Germany Trade & Invest: AI Boom Sparks German Start-Up Recovery

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Jul 12, 2023, 09:30 ET

BERLIN, July 12, 2023 /PRNewswire/ -- Despite recent dips in financing, more and more young technology companies are being founded in Europe's largest economy. The recovery is being driven in part by the intense interest in artificial intelligence applications.

The numbers of new start-ups in Germany is back on the rise. That's the conclusion of a survey done by the Internet platform Startupdetector in association with Germany's Start-Up Association.

According to the study 1293 start-ups were founded in the first half of this year – a 16 percent increase over 2022. New start-ups in the German capital, Berlin, recorded a 40 percent increase, as did fledgling companies in Germany's second-largest city Hamburg.

One conspicuous growth sector is artificial intelligence. According to the industry initiative Applied-AI, the number of AI startups is up 67 percent year-on-year.

"The positive figures on start-ups in the area of artificial intelligence show that Germany as a business location and German entrepreneurs are well-positioned in the competition for the AI market," says Germany Trade & Invest artificial intelligence expert Asha-Maria Sharma. "Trustworthy artificial intelligence from Germany is a driver of innovation in the established economy as well and is part of a sovereign European ecosystem."

Another hot sector according to the Start-Up Association is tourism, where the number of newly founded companies in Germany is up 111 percent.

Contact:

Jefferson Chase
Senior Manager, Communications

Germany Trade & Invest
Friedrichstrasse 60
10117 Berlin Germany
+49 1796873724

Germany Trade & Invest (GTAI) is the German government agency for international business promotion. It helps international companies set up shop in Germany and German companies do business abroad. It also promotes Germany in general as a business location.

SOURCE Germany Trade & Invest