ing innovative startups with high growth potential and helping them thrive in the market. As a company, the TGFS – Technologiegründer- fonds Sachsen provides funding and strategic support to promising tech startups in Saxony. What do you offer for startups and/or the ecosystem? We offer a comprehensive pack- age for startups in our ecosystem. Beyond just financial investment, we provide mentorship, industry con- nections, and access to resources that can accelerate their growth. Our goal is to not only provide capital but also to actively contrib- ute to their success by sharing our expertise and unrivaled network in Saxony. What do you like about the HHL and/or our common projects? What I particularly admire about HHL and our collaborative projects is the emphasis on entrepreneurial education and hands-on experience. The practical approach to learning and the strong network of profes- sionals and mentors create an ideal environment for nurturing startups. Your focus on innovation and fos- tering an entrepreneurial mindset aligns perfectly with our tech fund’s goals. What is the best way to reach out to you? The best way to reach out to us is directly via email. We have a dedicated team that reviews investment opportunities and partnership inquiries. Alternatively, attending tech-related events and conferences in the region where we as TGFS are present is also a great way to connect with our team in person and learn more about our investment criteria and approach. HHL ENTREPRENEURSHIP REPORT 2024 107

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OUTLOOK 5 Outlook Dr. Maurice Steinhoff Head of Entrepreneurial Ecosystem This is it – HHL and its entrepre- neurship activities in one compre- hensive report. While we captured and presented our activities and achievements for the first time, there is already even more in the making: Entrepreneurship at core; More talents and ideas; A stronger ecosystem. Entrepreneurship is at core of what we do here at HHL. Across our main activities, it will evolve as even more vital part in research, teaching, and transfer. This means, more top-notch research on highly relevant topics to advance theory and practice as a fundament for what we do. Based on our research activities, all results directly flow into classroom teach- ing and our incubator, making it more accessible and applicable to a larger audience. In the classroom, more innovative and integrated teaching approaches will be facilitated. For instance, with the integration of mixed perspectives on identifying opportunities, real- izing opportunities, and on building companies. Here we integrate vision- ary thinking with hard skills to equip future entrepreneurs with the best possible and interconnected toolbox for their future endeavors. In addi- tion, more interaction with experi- enced entrepreneurs, investors and business angels, and knowledgeable expert from different verticals will re- sult in first-hand experience, stronger networks, and inspiration. Regarding our transfer activi- ties, more offerings from DIGITAL SPACE, SpinLab and initiatives such as Female Founders Initiative, we help more teams to pursue individu- als to turn ideas into businesses. On the other hand, we engage with regional companies to work on en- trepreneurial innovation established companies. Here, DIGITAL SPACE will offer an incubation program for middle-management individuals to further expand venturing activities. More talents and ideas coming in from HHL, Leipzig and across Eu- rope. With the launch of the new M.Sc. in Entrepreneurship Program, we added a first of its kind curricu- lum to the HHL portfolio. With a non-consecutive M.Sc. in Entrepre- neurship Program, HHL expands the diversity of backgrounds as students can join from various disciplines. In addition, HHL DIGITAL SPACE con- tinues to open up formats for found- ers from all backgrounds. Hence, frequent bootcamps as well as incu- bation programs will take place to further expand the entrepreneurial output and impact. A stronger ecosystem embedded in the fastest growing city of Germany. HHL and its partners further drive the development of Leipzig and the region. While HHL expanded in Sax- ony with DIGITAL SPACE in Görlitz, the outlook comprises even more growth and quality. New engage- ments for instance in the Startup Factory Saxony concept as well as collaborations with more partners, that help to build our HHL DIGTIAL SPACE x SpinLab Summer School and Stage Two. But also, more op- portunities for you to become part of what we do. Join our programs and events as participant, partner or investor and benefit from a strong community and new investment opportunities in talented teams. So, wait now longer, become part of it today and let’s get in touch! Dr. Maurice Steinhoff 108 HHL ENTREPRENEURSHIP REPORT 2024